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

Voters
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  • No

    213 100.00%
  • Yes

    74 56.49%
  • Goff is just an idiot

    2,147,483,658 100.00%
  • Epic fail for Labour

    1,935 100.00%
Multiple Choice Poll.
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  1. #131
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    Just to ram a point home there iceman.
    http://www.nbr.co.nz/opinion/who-are...y-surprise-you

  2. #132
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    Quote Originally Posted by iceman View Post
    Only one problem with Rashbrook. Inequality in NZ is not rising so the whole argument falls flat at the start.!
    No reply iceman? Does this mean you've better things to do or that your arguments are bulls**t?
    I guess it would be more productive discussing the Sanford result than arguing over this.
    Last edited by Aaron; 20-11-2015 at 08:12 AM. Reason: Reduce the antagonism

  3. #133
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    Quote Originally Posted by Aaron View Post
    I read in the Herald Saturday that a some of the wealthiest people in NZ ONLY HAVE AN INCOME OF $70,000. This would tend to show your argument inequality isn't rising because of an income equality survey is not correct. Income will become even more equal as everyone who is able will cap their income at $70k. Totally ignores wealth though as we ignore wealth taxes and death and inheritance taxes.

    Tax is the price you pay for civilization, but there is also no requirement to structure your affairs so that you pay the most tax possible.

    As your income rises, there is a tendency for your wealth to rise also. Once your income/wealth combination reaches or passes a certain point, it becomes an option to structure your affairs so that you minimize your tax obligations.

    If, for example, the top tax rate kicks in at $70,000pa income, I would expect there to be a lot of people who can control their taxable income who turn out to have an income of $65-69,999pa.

    Personally, as an honest man, I always try to pay the right amount of tax.

  4. #134
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    Quote Originally Posted by Aaron View Post
    I read in the Herald Saturday that a some of the wealthiest people in NZ ONLY HAVE AN INCOME OF $70,000. This would tend to show your argument inequality isn't rising because of an income equality survey is not correct. Income will become even more equal as everyone who is able will cap their income at $70k. Totally ignores wealth though as we ignore wealth taxes and death and inheritance taxes.

    Tax is the price you pay for civilization, but there is also no requirement to structure your affairs so that you pay the most tax possible.

    As your income rises, there is a tendency for your wealth to rise also. Once your income/wealth combination reaches or passes a certain point, it becomes an option to structure your affairs so that you minimize your tax obligations.

    If, for example, the top tax rate kicks in at $70,000pa income, I would expect there to be a lot of people who can control their taxable income who turn out to have an income of $65-69,999pa.

    Personally, as an honest man, I always try to pay the right amount of tax.

  5. #135
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    Quote Originally Posted by GTM 3442 View Post
    Tax is the price you pay for civilization, but there is also no requirement to structure your affairs so that you pay the most tax possible.

    As your income rises, there is a tendency for your wealth to rise also. Once your income/wealth combination reaches or passes a certain point, it becomes an option to structure your affairs so that you minimize your tax obligations.

    If, for example, the top tax rate kicks in at $70,000pa income, I would expect there to be a lot of people who can control their taxable income who turn out to have an income of $65-69,999pa.

    Personally, as an honest man, I always try to pay the right amount of tax.
    You misunderstand me GTM 3442 all I am saying is that an income equality survey isn't especially helpful in establishing the need/benefit of a capital gains tax and says absolutely nothing about the distribution of wealth in NZ. I have no problem people capping their income, the company still pays tax at 28% or the Trust at 33%.

  6. #136
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    Quote Originally Posted by Aaron View Post
    You misunderstand me GTM 3442 all I am saying is that an income equality survey isn't especially helpful in establishing the need/benefit of a capital gains tax and says absolutely nothing about the distribution of wealth in NZ. I have no problem people capping their income, the company still pays tax at 28% or the Trust at 33%.
    Deciding how much tax to raise, and what form of economic activity to tax are both political decisions.

    An income (in)equality survey is one tool for the people making those decisions - if they decide to use it

    But once those decisions are made, patterns of economic activity will change to take account of the cost of the (new) tax(es). The history of taxation is liberally bestrewn with unintended and unforseen consequences.

    As an aside, companies have more scope than many (most?) individuals to control their taxable income.

  7. #137
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    I like this guy's view on capital gains tax. Maybe I should switch to BNZ.
    https://www.stuff.co.nz/business/mon...ital-gains-tax

    No point in bringing in a capital gains tax at what might be the height of the "everything bubble" though. Although everything is probably fairly valued in today's interest rate environment. As I have said before if we get to negative interest rates there is no limit to asset prices anymore. Why with all the talk of populism, increasing wealth inequality etc are people not discussing the whole monetary system and whether 2% rising prices is the perfect solution to all our problems.

  8. #138
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    Quote Originally Posted by Aaron View Post
    I like this guy's view on capital gains tax. Maybe I should switch to BNZ.
    https://www.stuff.co.nz/business/mon...ital-gains-tax

    No point in bringing in a capital gains tax at what might be the height of the "everything bubble" though. Although everything is probably fairly valued in today's interest rate environment. As I have said before if we get to negative interest rates there is no limit to asset prices anymore. Why with all the talk of populism, increasing wealth inequality etc are people not discussing the whole monetary system and whether 2% rising prices is the perfect solution to all our problems.
    Healy and banks are the cause of these perceived housing problems
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  9. #139
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    Quote Originally Posted by Aaron View Post
    I like this guy's view on capital gains tax. Maybe I should switch to BNZ.
    https://www.stuff.co.nz/business/mon...ital-gains-tax
    .
    Back in May he was talking about joined up solutions. "…. but point is we have a housing affordability crisis so debate on baby boomers vs gen Y doesn't help," Healy wrote on Twitter. "We need joined-up solutions from council, govt, private sector and NFP's”

    No mention of CGT then.

  10. #140
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    Quote Originally Posted by winner69 View Post
    Healy and banks are the cause of these perceived housing problems
    I would have said global central bank policy(low interest rates & easy money & inflation to clear debt) and immigration were the main causes at a guess. Banks seem to be getting a bit tougher re lending.
    The expansion of the Chinese banking system from what I read is quite spectacular maybe some of this funny money is buying Auckland property.

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