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

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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. #381
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    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.
    We dont have stamp duty either, or inheritance tax. There musty be loads of taxes we don't have in NZ. Doesn't make introducing new one right.

    There is only thing to consider. Does the current tax regime raise enough revenue to cover govt expenditure. If so then no change required.

    From there you ask how efficiently you can raise those taxes and look for improvements (whole also trying to reduce govt expenditure)

    And then from there you try to figure out a relatively fair scheme where each person pays there fair share. This is where it gets hard because nothing in life is fair. No point trying to make it dead fair cos such a thing is impossible.

    In any tax system there will be winners and losers. Is it fair that those on minimum incomes and pay less tax get to enjoy most of the government expenditure. No. But that's the way it is.

    Is it fair that people work hard and invest in the hope of bettering themselves (and paying taxes along the way) reap some capital gain (when times are good). No. but that helps offset the other unfairnesses.

  2. #382
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    Quote Originally Posted by minimoke View Post
    We dont have stamp duty either, or inheritance tax. There musty be loads of taxes we don't have in NZ. Doesn't make introducing new one right.

    There is only thing to consider. Does the current tax regime raise enough revenue to cover govt expenditure. If so then no change required.

    From there you ask how efficiently you can raise those taxes and look for improvements (whole also trying to reduce govt expenditure)
    I'd like to see income tax lowered and flattened and GST increased. There's a rainbow full of golden pots available from millions of tourists with an increase in GST.

  3. #383
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    Quote Originally Posted by fungus pudding View Post
    Proposal from TWG is to allow losses to offset future gains in same asset class, as I understand it.
    Thanks, fungus. But offsetting future gains isn't quite the same thing as allowing losses to offset current year's tax on current other realised capital gains which is what I think the Aussie system is.

    In any case, I expect the coalition to cherry-pick what suits it from the recommendations.
    Last edited by macduffy; 27-02-2019 at 03:11 PM.

  4. #384
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    Quote Originally Posted by fungus pudding View Post
    I'd like to see income tax lowered and flattened and GST increased. There's a rainbow full of golden pots available from millions of tourists with an increase in GST.
    No thanks. Increasing the tax on the day to day spending of 4.5m New Zealanders to catch that of a few thousand tourists who are here at any given time doesn't appeal!

  5. #385
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    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
    yep there are ways in which capital gains are already captured. Brightline is one such way if you buy and sell within five years.

    Of course a cgt will not guarantee affordable housing especially since the family home did not form part of the review and NZ does not have the stamp duties that other countries have.

    NZ has amongst the most unaffordable housing in The OECD with residential property comprising a very large share of household wealth. So I would think it would make sense to try to encourage the diversification of household wealth away from residential housing. As a Sharetrader poster, It would be nice if NZ shares featured more prominently as household investment and helped stop the exodus of NZ listings...

    However the point I was responding to was that “Labour clearly do not want people to own their own homes”. I have yet to know why that accusation was made.

    Of course the same wild accusation could have been made of previous governments that allowed the housing shortage to get out of hand and sat on their hands as home ownership rates dropped and unaffordability climbed.

  6. #386
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    Quote Originally Posted by minimoke View Post
    ...

    In any tax system there will be winners and losers. Is it fair that those on minimum incomes and pay less tax get to enjoy most of the government expenditure. No. But that's the way it is.

    Is it fair that people work hard and invest in the hope of bettering themselves (and paying taxes along the way) reap some capital gain (when times are good). No. but that helps offset the other unfairnesses.
    Fairness is determined by those who have the political control. At the moment that means income is taxed and capital gains on most residential property is not. So a big win for the long term landowner who leveraged themself into lots of residential properties.

  7. #387
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    Quote Originally Posted by macduffy View Post
    No thanks. Increasing the tax on the day to day spending of 4.5m New Zealanders to catch that of a few thousand tourists who are here at any given time doesn't appeal!
    Well, it appeals to me, and probably many others who pay income tax. 'Never punish earnings or earners - clobber them when they spend'. (Aristotle Pudding)

  8. #388
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    Quote Originally Posted by Bjauck View Post
    yep there are ways in which capital gains are already captured. Brightline is one such way if you buy and sell within five years.

    Of course a cgt will not guarantee affordable housing especially since the family home did not form part of the review and NZ does not have the stamp duties that other countries have.

    NZ has amongst the most unaffordable housing in The OECD with residential property comprising a very large share of household wealth. So I would think it would make sense to try to encourage the diversification of household wealth away from residential housing. As a Sharetrader poster, It would be nice if NZ shares featured more prominently as household investment and helped stop the exodus of NZ listings...

    However the point I was responding to was that “Labour clearly do not want people to own their own homes”. I have yet to know why that accusation was made.

    Of course the same wild accusation could have been made of previous governments that allowed the housing shortage to get out of hand and sat on their hands as home ownership rates dropped and unaffordability climbed.
    We agree on most points, but I think what is always overlooked in the house price debate is the fact that Councils, particularly Auckland City Council, have been appallingly bad in planning and releasing land for building on. Minister Twyford is finding this out real quick. This is the main reason for our too high house prices and no CGT needed to fix it.

  9. #389
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    So on the 6 o’clock news we see Taxinda’s Chief Taxman Cullen say he agrees with Iwi they should be exempt from CGT. So Labour wants our tax system based on race. Can this get any worse ?

  10. #390
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    Quote Originally Posted by iceman View Post
    So on the 6 o’clock news we see Taxinda’s Chief Taxman Cullen say he agrees with Iwi they should be exempt from CGT. So Labour wants our tax system based on race. Can this get any worse ?
    Well its about time this white cracker starts finding some Iwi or tribal affiliation. One only need to identify as Maori these days anyway to be considered Maori so it should not be that difficult. Been to a Marae many times, and know the odd phrase of Te Reo. Could come in handy when the IRD inspector comes for a visit.

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