Capital Gains Tax

[Balance]

I wish hipkins would grow a spine.

Luxon gave a very poor response (like he often does when he doesn't get the interview questions in advance)... Almost angry that the wealthy are being made to pay even that

The better response would have been his usual trite "give the peasants an education so they can be one of them" *or go to Australia on the NZ taxpayer* but he doesn't the political skills.

Panda-nZ, the ignoramus peasant who wanted Ryman to load up with more debt to do a share buyback when it was close to defaulting on its loans.

[SBQ]

Panda-nZ, the ignoramus peasant who wanted Ryman to load up with more debt to do a share buyback when it was close to defaulting on its loans.

That's interesting. Are you saying Ryman Health (the NZ senior retirement homes I see around NZ) has borrowed $$ to finance a share buy back ? Wow.. .and I think investors in NZ were so thick in the head demand dividends over increase the share price of the company.

Anyways, Luxon is no real executive despite having managed Air NZ. I often find he has similar parallels to Donald Trump in having minimal gov't experience.

[davflaws]

That's interesting. Are you saying Ryman Health (the NZ senior retirement homes I see around NZ) has borrowed $$ to finance a share buy back ? Wow.. .and I think investors in NZ were so thick in the head demand dividends over increase the share price of the company.

Anyways, Luxon is no real executive despite having managed Air NZ. I often find he has similar parallels to Donald Trump in having minimal gov't experience.

Balance resorts to "cut and paste" trolling whenever he is faced with an argument he can't counter or a political opinion anywhere left of Ghengis Kahn. If you track his posts on this and the Off Market Discussions" forum, you will note that his standard response to many posters is an ad hominem rant. Sadly, this behavior has started to spill over into the OCA thread on the NZX forum.

I suggest you stop feeding him.

[Panda-NZ-]

A poem about tall poppies written by chat gpt:

I told it that the premise is where if the poppy is cut down it provides sun and fertiliser for the other poppies, but if it is not then it succumbs to genetic heritable diseases and then soon dies anyway.

Poppies and fate.

In a field of poppies tall and fair,
A story's told of life's despair,
Of growth and strife,
the fates entwined,
And choices made, by fate's design.

The tallest poppy, proud and grand,
Stood tall above the earthen land,
Its petals kissed by sun's embrace,
A sight of grace, a touch of fate.

But in this tale of heights and dreams,
The tallest poppy's not what it seems,
For though it soars, its doom awaits,
A twist of fate, a darkened fate.

If cut down swift by hand or fate,
The tallest poppy meets its fate,
Yet in its fall, a gift bestows,
A sunlit path, a nourished growth.

The poppies near, by sun and soil,
Embrace the gift, their roots to coil,
And from demise, new life awakes,
A cycle old, a dance of fate.

But if untouched, the poppy stays,
Its height maintained, its pride displayed,
A heritable curse, it bears instead,
In time, succumbs, and withers dead.

This tale of poppies, tall and fair,
Reminds us all of life's despair,
Yet even in the darkest days,
We find a way, a light to blaze.

- Chat GPT 4.0

[Bjauck]

A poem about tall poppies written by chat gpt:

I told it that the premise is where if the poppy is cut down it provides sun and fertiliser for the other poppies, but if it is not then it succumbs to genetic heritable diseases and dies soon anyway.

The tallest poppies gave their lives for others. So the rest of us could thrive. Lest we forget.

[Aaron]

Rod Duke in the herald this morning about a capital gains tax.

https://www.nzherald.co.nz/business/...IKQRYXBIFCL2Y/

This, he believed, would be “punitive” for hard-working people. “It is not a rich person’s tax,” Duke said, saying it would also catch “thrifty savers” who tried to prepare for the futures of themselves and their children.

Think of the children says Rod, what a community minded patriot.

Not sure but I felt the tax on my labour for a 40 hour week seemed quite punitive especially when the $45,000 I made each year for the last five years just owning an average house did not seem that hard to do. No great skill or effort in having capital and owning an asset (although choosing ones that go up on the NZX has eluded me so far). Not quite sure where he is coming from.

Especially when we have a government guarantee of a 1-3% gain each year in the value of our assets while reducing the cost of our borrowings each year by the same amount and with crazy kaumatua Adrian Orr in charge of the RBNZ we have been getting a lot more than the 2% mandated in legislation. Adrian has been a godsend for the "hard-working" people Rod is so concerned about.

I guess while 60% of NZ owns a house Rod will have some allies in his fight against punitive taxes. Another rich lister felt the suggestion of a capital gains tax made him/her feel like a criminal. Now that is terrible, poor baby.

Another rich lister who did not want to be named said

he made his fortune on untaxed capital gains but supports taxing those gains - saying it was only fair to bring New Zealand into line with other countries.

No wonder he wanted to remain anonymous, I imagine you would get a lot of hate for saying crazy things like that.

I am surprised we have not been threatened with the wealthy taking their capital and leaving NZ yet???

[Panda-NZ-]

he made his fortune on untaxed capital gains but supports taxing those gains - saying it was only fair to bring New Zealand into line with other countries.

No wonder he wanted to remain anonymous, I imagine you would get a lot of hate for saying crazy things like that.

The taxpayer's union, which actually supports non-taxpayers, would be onto him at a minimum.

[777]

I am surprised we have not been threatened with the wealthy taking their capital and leaving NZ yet???

That will happen for sure. The leaving that is, not the threat.

[Panda-NZ-]

That will happen for sure. The leaving that is, not the threat.

Then pay a CGT in their destination country & maybe even more. nice.

[Balance]

That will happen for sure. The leaving that is, not the threat.

Unlike other countries, almost all the wealthy in NZ already have substantial assets & wealth in places like Australia. In fact, most of them spend a great of their time overseas.

An easy hop and it's Australia residence for them - just as so many doctors and young skilled NZers have done in the last 5 years.

A lot will depend on what type of CGT is brought in. The one proposed by Michael Cullen (he hated the rich with a vengence) will see them take their funds and wealth over to Australia.

IMO, a CGT is well overdue in NZ so let's stop mucking around and bring a sensible one in.