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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11-02-2019, 09:37 AM
#251
Originally Posted by SBQ
re Aaron quote:
The articles on Stuff are vague at best and don't tell the whole picture or impact of CGT. The TWG made no recommendation for tax concessions on CGT while most OECD nations that have a CGT do (in the form of inflation adjusted, or half the gain is only income taxable, etc.). The tricky part is if you apply an extreme point of CGT at the high end with no concessions, then you will see a flight of capital in NZ.
I haven't read the recommendations of the TWG so probably shouldn't be debating it until I do but, most other countries made concessions when they brought in goods and services tax to alleviate the regressive nature of the tax. NZ didn't which in my view makes it more unfair but this is outweighed by its simplicity which is great. I was disappointed to hear about proposals for exemptions for fresh veges, don't dick around complicating things, it may not be fair (what is?) but at least it is easy to understand. Just make sure it doesn't rise above 15%.
Make a capital gains tax as simple as possible too that way people will no where they stand and there is less wiggle room for the people wanting to avoid paying it.
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11-02-2019, 11:16 AM
#252
Originally Posted by Aaron
I haven't read the recommendations of the TWG so probably shouldn't be debating it until I do but, most other countries made concessions when they brought in goods and services tax to alleviate the regressive nature of the tax. NZ didn't which in my view makes it more unfair but this is outweighed by its simplicity which is great. I was disappointed to hear about proposals for exemptions for fresh veges, don't dick around complicating things, it may not be fair (what is?) but at least it is easy to understand. Just make sure it doesn't rise above 15%.
Make a capital gains tax as simple as possible too that way people will no where they stand and there is less wiggle room for the people wanting to avoid paying it.
What rubbish. When GST was introduced, probably before you were born, most(if not all) the sales taxes that used to apply were removed. On top of that the marginal income tax rates decreased substantially. The top rate down to 33c/$. At some later stage that top rate was raised to 39c/$ before being once again reduced to 33c/$ when GST was increased.
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11-02-2019, 11:27 AM
#253
Originally Posted by 777
What rubbish. When GST was introduced, probably before you were born, most(if not all) the sales taxes that used to apply were removed. On top of that the marginal income tax rates decreased substantially. The top rate down to 33c/$. At some later stage that top rate was raised to 39c/$ before being once again reduced to 33c/$ when GST was increased.
Quite right. The sales taxes that were removed were the most higgeldy-piggeldy bunch of varying rates, inclusions and exclusions imaginable. All replaced with the simple and effective no exclusion GST system we have in NZ. Possibly the most sensible thing Labour has ever done.
Last edited by fungus pudding; 11-02-2019 at 11:30 AM.
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11-02-2019, 11:40 AM
#254
Originally Posted by 777
What rubbish. When GST was introduced, probably before you were born, most(if not all) the sales taxes that used to apply were removed. On top of that the marginal income tax rates decreased substantially. The top rate down to 33c/$. At some later stage that top rate was raised to 39c/$ before being once again reduced to 33c/$ when GST was increased.
What is rubbish?? I am agreeing that GST is great for its simplicity. Make a capital gains tax as simple as possible as well.
I appreciate that agreeing with you can sometimes be rubbish but not in this case.
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11-02-2019, 11:43 AM
#255
Originally Posted by fungus pudding
Quite right. The sales taxes that were removed were the most higgeldy-piggeldy bunch of varying rates, inclusions and exclusions imaginable. All replaced with the simple and effective no exclusion GST system we have in NZ. Possibly the most sensible thing Labour has ever done.
read my post again.
I think what you and 777 would like to say is that you don't think GST is a regressive tax. We have been over this before and will agree to disagree. What about capital gains tax. Would this be a progressive tax? Personally I believe it would be.
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11-02-2019, 11:48 AM
#256
"most other countries made concessions when they brought in goods and services tax to alleviate the regressive nature of the tax NZ didn't which in my view makes it more unfair "
Just as you typed.
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11-02-2019, 11:52 AM
#257
Originally Posted by Aaron
read my post again.
I think what you and 777 would like to say is that you don't think GST is a regressive tax. We have been over this before and will agree to disagree. What about capital gains tax. Would this be a progressive tax? Personally I believe it would be.
That never entered my mind.
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11-02-2019, 11:58 AM
#258
Originally Posted by 777
That never entered my mind.
Sorry about making assumptions. What was rubbish then?
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11-02-2019, 12:14 PM
#259
Do I have to spell it out then. Read the whole of the re quote of your post I copied in post #256. Simple comprehension exercise. You stated NZ didn't make any concessions when GST was introduced and in fact they did as explained in my original reply and confirmed by FP.
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11-02-2019, 01:07 PM
#260
Originally Posted by 777
Do I have to spell it out then. Read the whole of the re quote of your post I copied in post #256. Simple comprehension exercise. You stated NZ didn't make any concessions when GST was introduced and in fact they did as explained in my original reply and confirmed by FP.
Thanks for that. Maybe I should have said exemptions rather than concessions. NZ has one of the most pure GST regimes because we made very few exemptions to the tax. Most other countries exclude basic food stuffs and other essentials.
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