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

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  • 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.
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  1. #361
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    Quote Originally Posted by blackcap View Post
    I'm not sure I follow. Just watch the video and tell me what is wrong with it. What does neo con even mean?
    You are right, neo con https://en.wikipedia.org/wiki/Neoconservatism is not the policy of the one man university more likely "neo liberalism" is more correct.
    Found the comments amusing. The video is questionable in its asumptions.

    westerly

  2. #362
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    Quote Originally Posted by westerly View Post
    You are right, neo con https://en.wikipedia.org/wiki/Neoconservatism is not the policy of the one man university more likely "neo liberalism" is more correct.
    Found the comments amusing. The video is questionable in its asumptions.

    westerly
    I'm still confused why you would think the video is questionable? What the video tells me is a clear example of basic economics of "Paretal Optimal" (or Paretal Efficiency) where 1 person's benefit can NOT be achieved without the other person (or persons) losing. The person in the video that did the least work appeared to benefit from the loss of the harder working person of the much higher income.

  3. #363
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    Quote Originally Posted by SBQ View Post
    As for how CGT would constrain growth and deter investment, yes I agree with that. Fortunately i'm able to keep my options open on the impact of CGT in the next 5 or 10 years and when I can see the effects (ie. my children having little chance of employment / lower standard of living / etc) we would be quick to move abroad.
    Interesting statement in the context of your post. I take it as a vote of confidence into this proposal.

    Just remember - many of Labour's core clientele would not have this option - and while they might enjoy in the short term seeing their "rich" neighbours taxed over the hilt - they might less enjoy when their welfare benefits are cut because the state is running out of money if the larger taxpayers are leaving the country in droves.
    ----
    "Prediction is very difficult, especially about the future" (Niels Bohr)

  4. #364
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    Quote Originally Posted by BlackPeter View Post
    Interesting statement in the context of your post. I take it as a vote of confidence into this proposal.

    Just remember - many of Labour's core clientele would not have this option - and while they might enjoy in the short term seeing their "rich" neighbours taxed over the hilt - they might less enjoy when their welfare benefits are cut because the state is running out of money if the larger taxpayers are leaving the country in droves.
    Interesting isn't it. My partner and I have recently had the discussion about moving our capital out of NZ if a CGT is imposed by this government. She has Australian and UK passports and I have a European passport so plenty of opportunities to go and put our money and capital in other jurisdictions that are more friendly to investment. Labour need to be careful what they wish for.

  5. #365
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    Quote Originally Posted by blackcap View Post
    Interesting isn't it. My partner and I have recently had the disceven this motly lot wiussion about moving our capital out of NZ if a CGT is imposed by this government. She has Australian and UK passports and I have a European passport so plenty of opportunities to go and put our money and capital in other jurisdictions that are more friendly to investment. Labour need to be careful what they wish for.
    Good luck, but I doubt that we will end up with anything more harsh than other countries. Even this motley lot know better.

  6. #366
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    Quote Originally Posted by fungus pudding View Post
    Good luck, but I doubt that we will end up with anything more harsh than other countries. Even this motley lot know better.
    And Jacinda will be a hero saving farmers, business owners and many others from what Cullen suggested
    “In a roaring bull market, knowledge is superfluous and experience is a handicap.”

    –Benjamin Graham”

  7. #367
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    Quote Originally Posted by winner69 View Post
    And Jacinda will be a hero saving farmers, business owners and many others from what Cullen suggested
    How can it be "fair" if it excludes certain parts of the community?

    Seems t me it is now an attack on high income earners, and about re-distributing the wealth to non-earners.

  8. #368
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    GCT may apply to the family home - as it stands at present

    if you use a room(s) as an "office" and claim the expenses for it, you have a choice, don't claim the expenses and no GCT or claim them and you pay GCT - albeit based on the % of your home used say 1 room = 20% so you would pay GCT on 20% of the gain I presume - something like that
    More detail here https://www.nzherald.co.nz/business/...ectid=12207150 ... if they have it right!

  9. #369
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    Quote Originally Posted by Jay View Post
    GCT may apply to the family home - as it stands at present

    if you use a room(s) as an "office" and claim the expenses for it, you have a choice, don't claim the expenses and no GCT or claim them and you pay GCT - albeit based on the % of your home used say 1 room = 20% so you would pay GCT on 20% of the gain I presume - something like that
    More detail here https://www.nzherald.co.nz/business/...ectid=12207150 ... if they have it right!
    Also if you take in flatmates. Which is an ideal way for getting people onto the property ladder - they can get others in to help with costs.

    Labour clearly dont want people to own their own homes

  10. #370
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    Quote Originally Posted by minimoke View Post
    Also if you take in flatmates. Which is an ideal way for getting people onto the property ladder - they can get others in to help with costs.

    Labour clearly dont want people to own their own homes
    What is or is not a family home makes the family home exclusion a nightmare. Near where I live there are plenty of lifestyle blocks bigger than the 4500m threshold. Many have panted their sections with native bush - and to have smaller sections would spoil the environment. Many are newly reitired and would not want the hassle of having to value and apportion costs between exempt and non-exempt areas of their property.

    it would be better to have no exemption and then to give a generous threshold to taxpayers.

  11. #371
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    Quote Originally Posted by minimoke View Post
    How can it be "fair" if it excludes certain parts of the community?

    Seems t me it is now an attack on high income earners, and about re-distributing the wealth to non-earners.
    Classic Robin Hood tax from the “no more taxes” lying thieves.

  12. #372
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    Quote Originally Posted by blackcap View Post
    Interesting isn't it. My partner and I have recently had the discussion about moving our capital out of NZ if a CGT is imposed by this government. She has Australian and UK passports and I have a European passport so plenty of opportunities to go and put our money and capital in other jurisdictions that are more friendly to investment. Labour need to be careful what they wish for.
    During the National led party I saw their focus of welcoming migrants to NZ. Their immigration policy made it clear that those abroad (and many who are wealthy) to "Give NZ a Try". They passed tax laws that exempted income for 4 years upon residency / arrival in NZ. It was clear, NZ at that time welcomed investment and people into NZ. Now, it seems the Labour wants to do a 180 turn. Labour gov't needs to remember the very same people that brought $ to NZ as migrants, can easily leave back to their home country. I mean after all, when you balance things up, if the benefits are no longer available in NZ, then why stay? As for myself, the very things I hated about Canada, (long ago), i'm starting to see them happen in NZ now (regarding around taxation).

    What i'm most concerned about is the details of the CGT. It's very simple. If the tax bite is too high.. excessive compared to other countries with no concessions or exemptions (that is common in other OCED nations), then I would be a fool to keep my family in NZ. I mean at the moment, it seems that the CGT proposed for NZ doesn't compare well to where I grew up in Canada (and Canada is a country well known for excessive taxation). My wife would in a heartbeat would give up her high paying job in NZ just to move to Canada. I do not believe my situation would be unique in NZ.

  13. #373
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    If this thing goes ahead it will be only a shadow of the current recommendations put forward by the tax working group, I think the current Govt has underestimated the resistance to a CGT.

  14. #374
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    Quote Originally Posted by couta1 View Post
    If this thing goes ahead it will be only a shadow of the current recommendations put forward by the tax working group, I think the current Govt has underestimated the resistance to a CGT.
    Anybody with any brains would have known it would go down like a lead balloon. So that ruled them out to start with.

  15. #375
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    Quote Originally Posted by couta1 View Post
    If this thing goes ahead it will be only a shadow of the current recommendations put forward by the tax working group, I think the current Govt has underestimated the resistance to a CGT.
    The worry is they will pick out the bits that suit them and end up making a real buggers muddle out of it.

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