Chloe Swarbrick - I like her style

[777]

Listening to Jamie McKay, agriculture reporter, on the radio last week he basically said it was dead in the water.

[nztx]

https://www.nzherald.co.nz/nz/politi...M4DZDGOYVYOKI/

Greens promise wealth tax as research reveals rich stash $470b in trusts


And Joe Public may promise Chloe & her insignificant Green socialist mates a slight adjustment in lifestyle
back ito the backwaters of Political No Man's Land in October .. along with another bunch of clueless losers
their lot rode in with


that might make someone cry

[fungus pudding]

[QUOTE=nztx;1007234]https://www.nzherald.co.nz/nz/politi...M4DZDGOYVYOKI/

Greens promise wealth tax as research reveals rich stash $470b in trusts


And Joe Public may promise Chloe & her insignificant Green socialist mates a slight adjustment in lifestyle
back ito the backwaters of Political No Man's Land in October .. along with another bunch of clueless losers
they lot rode in with [/QUOTE

[davflaws]

[QUOTE=fungus pudding;1007237]

https://www.nzherald.co.nz/nz/politi...M4DZDGOYVYOKI/

Greens promise wealth tax as research reveals rich stash $470b in trusts


And Joe Public may promise Chloe & her insignificant Green socialist mates a slight adjustment in lifestyle
back ito the backwaters of Political No Man's Land in October .. along with another bunch of clueless losers
they lot rode in with [/QUOTE

.... and ?

[SBQ]

https://www.nzherald.co.nz/nz/politi...M4DZDGOYVYOKI/

Greens promise wealth tax as research reveals rich stash $470b in trusts


And Joe Public may promise Chloe & her insignificant Green socialist mates a slight adjustment in lifestyle
back ito the backwaters of Political No Man's Land in October .. along with another bunch of clueless losers
their lot rode in with


that might make someone cry

Why does Chloe make it sound like people are criminals for holding their assets in a trust? What would be the case if the person held that much wealth directly in their name? We have a wealth tax by investing in overseas shares under FIF, now she wants another wealth tax on assets held in NZ. How much tax are those top wealthiest paying compared to if they held the assets in their name (where the tax is paid at a progressive tax/bracket base vs flat rate trust rate)?

The Greens are trying to pull the wool over everyone's eyes. Trusts in NZ are not much different than trusts in other countries. They're flat rate and often pay more tax than if the person held them directly. If a tax should be imposed, I would say a land tax on more than 1 house ownership would be more effective and easy to monitor than to have accountants go through a declaration process.

[Balance]

Why does Chloe make it sound like people are criminals for holding their assets in a trust? What would be the case if the person held that much wealth directly in their name? We have a wealth tax by investing in overseas shares under FIF, now she wants another wealth tax on assets held in NZ. How much tax are those top wealthiest paying compared to if they held the assets in their name (where the tax is paid at a progressive tax/bracket base vs flat rate trust rate)?

The Greens are trying to pull the wool over everyone's eyes. Trusts in NZ are not much different than trusts in other countries. They're flat rate and often pay more tax than if the person held them directly. If a tax should be imposed, I would say a land tax on more than 1 house ownership would be more effective and easy to monitor than to have accountants go through a declaration process.

`1

Typical socialist and communist crap - politics of envy.

They do not have a single idea on how to grow a country's wealth so want to buy votes by taking from those who work hard and save hard to those who don't.

Breed parasites and beneficiaries.

[Blue Skies]

Here's PWC partner Geof Nightingale who has been on last 2 tax working groups for the govt, discussing the pro & cons of Wealth Taxes (at 6.49), CGT & Land taxes, and their likelihood.
Well worth watching.

On a Wealth Tax which both Working Groups advised against to the govt, he says there's 2 issues, 1) Valuations & 2) Cash Flow.

1) A lot of wealth is held by NZ'ers in small unlisted businesses, how do you value these?

