That is more a function of interest rates than anything else though. If interest rates rise you will find asset prices falling and wages still rising as per normal.
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It is if you have on one end of the spectrum people who make not 10, not hundred but often thousand times (or more) of the income of the average person. Nobody works that hard - i.e. this wealth is basically stolen from less lucky people.
These super rich people start to control society and are able to buy public opinion and political favours. They are in many countries able to buy justice - even in NZ it can make a huge difference for the outcome of a trial whether you are able to fork out a couple of 100k for a good lawyer - or not. Ask the people who still wait for a settlement of their EQC claim.
Look no further than the US, Russia or e.g. Brazil to see how these things effect societies. Inequality kills democracies and turns them into oligarchies controlled by strongmen.
It is inequality which makes the rich people richer and the poor people poorer - it is a vicious cycle. Just look at how the recent crisis effects the rich in the US. The rich people (the reserve bank cares about) got richer (many doubled their share portfolios) and the poor people without political power lost their jobs.
Some of the poor and middle class have sacraficed their incomes and livelihood for years mainly for the health benefits of some here who are probably older than the NZ median age but still have the attitude that they don't want to pay a cent more.
It's not a universal view though and good on the likes of Tindall, Buffet, Gates and others.
Who pays the sales tax known as GST to the IRD.
Not the consumer. and not the person who flips properties to someone else tax free every couple of months or so.
If you do then you're doing it wrong.
If a CGT came in then presumably it would replace the tax (or be a lower rate) on those gains so why be against it.
..because they pay nothing now that's why.