Nat/act/nzf 2023

[Balance]

Billionaire Mainfreight co-founder Bruce Plested backs wealth tax - with a catch (msn.com)

Bruce Plested, the billionaire co-founder of Mainfreight, said he supported the idea of a wealth tax to help address concerns about inequities in society.
While Plested said he would personally be happy to pay more tax, he was not sure others in the super rich ranks would be so keen.
"The concern I think the wealthy have is that the government will squander it, and so there's a certain resentment about paying more than you should.
"If we had a good enough government, they could get away with it and it could become part of the deal."
He said governments of all stripes had failed to spend public money efficiently.

And we know Labour will squander any increased taxes by spending recklessly and without restraint - like Clueless Cindy, Hapless Hipkins and Robber Robertson.

[Panda-NZ-]

Tax the rich to pay NZ doctors and nurses more so they don't leave.

[blackcap]

Tax the rich to pay NZ doctors and nurses more so they don't leave.

Who are the rich Panda? Can you please elaborate?

[Daytr]

So after 6 years of gross mismanagement of the health sector by Labour under Clueless Cindy, Hapless Hipkins and the parade of incompetent ministers, the GPA calls for urgent help?

Where were they in the previous 6 years?




"No health Crisis" Andrew Little

So NAFT should do nothing?
You seem to have forgotten that 3 years of Labour's time was swallowed by a 1 in 100 global pandemic.

It's this Government's responsibility, they have been elected to do a job and it's not just about cutting spending and services. New roads seem to be a bigger priority than health.

[Panda-NZ-]

Who are the rich Panda? Can you please elaborate?

Hint, there's one who's currently PM.

Tax the heck out of him

[moka]

Who are the rich Panda? Can you please elaborate?

Who are NZ's 1 percent, and how do you get there?

https://www.msn.com/en-nz/news/national/who-are-nz-s-1-percent-and-how-do-you-get-there/ar-BB1qUrGk?rc=1&ocid=winp1taskbar&cvid=b20afc5de0804 4479b23cf30a5b8ec51&ei=18

Data from real estate consultancy Knight Frank, included in its latest wealth report, showed that in 2023, there were 2587 individuals in New Zealand who qualified for its "ultra high net worth individual" status - with wealth of at least US$30 million.
Stats NZ said in 2021 the top 1 percent of New Zealand households had net wealth - assets minus debts - of at least $7.59 million. That compares to median net worth for all households of $397,000.

Economist Ed McKnight, of Opes Partners, assuming $7.59m remained the most reasonable ballpark figure for the top 1 percent, ran the numbers to determine what it would take to invest your way there.
He said someone using only the US stock market would have had to invest $1704 a week, every week, since June 2004. They would have to invest every Wednesday that markets were open, and increase the amount invested in line with increases in household income.

Someone could invest in property to get to the wealth goal, too, he said.
"Back in 2004 the median house in New Zealand sold for around $250,000. If we track that against the REINZ house price index, you would have had to buy a house every nine months to get into the top 1 percent. That means over the last 20 years you would have bought 27 houses.
"You would have made money on some and lost money on others. But just through the capital growth you would have made just over $7.6m, enough to get into the top 1 percent. If you wanted to start in 2014 and do it in 10 years then you would need to buy 61 properties, roughly one every two or three months."

Infometrics chief executive Brad Olsen said property had traditionally been a way that people would build wealth, but that was less of a sure bet into the future.
Olsen said it was clear that it was time in the market rather than timing the market that helped people growth wealth.
"That's increasingly important...the later you leave it, the less you get and the harder it becomes."

[moka]

Bruce Plested highlights several specific inefficiencies in government spending:

Housing Affordability: Plested points out that the government has failed to address the skyrocketing housing prices in New Zealand, particularly in Auckland, where the average house costs ten times the average household income. He argues that not taxing capital gains on asset sales distorts buying and investment decisions, exacerbating the housing crisis.

Environmental Issues: He criticizes the government's management of natural resources, specifically mentioning the pollution of rivers and over-fishing in the Hauraki Gulf. Plested calls for stricter regulations and enforcement to protect these environments, indicating that current governmental efforts are insufficient.

