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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Originally Posted by iceman
We are the only country in the OECD that does not have a formal CGT although we have the Brightline tax which of course is CGT in disguise. Most of other OECD have a CGT with many exemptions and lower rates than normal income tax. But it has not stopped them from having exactly the same issues as NZ with run away house prices and high rents. The idea that CGT will be a guarantee to lower house prices and lower rent is simply not supported by any evidence
Maximum Tax Rates
NZ 33% +15% gst
Australia 45% +10% gst
USA 50% (37% Fed 13% State)
UK 47% + 20% vat
All of these countries except NZ have CGT plus death and property taxes of some sort.
Their share markets are thriving yet NZ with low taxes is excited because a locally owned port may list some of its shares. The wealthy immigrants buying sheep stations which are then run at a loss for taxation purposes are sure doing a lot for NZ.
Seems to me the top 20% who supposedly own 80% of the assets have little to complain about in NZ.
westerly
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