View Poll Results: Should there be a Capital Gains Tax on Property
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No
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Yes
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Goff is just an idiot
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Epic fail for Labour
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Member
Originally Posted by CJ
The problem with CGT on a realised basis is there is no tax generation for a number of years.
People end up holding on to assets far longer than normal would just to avoid tax. This creates an inefficient allocation of capital and a deadweight loss to the whole economy.
If you want to get radical on a tax reformation. Lets get rid of all GST, income, and company tax. Put a tax on all land. Land owners pay tax directly and everybody else pays tax indirectly through higher prices.
It might sound extreme but land taxes are the only tax that do not produce a dead weight loss. Just some food for thought.
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