Retirement village operators

[Aaron]

If Sam had such a strong conviction on the merits of CGT, he would have voluntarily handed over to the State a couple of hundred $million from his own capital gains.

What a dumb statement, nobody would voluntarily pay tax. In the words of Warren Buffet after being attacked in the same manner for suggesting the rich should be taxed more.

The billionaire investor, in the new issue of Time magazine, says he will donate $1 to paying down the national debt for every dollar donated by a Republican in Congress. The only exception is Senate Republican leader Mitch McConnell - for whom Buffett said he would go $3-to-$1.

The idea stems from a New York Times opinion piece Buffett wrote last August in which he said the rich ought to pay more taxes. It sparked an instant controversy, with some Washington conservatives calling on the 81-year-old “Oracle of Omaha” to voluntarily pay extra.

"It restores my faith in human nature to think that there are people who have been around Washington all this time and are not yet so cynical as to think that <the deficit> can't be solved by voluntary contributions," the Berkshire Hathaway BRKa.N CEO told Time for an article hitting newsstands on Friday.

I remember when Stephen Tindall signed a letter asking the government to tax the rich more, he was accused by some dhead on here that he was virtue signaling and should voluntarily donate if he felt that strongly.

And to keep with thread I think some people lie about "intention" when selling assets. Although a heavily leveraged property speculator with a rental yield significantly below the mortgage rate and an interest only loan should have to show how many decades it would take to generate a rental profit without relying on capital gain as well.

Agreed a simple as possible comprehensive capital gains tax might be a good idea. It stops turning honest kiwis into liars and always seemed unfair to tax labour but not capital. Although it might make retirement village operators less attractive as an investment.

[SailorRob]

All the links do not exist.

Just like CGT (like in other OECD countries) does not exist in NZ.

Ahh so 'like in other OECD countries' now Unbalanced? Not just doesn't exist.

[SailorRob]

We have many laws that are deliberately not enforced... But that is not to say they don't exist.

A CGT would be like the anti smacking law. There were already very adequate laws that existed to protect minors from abuse and assaults.

https://www.buddlefindlay.com/insigh...l-gains-taxes/

Actual LAW;

https://www.legislation.govt.nz/act/...LM1512409.html

https://www.legislation.govt.nz/act/...LM1512414.html

https://www.legislation.govt.nz/act/...LM1512416.html

Mathematically impossible for almost all 'property investors' to show that they invest for a return in the form of income.

All the links work perfectly.

The second time I posted the same thing, they don't work.

You can argue with me all day UB but you cannot argue with the law.

[Balance]

deleted deleted

[Balance]

Ahh so 'like in other OECD countries' now Unbalanced? Not just doesn't exist.

Yawn - you are getting desperate, Sailor lost at sea!

[Balance]

All the links work perfectly.

The second time I posted the same thing, they don't work.

You can argue with me all day UB but you cannot argue with the law.

What an incredibly dumb statement!

Of course I can argue with the law. What do you think the courts are for?

[SailorRob]

What an incredibly dumb statement!

Of course I can argue with the law. What do you think the courts are for?

That's for the Legislature.

Courts cannot change the law.

Easter has unbalanced you, what's gone wrong?

[Balance]

That's for the Legislature.

Courts cannot change the law.

Easter has unbalanced you, what's gone wrong?

Again, what an incredibly dumb statement!

The government legislates and passes laws.

The courts interprets the law.

What do you think the courts are for?

Why do you think there are so many tax cases in front of the courts at any time of the year?

Because one can argue the law!!!!

[SailorRob]

Again, what an incredibly dumb statement!

The government legislates and passes laws.

The courts interprets the law.

What do you think the courts are for?

Why do you think there are so many tax cases in front of the courts at any time of the year?

Because one can argue the law!!!!

You can argue with how YOU interpret anything. Men can have babies etc...

But the law is what the law is...

Thus as I have stated and linked to the legislation... We have a comprehensive CGT. This is a fact.

Ultimately you're right, you can argue with anything, but you cant change it.

Your arguments are not going to change the fact that we have a CGT, but they may get you out of paying it.

[Aaron]

Thus as I have stated and linked to the legislation... We have a comprehensive CGT. This is a fact.

What a load of rubbish. Do long term property investors pay tax on any eventual capital gain if the property is sold???

Does a long term investor pay tax on a capital gain when selling their shares???

Answer is "no" in both cases because we don't tax capital gains and we don't have a comprehensive CGT.

Which of your links to the legislation do you think captures the long term property investor. Or business owner selling their business.