Labour / NZ First Government

[iceman]

Agree artemis that it is pointless to compare people in their 20s to people in their 60s in wealth or inequality discussions. The numbers in the 2 posts above show clearly though that NZers are not very wealthy in general and the focus should be on creating more wealth for NZ, rather than targeting the "rich pricks" and redistributing. But this Government has no policies at all to increase the country's wealth.

I think it would also be very interesting when writing reports about the wealthiest 1% or 5 % to see how many people they and their companies employs and the tax derived from their investments, PAYE from employees and company tax. But of course that would not suit the Labour or Green agenda.

[Bjauck]

Not too hard to be in the top 5% by assets if the mortgage is paid off. These 'wealth' numbers should take account of age, makes no sense to compare 20s with 60s....

I agree. When wealth is discussed, variation of wealth distribution within age groups is important. However as real estate prices have been increasing faster than the increase in incomes, increasingly real estate ownership is only possible for increasingly older people, as deposits take longer to save up, or for those from wealthy families. So wealth is becoming more concentrated in both older and fewer people?

[dobby41]

The opposition could have a field day with that!

The opposition are part of it.
Don't forget that the PM would pay around $11k more tax - love to see the opposition play that into being self serving.

[iceman]

An interesting article from Business Desk which shows the real risk of unintended consequences of this so called tax policy from Labour:
https://businessdesk.co.nz/article/f...prices-westpac

[jonu]

And another article from RNZ that unsurprisingly finds cynicism from the Cynical One.

https://www.rnz.co.nz/news/on-the-in...er-and-cynical

The NZ Labour Party resemble the US Democrats more and more by the day. Look where it got them. Ignoring their core base while cosying up to big business with a virtue signal tax that will do next to nothing to achieve its reason for implementation.

[jonu]

And another article which eloquently describes why Cindy's government will never deliver transformational change.

https://www.stuff.co.nz/national/pol...ut-tax-or-debt

Cindy's been fibbing from at least the scrapping of the CGT and probably from the get go.

[blackcap]

And another article which eloquently describes why Cindy's government will never deliver transformational change.

https://www.stuff.co.nz/national/pol...ut-tax-or-debt

Cindy's been fibbing from at least the scrapping of the CGT and probably from the get go.

A lot of lefties on TheStranded blog are not that happy with Labour's tax policy.

[dobby41]

A lot of lefties on TheStranded blog are not that happy with Labour's tax policy.

They want more tax of the rich?

[Bjauck]

A lot of lefties on TheStranded blog are not that happy with Labour's tax policy.

Not surprising. Even Australia with a right wing government has a CGT, real estate stamp duties, the first almost $NZ20,000 of income tax free and a top income tax rate (including medicare) of 47%. So that puts the NZ Labour's less progressive tax policy further to the political right wing compared with Scott Morrison's government!

[artemis]

I agree. When wealth is discussed, variation of wealth distribution within age groups is important. However as real estate prices have been increasing faster than the increase in incomes, increasingly real estate ownership is only possible for increasingly older people, as deposits take longer to save up, or for those from wealthy families. So wealth is becoming more concentrated in both older and fewer people?

There is also the inheritance factor. Hopefully most heirs will be around middle aged by the time the mortgage free homeowners pass on their assets. An opportunity for at least a deposit if they haven't managed to save one by then.

Then there are the offspring renting from family or trusts who effectively own the rentals.

The ones renting from trusts are counted as renters in census stats though there are problems with classification of the data.