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View Poll Results: Should there be a Capital Gains Tax on Property

Voters
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  • No

    213 100.00%
  • Yes

    74 56.49%
  • Goff is just an idiot

    2,147,483,658 100.00%
  • Epic fail for Labour

    1,935 100.00%
Multiple Choice Poll.
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  1. #201
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    Quote Originally Posted by minimoke View Post
    I'm not sure how you would do that without a reverse mortgage (or home equity release) loan. (more here: https://www.govt.nz/browse/housing-a...rse-mortgages/) And I'm trying not to complicate things with loans from family repayabel in inheritance or other tools that are availabe
    I think craic was suggesting he could trade down.

  2. #202
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    Quote Originally Posted by craic View Post
    Not entirely so, Minimoke. As an eighty-year-old I could pull two or three hundred g's from my property and go cruising or whatever for the next few years without a worry in the world or I could greatly increase my successful investments. I do not have to worry about my offspring as they are already well ahead of me. But age has made me lazy or maybe just contented and I am happy with a couple of visits to the Club each week and a few drinks and a few bets on slow horses. Nobody has to die rich but a hell of a lot do.
    As my wise Mother always said.. " There are no pockets in a shroud "..

  3. #203
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    Surprise surprise someone else thinks a capital gains tax is a good idea. I should have checked him out first in case he turns out to be a nutcase.

    https://www.stuff.co.nz/business/ind...-oecd-official


    Sensible and fair he suggests. Although the article suggests that "The idea remains unpopular with many New Zealanders, in part because of concerns it could discourage investment in new housing and push up rents, and because of compliance costs." In small part maybe but the main reason must be that they don't want to pay more tax.

  4. #204
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    Quote Originally Posted by Aaron View Post
    Surprise surprise someone else thinks a capital gains tax is a good idea. I should have checked him out first in case he turns out to be a nutcase.

    https://www.stuff.co.nz/business/ind...-oecd-official


    Sensible and fair he suggests. Although the article suggests that "The idea remains unpopular with many New Zealanders, in part because of concerns it could discourage investment in new housing and push up rents, and because of compliance costs." In small part maybe but the main reason must be that they don't want to pay more tax.
    He mentions design of the scheme, and that is the key. There are many problems with CGT that need to be understood and taken into account. Properly designed it can be good - but a copy of something like Austalia has is only good for appeasing the envious.

  5. #205
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    Quote Originally Posted by fungus pudding View Post
    but a copy of something like Austalia has is only good for appeasing the envious.

    Ahh the politics of envy. Nice one FP

  6. #206
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    "The Treasury has previously estimated that a broad-based capital gains tax, that excluded gains on owner-occupied housing"
    https://www.stuff.co.nz/business/industries/104262446/capital-gains-tax-sensible-and-fair-for-nz-says-oecd-official

    Apart from the backlash from entitled home owners (increasingly becoming a wealthier minority), Why should owner-occupied housing be excluded? Excluding it will only continue the shift of investment into residential land,and in the absence of wealth or estate taxes, it will perpetuate the deveopment of a shrinking landowning elite who find it is tax efficient to over-capitalise their homes...


    Personal circumstances including singles, childless couples and where people have to shift frequently, may mean home-ownership is not the optimal form of obtaining accommodation. In such cases their equity may well better be deployed in creating businesses or investing in income-generating share investments. Yet if they invest all their capital in such vehicles as opposed to their own homes, they would be liable to capital gains.



  7. #207
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    https://www.stuff.co.nz/business/106...--is-that-fair


    More envious people trying to make the world a better place?

  8. #208
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    Quote Originally Posted by Aaron View Post
    https://www.stuff.co.nz/business/106...--is-that-fair


    More envious people trying to make the world a better place?
    "Properties give their owners a tax-free windfall - is that fair". "Fair" - isnt that a most interesting word


  9. #209
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    Quote Originally Posted by minimoke View Post
    "Properties give their owners a tax-free windfall - is that fair". "Fair" - isnt that a most interesting word
    True "fairness" is subjective and is determined by those in a society who have the power and control. I guess the tipping point will be when what is "fair" increasingly advantages only a shrinking minority (of politically active people) and a new "regime of fairness" will be ushered in. The beauty of a functioning democracy is that regime change occurs peacefully and comparatively gradually.

  10. #210
    Go The Warriors "This Year!"
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    Does anyone know what date the TWG interim report is actually due to be reveled this month?

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