sharetrader

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

Voters
103. You may not vote on this poll
  • No

    202 100.00%
  • Yes

    60 58.25%
  • Goff is just an idiot

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

    1,930 100.00%
Multiple Choice Poll.
Page 28 of 39 FirstFirst ... 1824252627282930313238 ... LastLast
Results 406 to 420 of 571
  1. #406
    Senior Member
    Join Date
    Jul 2007
    Location
    , , .
    Posts
    681

    Default

    Quote Originally Posted by iceman View Post
    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

  2. #407
    Legend minimoke's Avatar
    Join Date
    Mar 2005
    Location
    Christchurch, New Zealand.
    Posts
    6,368

    Default

    Quote Originally Posted by westerly View Post

    Seems to me the top 20% who supposedly own 80% of the assets have little to complain about in NZ.

    westerly
    If we want to complain it is our right to do so.

  3. #408
    Member
    Join Date
    Nov 2018
    Location
    Christchurch
    Posts
    110

    Default

    Quote Originally Posted by westerly View Post
    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
    NZ does NOT have low taxes. Singapore would be a good example of low taxes.

    You would have to put all those tax rates in respect of the tax brackets and more importantly, a base currency. Then compared that to the buying power of what $1 buys in each country. I'm quite certain NZ cost of living and choices can not compared to most other places with much larger population and size.

    If you think investment from local NZ funds is dismal, just wait until CGT gets put in place. Show me the data where the top 20% holds their wealth? I can assure you they're not picking places like NZ. For starters, equity investment in NZ is "dividend" focused which means tax with-holding by the overseas investors. Compare that with 0% CGT if they bought an asset (ie like houses) which would be sold tax free in 5+ years?

    We've already had a wave of capital leave NZ last year during the 'Foreign Trust' crack down (Panama Papers, etc.) There was like a 75% non-compliance rate (trustee not providing tax # status to those foreign trusts ; so in lieu, they close up the trust and send the funds abroad).

    Jacinda's CGT will be Stage 2 of the exodus of NZ capital.

  4. #409
    Update Ready To Install
    Join Date
    Aug 2010
    Location
    Floating Anchor Shoals
    Posts
    7,605

    Default

    Good riddance to dodgy rip off tax avoiding users. A clean out of the trough is great.

  5. #410
    Guru
    Join Date
    Feb 2005
    Location
    Auckland, , New Zealand.
    Posts
    2,587

    Default

    Quote Originally Posted by westerly View Post
    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
    Since you have all those figures then how about stating when at what level of income the maximum rate is hit. Also remember NZ has ACC levy and Australia has a medicare levy.

    To say that all the foreign owned farms are run at a loss is unsubstantiated. It is like saying the wealthy all avoid tax by using trusts and leaving money in a company to avoid paying tax. Typical statements from a large number of misinformed New Zealanders.

  6. #411
    Update Ready To Install
    Join Date
    Aug 2010
    Location
    Floating Anchor Shoals
    Posts
    7,605

    Default

    Many do just that ,thats a cert.
    A set of cake knifes coming your way

  7. #412
    Member
    Join Date
    Nov 2018
    Location
    Christchurch
    Posts
    110

    Default

    Quote Originally Posted by Joshuatree View Post
    Good riddance to dodgy rip off tax avoiding users. A clean out of the trough is great.
    Are you implying the top 20% are tax dodgers? Have a reality check. We live in a globalised economy where currency flows freely. Should NZ be at the forefront of discouraging foreign investment? I'm not hopeful there's enough domestic $ to shake a stick. Anotherwords, can NZ survive without investment from abroad (albeit $ that is dirty or clean) ?

    As 777 implied - not all rich people are out to rip off the system. I would say it would be a very very small %. If the farming operations of NZ were operating at a loss, i'm sure the results would be reflected well on Fonterra's books - it's just not the case.

  8. #413
    Update Ready To Install
    Join Date
    Aug 2010
    Location
    Floating Anchor Shoals
    Posts
    7,605

    Default

    Not all rich people are out to rip off the system but enough are and they employ experts to do just that with loopholes etc etc. Fact.