2) How do you fund an annual wealth tax on the value of your assets esp if you have assets with poor cash flow. You end up having to sell assets to fund the tax earlier than you might & at inopportune times, which is economically damaging & inefficient for the economy.

Because of this, & the fact there is no Revenue crisis so it's hard to make a case for it apart from fairness which is a value judgement, I can't see it getting off the ground.

https://www.youtube.com/watch?v=PSB7OYyEZTk

[dibble]

Here's PWC partner Geof Nightingale who has been on last 2 tax working groups for the govt, discussing the pro & cons of Wealth Taxes (at 6.49), CGT & Land taxes, and their likelihood.
Well worth watching.


2) How do you fund an annual wealth tax on the value of your assets esp if you have assets with poor cash flow. You end up having to sell assets to fund the tax earlier than you might & at inopportune times, which is economically damaging & inefficient for the economy.

Aha, do the greens have a product for you! Remember last time, if you cant afford it you can sort of reverse mortgage it to death. A wealth tax with a design feature for those who couldnt afford it. Interesting definition of wealth.

Swarbrook? Cant think of a more smug politician. Or person for that matter.

Im having trouble understanding what the "greens" want, last time the wealth tax was their only must-have policy. 2023 looks to be a repeat. And this when they keep telling us climate change is the most important issue of the age. Interesting priorities.

And given wealth tax is perhaps the most complicated of capital taxes, accountants will be the winners, who thought the greens would be supporting their new boats and baches.

[SBQ]

Aha, do the greens have a product for you! Remember last time, if you cant afford it you can sort of reverse mortgage it to death. A wealth tax with a design feature for those who couldnt afford it. Interesting definition of wealth.

Swarbrook? Cant think of a more smug politician. Or person for that matter.

Im having trouble understanding what the "greens" want, last time the wealth tax was their only must-have policy. 2023 looks to be a repeat. And this when they keep telling us climate change is the most important issue of the age. Interesting priorities.

And given wealth tax is perhaps the most complicated of capital taxes, accountants will be the winners, who thought the greens would be supporting their new boats and baches.

Have a look over to our big neighbour Australia, and see how they treat taxes. I'm certain they had a hard look at bringing in a wealth tax but instead, opted for a simple flat rate land tax. As my uncle living in the Gold Coast that owns multiple properties told me, he found the land tax was a big expense in that at times, if some of his rentals were empty, he would still be stuck paying this tax year after year which would hit his profit margins considerably in tough times. If I recall, he told me if he were to do it all over again, he would be better owning shares in good ASX companies because it's just not worth the headache and stress managing properties has on his family. His only benefit he gets is he was able to negative gear through having multiple mortgages ; how you say... asset rich but cash poor.

What Ms Swarbrook is proposing is not a tax on land ownership, but a wealth tax on ALL assets (or i've not seen any comments from her on 'specific assets' that may be exempted). Robinhood must be her favourite movie.

[Blue Skies]

Have a look over to our big neighbour Australia, and see how they treat taxes. I'm certain they had a hard look at bringing in a wealth tax but instead, opted for a simple flat rate land tax. As my uncle living in the Gold Coast that owns multiple properties told me, he found the land tax was a big expense in that at times, if some of his rentals were empty, he would still be stuck paying this tax year after year which would hit his profit margins considerably in tough times. If I recall, he told me if he were to do it all over again, he would be better owning shares in good ASX companies because it's just not worth the headache and stress managing properties has on his family. His only benefit he gets is he was able to negative gear through having multiple mortgages ; how you say... asset rich but cash poor.

What Ms Swarbrook is proposing is not a tax on land ownership, but a wealth tax on ALL assets (or i've not seen any comments from her on 'specific assets' that may be exempted). Robinhood must be her favourite movie.

I think we can safely rule out a Land Tax, due complexities unique to NZ around Maori land (& what constitutes Maori land, how loosely would that be defined? )
In my view, exemptions would cause huge divisions even between MP's within the Greens & achieving workable legislation take years.

And we can rule out a Wealth Tax for the reasons I've given above.