Originally Posted by
fungus pudding
No there isn't. Income tax should be reserved for income from profit. There may be an argument for the bright line test, and I happen to think there is as our tax policy to tax gains based on intention has proven completley unworkable - to the point the IRD seems to have abandoned trying to collect tax from all but the most blatant habitual traders, but there is no such reason to apply income tax to an outgoing. It will throw the rental market way out of balance, ultimately resulting in rising rents. Labour should study their moves in the housing market right through the party's history to learn every move they have ever made to control rents has ended in disaster.