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  1. #2431
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    Quote Originally Posted by Aaron View Post
    Interesting article, Australia has the same issue. Home ownership is becoming hereditary.

    https://www.abc.net.au/news/2021-10-...awed/100532574

    Great news for those who own homes.
    Investors with loans can just buy more and more properties, using the previous ones as security.

  2. #2432
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    Quote Originally Posted by Panda-NZ- View Post
    Investors with loans can just buy more and more properties, using the previous ones as security.
    I prefer the greater picture. What % of wealth is tied up in houses? I see NZ having similar parallels as China where 2/3rd of the wealth is tied up in real estate. Over in N. America, this is a very different mixed as I discussed before in other threads. Even the small guy in N. America can diversify and attain some level of wealth through investments in equities which attract preferential tax treatments. In NZ, the small guys gets a lousy Kiwi Saver that has well... no tax benefits when compared to the wealthier that can mortgage / leverage / and experience tax free capital gains.

    I would believe with the size of Australia's many pension schemes, people there have less invested in houses than NZ does.

  3. #2433
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    Quote Originally Posted by SBQ View Post
    I prefer the greater picture. What % of wealth is tied up in houses? I see NZ having similar parallels as China where 2/3rd of the wealth is tied up in real estate. Over in N. America, this is a very different mixed as I discussed before in other threads. Even the small guy in N. America can diversify and attain some level of wealth through investments in equities which attract preferential tax treatments. In NZ, the small guys gets a lousy Kiwi Saver that has well... no tax benefits when compared to the wealthier that can mortgage / leverage / and experience tax free capital gains.
    If you want to start the hoi-poloi moaning their guts out, tell them you are going to tax them on the nominal increase in their house's value. The vast majority will tell you they only want it for those who have more than the property they occupy. IOW everyone but them. I've yet to hear one of these envy driven woofters agree that even owner occupied property that is bigger (therefore more expensive) than they need should be taxed.
    Last edited by fungus pudding; 15-10-2021 at 07:36 AM.

  4. #2434
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    Quote Originally Posted by fungus pudding View Post
    If you want to start the hoi-poloi moaning their guts out, tell them you are going to tax them on the nominal increase in their house's value. The vast majority will tell you they only want it for those who have more than the property they occupy. IOW everyone but them. I've yet to hear one of these envy driven woofters agree that even owner occupied property that is bigger (therefore more expensive) than they need should be taxed.
    What do you mean by woofter? Why are the vast majority "woofters" for wanting homes to be exempt?

    Some see the difference between a home and an investment.

    Also, given the inflation in values in recent years, I would think that being a NZ home owner these days is a sign of being privileged rather than one of the hoipoloi..

  5. #2435
    Senior Member TeslaGod's Avatar
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    Quote Originally Posted by Bjauck View Post
    What do you mean by woofter? Why are the vast majority "woofters" for wanting homes to be exempt?

    Some see the difference between a home and an investment.

    Also, given the inflation in values in recent years, I would think that being a NZ home owner these days is a sign of being privileged rather than one of the hoipoloi..
    Just because someone has

    - Made wise decisions
    - Inherited
    - Married into

    Or a number of other reasons to acquire realestate doesn't make them privileged.

    Standing on a podium everyday giving daily updates on what people can and cannot do with their lives is the pinnacle of "privileged".

  6. #2436
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    Quote Originally Posted by Bjauck View Post
    What do you mean by woofter? Why are the vast majority "woofters" for wanting homes to be exempt?

    Some see the difference between a home and an investment.

    Also, given the inflation in values in recent years, I would think that being a NZ home owner these days is a sign of being privileged rather than one of the hoipoloi..
    Given that over 60% of homes are owner occupied, the hoi-poloi by definition must fit in there somewhere. After all, we all form the hoi-poloi - we can't not be part of it.. The reason so many calling for CGT want their own homes to be exempt is simply self-interest. 'Tax is a great idea - as long as it catches the other fella.'
    Last edited by fungus pudding; 15-10-2021 at 10:20 AM.

  7. #2437
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    Quote Originally Posted by fungus pudding View Post
    Given that over 60% of homes are owner occupied, the hoi-poloi by definition must fit in there somewhere. After all, we all form the hoi-poloi - we can't not be part of it.. The reason so many calling for CGT want their own homes to be exempt is simply self-interest. 'Tax is a great idea - as long as it catches the other fella.'
    Sure there are competing vested interests. It is why income is taxed and capital gains in general, with some exceptions, are not.
    Last edited by Bjauck; 15-10-2021 at 11:51 AM.

  8. #2438
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    Quote Originally Posted by TeslaGod View Post
    Just because someone has

    - Made wise decisions
    - Inherited
    - Married into

    Or a number of other reasons to acquire realestate doesn't make them privileged.

    Standing on a podium everyday giving daily updates on what people can and cannot do with their lives is the pinnacle of "privileged".
    You have a very different understanding of privilege than I do, if inheriting wealth is not a privilege.

    If you are referring to the PM updating Covid restrictions, then Yep she has a privilege: She is privileged with the power the voters via MPs delegated to her, and which they can take away from her next election.

  9. #2439
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    Quote Originally Posted by TeslaGod View Post
    Standing on a podium everyday giving daily updates on what people can and cannot do with their lives is the pinnacle of "privileged".
    I would have thought that having to make decisions like that that affect people's freedoms, livelihoods and even lives was more a burden than a privilege.
    While people here offer their opinion on what should be done that have no accountability - if they are wrong then they are just wrong.

  10. #2440
    Senior Member TeslaGod's Avatar
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    Quote Originally Posted by dobby41 View Post
    I would have thought that having to make decisions like that that affect people's freedoms, livelihoods and even lives was more a burden than a privilege.
    While people here offer their opinion on what should be done that have no accountability - if they are wrong then they are just wrong.
    Well you thought wrong, were all adults, take the jab and get on with life.

    If you die from the virus then that's your decision, I don't need to be told what to do from there.

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