  9. #414
    always learning ... BlackPeter's Avatar
    Join Date
    Aug 2007
    Location
    Canterbury
    Posts
    4,872

    Default

    Quote Originally Posted by Joshuatree View Post
    Not all rich people are out to rip off the system but enough are and they employ experts to do just that with loopholes etc etc. Fact.
    People are not better or worse depending on their bank balance. There is a certain percentage of people trying to rip of the system, and this percentage does not change whether they are rich (tax avoidance) or poor (tax and benefit fraud). Plenty of poor people like to work without paying taxes "you don't need a tax receipt - do you?" - not different to a rich (wo)man trying to hide their income overseas. Not sure about the non-performers, though - they might be worse in terms of ripping off the system.

    This constant rich people bashing is revolting and dumb. How do you think our (not so) Santa (but) Taxinda is paying all the lollies she distributed if the people paying the tax are going away?
    ----
    "Prediction is very difficult, especially about the future" (Niels Bohr)

  10. #415
    Guru
    Join Date
    Apr 2008
    Location
    Sth Island. New Zealand.
    Posts
    4,451

    Default

    Quote Originally Posted by Joshuatree View Post
    Not all rich people are out to rip off the system but enough are and they employ experts to do just that with loopholes etc etc. Fact.
    If a loophole exists it is perfectly legal to use it. It is not ripping off anything or anyone. It would be plain daft not to apply tax law to the best advantage, whether you are rich or poor.

  11. #416
    Guru
    Join Date
    Feb 2005
    Location
    Auckland, , New Zealand.
    Posts
    2,587

    Default

    Quote Originally Posted by Joshuatree View Post
    Many do just that ,thats a cert.
    A set of cake knifes coming your way
    Another moronic reply from you.

  12. #417
    Update Ready To Install
    Join Date
    Aug 2010
    Location
    Floating Anchor Shoals
    Posts
    7,605

    Default

    Share a little before you go it will come back in spades. Cake knives your way.Learn and use.Never too late to become a giver 777
    Last edited by Joshuatree; 01-03-2019 at 06:37 PM.

  13. #418
    Guru
    Join Date
    Feb 2005
    Location
    Auckland, , New Zealand.
    Posts
    2,587

    Default

    Quote Originally Posted by Joshuatree View Post
    Share a little before you go it will come back in spades. Cake knives your way.Learn and use.Never too late to become a giver 777
    What has your post got to do with the argument. You simply run off on a tangent to some weird part of your mind. Any way I can't be bothered continuing with this stupid exchange.

    You have just become the second person on my ignore list. Congratulations.

  14. #419
    Senior Member
    Join Date
    Jul 2007
    Location
    , , .
    Posts
    681

    Default

    Quote Originally Posted by BlackPeter View Post
    People are not better or worse depending on their bank balance. There is a certain percentage of people trying to rip of the system, and this percentage does not change whether they are rich (tax avoidance) or poor (tax and benefit fraud). Plenty of poor people like to work without paying taxes "you don't need a tax receipt - do you?" - not different to a rich (wo)man trying to hide their income overseas. Not sure about the non-performers, though - they might be worse in terms of ripping off the system.

    This constant rich people bashing is revolting and dumb. How do you think our (not so) Santa (but) Taxinda is paying all the lollies she distributed if the people paying the tax are going away?

    More revolting and dumb is your consistently snide comments re the PM as if she is personally responsible for all Labour policy. Criticise the policies not the messenger.

    The discussion is about whether higher income earners should pay more tax and whether CGT should be paid on unearned income. Not about rubbishing rich people.
    In my view NZ at the higher income levels has low taxation compared with other developed countries. As FP says loopholes in taxation are legitimate but wage and salary earners have little access to them. Whether wealthy immigrants are of value to NZ is questionable, A family with a couple of kids is possibly of more value.
    Also I think most of the arguments about CGT have little foundation in fact and are more personal objections to CGT especially seeing nothing has been set in concrete.

    westerly

  15. #420
    Dilettante
    Join Date
    Mar 2010
    Location
    Nelson
    Posts
    2,865

    Default

    Quote Originally Posted by westerly View Post
    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
    May be worth remembering also westerly that about 75% of "taxpayers" in NZ get equal or more from the Government in various subsidies than they pay in tax. So the Government's income is nearly entirely borne by the top 20% of earners and businesses (they also pay most of the GST). It is ridiculous to claim as has been done on this thread that most of them don't pay tax. So I totally disagree with you and suggest they in fact do have something to complain about if their tax burden is to be increased even further.

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •