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

Voters
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  • No

    203 100.00%
  • Yes

    61 58.10%
  • Goff is just an idiot

    2,147,483,655 100.00%
  • Epic fail for Labour

    1,930 100.00%
Multiple Choice Poll.
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  1. #561
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    Quote Originally Posted by Scooter View Post
    Ahh, but if Labor poll 60%+ which is possible, they might 'forget' their COL partner and concentrate on Greens
    It is irrelevant how they poll. If they want to get prior to the next election anything through parliament they will need NZ First support.

    And pretty sure Winnie will remember his clientele - particularly with the next election approaching soon.
    ----
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    https://www.newsroom.co.nz/2019/03/2...-cgt?preview=1 44% in favour 35% opposed, thats decent majority.

  3. #563
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    Quote Originally Posted by Joshuatree View Post
    https://www.newsroom.co.nz/2019/03/2...-cgt?preview=1 44% in favour 35% opposed, thats decent majority.
    Professionals and senior government officials were the most in support”

    Would that be because they would profit from the extra compliance costs that will be inevitable? Or, that they would be better placed to find and benefit from the inevitable loopholes?

    I would like to see the level of support from the high income subset with an exempt yet very expensive house but no other assets.

    It was an ommision that the poll breakdown into owners of assets did not include the support level of those with an exempt principal home asset. Owner occupied housing is a significant class of asset ownership in NZ. They could be well be beneficiary of the proposed TWG scheme.

  4. #564
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    Quote Originally Posted by Bjauck View Post
    Professionals and senior government officials were the most in support”

    Would that be because they would profit from the extra compliance costs that will be inevitable? Or, that they would be better placed to find and benefit from the inevitable loopholes?

    I would like to see the level of support from the high income subset with an exempt yet very expensive house but no other assets.

    It was an ommision that the poll breakdown into owners of assets did not include the support level of those with an exempt principal home asset. Owner occupied housing is a significant class of asset ownership in NZ. They could be well be beneficiary of the proposed TWG scheme.
    With no details of a CGT scheme available yet, it's hard to see how anyone can be for or against it.

  5. #565
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    Quote Originally Posted by fungus pudding View Post
    With no details of a CGT scheme available yet, it's hard to see how anyone can be for or against it.
    There is the TWG report and its recommendations. The ToR were provided by the government so we the people could assume some or all of the recommendations will inform the policy to be announced in April. We could all keep quiet and accept what we are dished up. Good idea?

    In practice there has been some seriously robust debate on the TWG report, and the government might take a bit of notice.

  6. #566
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    Tax Justice Aotearoa NZ. Read their ad in the herald this morning and agree with a lot of what they say but the name and colours make them sound like a cross between the Greenies and Maori parties. A lot of "out there" people in that crowd.
    Campaign supporters include the Public Health Association, New Zealand Council of Christian Social Services, Council of Trade Unions, Public Service Association, Hui E! Community Aotearoa, Equality Network, Closing the Gap, Poverty Action Waikato, and UCAN (United Community Action Network).
    Last edited by Aaron; 08-04-2019 at 08:05 AM.

  7. #567
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    Quote Originally Posted by artemis View Post
    There is the TWG report and its recommendations. The ToR were provided by the government so we the people could assume some or all of the recommendations will inform the policy to be announced in April. We could all keep quiet and accept what we are dished up. Good idea?
    Of course not, but so much of what I have read is simply blind criticism containing all sorts of wild assumptions, as though it was all done and dusted. I can't see anything wrong with constructive discussion on CGT or any other subject. To repeat my original statement 'With no details of a CGT scheme available yet, it's hard to see how anyone can be for or against it.' That does not preclude constructive comment.

  8. #568
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    Quote Originally Posted by Aaron View Post
    Tax Justice Aotearoa NZ. Read their ad in the herald this morning and agree with a lot of what they say but the name and colours make them sound like a cross between the Greenies and Maori parties. A lot of "out there" people in that crowd.
    Campaign supporters include the Public Health Association, New Zealand Council of Christian Social Services, Council of Trade Unions, Public Service Association, Hui E! Community Aotearoa, Equality Network, Closing the Gap, Poverty Action Waikato, and UCAN (United Community Action Network).
    A coalition of supporters of the other coalition's tax policies?

  9. #569
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    Gone!
    Looks like jacinda does not have the stomach to roll the dice on an early election.Would have been interesting to see the results.I suspect winnie would have picked up a stack of votes from the nats

  10. #570
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    Quote Originally Posted by steveb View Post
    Gone!
    Looks like jacinda does not have the stomach to roll the dice on an early election.Would have been interesting to see the results.I suspect winnie would have picked up a stack of votes from the nats
    Don't see your reasoning here. Winston has lost votes since the election which probably never went to National, since they have also lost votes. So they will just come back from where they went which is likely Labour due to the fact they are the only party to have increased their votes in the polls.

  11. #571
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    https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12223514
    Lizzie Marvelly: Forget capital gains tax, we need a new plan

    https://www2.deloitte.com/nz/en/page...ns-tax-nz.html


    Is a capital gains tax right for New Zealand?

    https://www.stuff.co.nz/business/109923112/capital-gains-tax-whats-fair-for-one-person-may-hurt-another
    Capital gains tax: What's fair for one person may hurt another
    Last edited by Valuegrowth; 21-04-2019 at 03:09 PM.

  12. #572
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    https://www.marketwatch.com/story/why-raising-taxes-on-the-rich-isnt-so-crazy-2019-12-09
    Wealth taxes wouldn’t destroy the economy — they’d make it better.
    The economy would benefit directly from a more equal distribution of income because middle- and low-income families spend a greater portion of their incomes than the very rich do, so more money would recycle through the economy.
    Inequality of wealth creates other problems. The top 1% are socking away a greater share of the nation’s wealth; so much so that regular Americans are starved for the capital they need to buy homes, invest in schooling and start new businesses.