Education System: Plested advocates for reforms in the education sector, suggesting that the government has not effectively invested in improving educational outcomes. He believes that performance pay for teachers and the introduction of charter schools could enhance educational standards, which he sees as crucial for solving many societal problems.

General Mismanagement: He expresses a broader concern that governments of all political affiliations have not spent public money efficiently, leading to a lack of trust among the wealthy regarding tax increases. Plested suggests that if the government were more competent, there would be less resistance to higher taxes from the wealthy.

https://www.nbr.co.nz/mainfreights-p...-for-teachers/ 29 July 2016

[moka]

https://www.nzherald.co.nz/business/kiwi-billionaire-backs-wealth-tax-with-a-catch/7CG335AIZ5D47J3U7ZBL7BOVTI/

In 2023, it seemed a wealth tax on the super rich might get some cut-through after the then Labour Government commissioned an Inland Revenue study of the nation’s 311 wealthiest families. The study concluded the families paid an effective tax rate of 9.4% – less than half of the 20.2% rate the average New Zealander paid.
In response, then Revenue Minister David Parker led the design of a wealth tax requiring couples with more than $10 million in assets to pay an annual levy of 1.5%. It was estimated to raise $3.8b in revenue that could have funded income tax cuts for almost everyone, including a 0% rate for income under $10,000.

Research suggested a capital gains tax did not really affect the super wealthy “so it won’t deal with the raging inequality that we’ve got at the moment”, he said.
“The richest 1% of New Zealanders own six times as much as the bottom 50%, and they pay a far lower rate of tax. You’re never going to be able to fix that problem without some change to the tax system. That’s the debate that we’re having within the Labour Party.”

But Parker said neither a capital gains nor a wealth tax would make the super rich leave in droves.
“People stay in a country for lots of reasons. Their families are here. Their friends are here, their business contacts are here. They love their country. They like being a big fish in a small pond rather than a non-entity in a big pond.”

The Treasury estimated 3% of our capital would leave and 97% would stay, Parker said.
Asked if the super wealthy were currently getting a free ride, Parker said: “Largely, yes.
“Now this is not a criticism of the super wealthy. I really like these people, I know many of them and I’ve worked with lots of them. “They’re not going to leave. But I do think some people have got a thin skin. Whenever I talk about tax some people say to me they feel like they’re being personally attacked. No, they’re not.”
Inequality expert Max Rashbrooke agreed capital flight was not a serious risk if wealthy people were made to pay more tax.
“That’s generally a hollow threat according to the data,” the Victoria University senior research fellow said. “We let wealthy people off very lightly in this country when it comes to paying tax.
“Capital gains tax is just so standard virtually everywhere else in the developed world. It’s just part of the furniture. It’s totally normal. It is bizarre that we don’t have one.”

Making the wealthy pay more tax in whatever form would not be enough to reduce inequality, however.
“Redistributing wealth is really challenging, it’s much more challenging than redistributing income.”
Taxes, benefits, housing and wages were the four big forces driving inequality, he said. “We need action in all those areas.
“If you’re asking me, I would have some kind of tax on wealth and I would funnel some of the proceeds of that into the kids KiwiSaver scheme so that you’re genuinely building wealth for everyone, not just for a select few.”

[dobby41]

So after 6 years of gross mismanagement of the health sector by Labour under Clueless Cindy, Hapless Hipkins and the parade of incompetent ministers, the GPA calls for urgent help?

Where were they in the previous 6 years?

As always, only looking backward.
You should be asking where is the current Govt?
Reti isn't up to it. They'd rather try to fool us with excuses to bring in Levy, the health Czar.
(Not to mention the other sneaky tactics around guns etc.)

[Balance]

As always, only looking backward.
You should be asking where is the current Govt?
Reti isn't up to it. They'd rather try to fool us with excuses to bring in Levy, the health Czar.
(Not to mention the other sneaky tactics around guns etc.)

Yawn - from dobby41 who hero-worshipped Clueless ‘most transparent government ever’ Cindy. No credibility.