Capital Gains Tax

[fungus pudding]

I'd love to see an inheritance tax in NZ - there's no time I'd rather pay my tax than after I'm dead. A society where each generation stands on its own two feet a little more should be an improvement - it obviously won't do anything about the better schooling and connections of the well-off but it gives those less lucky in birth a bit of a fighting chance. Ideally I'd pitch it higher than 33% as this money is truly unearned and receiving it is correlated with the other benefits I've mentioned, but I guess that's a good starting point.

Sorry to disappoint, but I can assure you, you will not inherit one cent after you are dead.

[mfd]

Sorry to disappoint, but I can assure you, you will not inherit one cent after you are dead.

I guess there's different ways of thinking about it. To my mind, if I inherit money I've not earned it in any way, so to complain about paying tax on it would seem strange. As the person leaving an inheritance, I'd much prefer that tax is taken from my estate after I'm dead rather than chasing me for it when I'm alive.

[westerly]

Of course not. As one example, there are plenty of low skill workers who are overpaid because of minimum wage laws.

Low skilled workers get what is offered. Unlike those in the professions they cannot set their own wages.
Lawyers, surgeons, company directors and others in public office etc seem to set their recompense for
their efforts on whatever they think the market will bear without too much protest.
The essential workers during the lockdown were mostly in the lower paid positions.

westerly

[fungus pudding]

Low skilled workers get what is offered. Unlike those in the professions they cannot set their own wages.
Lawyers, surgeons, company directors and others in public office etc seem to set their recompense for
their efforts on whatever they think the market will bear without too much protest.
The essential workers during the lockdown were mostly in the lower paid positions.

westerly

Yes. I think everyone over the age of three already knew that.

[westerly]

Yes. I think everyone over the age of three already knew that.

I would say 12 which appears to be about your age

westerly

[fungus pudding]

I would say 12 which appears to be about your age

westerly

I wouldn't argue. So let's agree that everyone over the age of 12 already knew that.

[tim23]

Of course not. As one example, there are plenty of low skill workers who are overpaid because of minimum wage laws.

How charming - those wealthy souls earning $18.90 per hour!

[fungus pudding]

How charming - those wealthy souls earning $18.90 per hour!

No problem if they are worth that. Some aren't.

[blackcap]

Low skilled workers get what is offered. Unlike those in the professions they cannot set their own wages.
Lawyers, surgeons, company directors and others in public office etc seem to set their recompense for
their efforts on whatever they think the market will bear without too much protest.
The essential workers during the lockdown were mostly in the lower paid positions.

westerly

Exactly, what the market will bear with too much protest. That also applies to low skilled workers. Wonder why that is? Lawyers, surgeons can only set their recompense at what society/market thinks they are worth. Same applies to other occupations thus the same rules apply to all.
FP is correct in that there are those that are overpaid due to the artificial barrier to free markets and price discovery that the minimum wage provides.

[dibble]

... Lawyers, surgeons can only set their recompense at what society/market thinks they are worth. Same applies to other occupations thus the same rules apply to all.
FP is correct in that there are those that are overpaid due to the artificial barrier to free markets and price discovery that the minimum wage provides.

Ha, classic. You believe that tosh? That might apply in a mythical "perfect" market. Market/society has no idea what lawyers/dentists etc are worth, as lawyers/dentists etc well know and strive to maintain. Much like houses. Their fees go up CPI+ 5% each year, they sit back and as long as some weird breakout doesnt rock the boat they all prosper. Occasionally some rascal will increase fees 20% and a new low will be set. They know we are too stupid to query it. We moan a bit then book an appointment. The professions with the strongest lobby groups ensure nothing too crazy happens to them.
Overpayment/underpayment? Its largely guesswork. Non market forces are many.