    Are taxes on the rich unfair?
    The poor are constantly being reminded that life isn’t supposed to be fair. Get over it.

  13. #573
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    Quote Originally Posted by moka View Post
    https://www.marketwatch.com/story/why-raising-taxes-on-the-rich-isnt-so-crazy-2019-12-09
    Wealth taxes wouldn’t destroy the economy — they’d make it better.
    The economy would benefit directly from a more equal distribution of income because middle- and low-income families spend a greater portion of their incomes than the very rich do, so more money would recycle through the economy.
    Inequality of wealth creates other problems. The top 1% are socking away a greater share of the nation’s wealth; so much so that regular Americans are starved for the capital they need to buy homes, invest in schooling and start new businesses.

    Are taxes on the rich unfair?
    The poor are constantly being reminded that life isn’t supposed to be fair. Get over it.
    The US already has already addressed taxing the wealthy. It's called the Estate or Death Duty tax which kicks in on amounts over $11 Million USD.

    Article says the top 1% need to pay more? I agree they do. But in NZ, let's be real, how wealthy are the top 1% of NZ residents? I would say.. not so wealthy, definitely not when you compare income levels of the upper middle class in the US. There would be only a handful of NZ rich that are in the $500K/year income? Whereas in the US in that 1%, you're going to find a lot more earning that kind of money.

    If CGT is implemented, then the NZ gov't & IRD need to consider removing existing taxes such as FIF (on those with overseas assets). The biggest impact CGT would have is the Kiwi Saver scheme ; it would mean NZ's tax code would look more and more like how the IRS and Australia and most other nations with CGT, address taxation.

  14. #574
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    Can you verify that "only a handful"

  15. #575
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    The previous govt took away the kiwisaver tax credits and original 1k contribution. This would have had more of an impact on KS

    The tax free status hasn't done much to encourage domestic savings and foreign ownership picks up the "huuuge" NZ investment shortfalls.
    Last edited by Panda-NZ-; Yesterday at 10:47 PM.

  16. #576
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    Quote Originally Posted by Panda-NZ- View Post
    The previous govt took away the kiwisaver tax credits and original 1k contribution. This would have had more of an impact on KS

    The tax free status hasn't done much to encourage domestic savings and foreign ownership picks up the investment shortfalls.
    Once again you spew misinformation or straight out lies. Are you paid by the Labour Party to do this ? You should disclose if you are.
    The KS tax credits are still in place but at a lower level than they were.
    The Government should in my view totally stop contributions to people´s KS accounts now that the Government´s books are in such a serious negative state.

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    Quote Originally Posted by iceman View Post
    Once again you spew misinformation or straight out lies. Are you paid by the Labour Party to do this ? You should disclose if you are.
    The KS tax credits are still in place but at a lower level than they were.
    The Government should in my view totally stop contributions to people´s KS accounts now that the Government´s books are in such a serious negative state.
    It would be a more constructive discussion without the personal attacks, in bold above. You could just say I disagree, or that is not correct.
    Panda-NZ- was correct in that the previous government took away the $1K contribution.

  18. #578
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    Quote Originally Posted by moka View Post
    It would be a more constructive discussion without the personal attacks, in bold above. You could just say I disagree, or that is not correct.
    Panda-NZ- was correct in that the previous government took away the $1K contribution.
    He/she has been called out several times in the last little while with straight out misinformation, making statements that are simply not based on fact. Yet it continues. It doesn´t matter whether I agree or disagree. His/her statement is simply not factual.

    Edit: But I do take your point moka about my post being unnnecessarily harshly and personally worded, which is something I always try to avoid in comments on this site. Pointless editing it though as I can not edit your quote of it !
    Last edited by iceman; Yesterday at 10:09 PM. Reason: addition

  19. #579
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    Quote Originally Posted by Joshuatree View Post
    Can you verify that "only a handful"
    I've found not data for NZ but not surprisingly, the US data here:

    https://www.investopedia.com/persona...ou-top-1-5-10/

    Annual Wages of Top Earners


    The latest data from the EPI show that in 2018 annual wages for the top 1% reached $737,697, up just 0.2% compared to 2017.

    I think it's fair to say when it comes to the top 1% of earners, NZ's 1% wouldn't be near this US figure.

    The previous govt took away the kiwisaver tax credits and original 1k contribution. This would have had more of an impact on KS

    The tax free status hasn't done much to encourage domestic savings and foreign ownership picks up the investment shortfalls.
    Not sure about the tax free status of KS. Tax unfortunately isn't a well discussed topic among NZ financial advisors. I don't see how they can provide any meaningful advice to clients without breaking down the tax that listed corporations pay, and the tax on dividends that shareholders receive (if not partially input credited), and FIF tax if the shares are foreign based. If there's one thing certain, Kiwi Saver has been a landfall money maker for IRD. This is very different to the tax approach to share investments in the US & Canada where on most part, small investors have the ability to invest tax free (ie ROTH IRA):

    https://www.youtube.com/watch?v=q63F1pBrUHA

    Neither gov'ts in NZ have proposed what assets would have CGT - nor how it would impact other investments - Kiwi Saver? it's not that easy of an issue to clarify because NZ has come form an unusual stance of having no form of tax on capital gains.

  20. #580
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    There is a portion of Kiwisaver, maybe the majority, where tax isn't paid since its a capital gain.

    Also keep in mind that it cannot be retrospective which means that you keep all of the existing gains to the current date which is quite fair.
    Last edited by Panda-NZ-; Today at 12:43 AM.

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