Capital Gains Tax

[Panda-NZ-]

The Bureaucracy have spent how many hundred years firmly attached to the tit of private sector and private enterprise sucking away ?

Australia has a huge staff of public servants, America too (state + local).

UK tried to trim theirs but it didn't work out too well and NHS is a disaster.

The focus should be on real issues not worn out talking points and agenda's from the 1980s.

[nztx]

Australia has a huge staff of public servants, America too (state + local).

UK tried to trim theirs but it didn't work out too well and NHS is a disaster.

The focus needs to be on real issues not worn out talking points and agendas from the 1980s.

Most would doubt Labour's ability to focus or deliver on anything after the long list of recent FAIL performances

How many extra bums planted on Civil Service seats added under this mob's watch ?

How much extra thrown at Consultants to make up for the large void within Govt ranks ?


Their incompetence with existing Tax forms should make all concerned about their abilities in wanting to syphon even more on any old poor excuse.

That allays any look over the fence at what is going on next door .. in attempts to justify their backwards focussed
attention and poor attainment on what was in their hands, surely


Feel like being made poorer ? -

https://www.nzherald.co.nz/business/...FRJIVB3MOOBU4/

Bruce Cotterill: Envy taxes will only result in making us all poorer

This is what Comrade Parker is hell bent on delivering


Feel poorer already on Cost of Living, Interest Increases, Disasters, sagging / volatile property & rental markets ?

Parker proposes to deliver to all a newer more comprehensive form of "Poorer" to eclipse what they have
already inflicted on all

Only the idiots and or those in a long deep sleep out there could fail to see it

[fungus pudding]

Most would doubt Labour's ability to focus or deliver on anything after the long list of recent FAIL performances

How many extra bums planted on Civil Service seats added under this mob's watch ?

How much extra thrown at Consultants to make up for the large void within Govt ranks ?


Their incompetence with existing Tax forms should make all concerned about their abilities in wanting to syphon even more on any old poor excuse.

That allays any look over the fence at what is going on next door .. in attempts to justify their backwards focussed
attention and poor attainment on what was in their hands, surely


Feel like being made poorer ? -

https://www.nzherald.co.nz/business/...FRJIVB3MOOBU4/

Bruce Cotterill: Envy taxes will only result in making us all poorer

This is what Comrade Parker is hell bent on delivering


Feel poorer already on Cost of Living, Interest Increases, Disasters, sagging / volatile property & rental markets ?

Parker proposes to deliver to all a newer more comprehensive form of "Poorer" to eclipse what they have
already inflicted on all

Only the idiots and or those in a long deep sleep out there could fail to see it

Why not post the entire article?

[Bjauck]

The only proper CGT is to tax ALL capital gains (with a threshold for the family homes (maybe $1mil per owner)).
Wide-ranging and simple.
The only sticky point is establishing the value of the assets at the start but that is a one-off issue.

I find it laughable that people suggest people will leave if one is introduced - maybe go to Aus where they have GCT and stamp duty.

Why not exempt business and shares instead. After all they directly provide taxable income.

People will continue to head overseas for better paid work and affordable housing. Reform would need to be major and extend beyond just introducing a typical OECD CGT exempting the principal residence to change that.

[westerly]

Roger Douglas put it so succinctly, 'Im against CGT because it stops things happening'.

"Certainly not to improve government services and improve outcomes - because everything has gone backwards into crises with Ardern:" Balance

Housing
Healthcare
Education
Poverty
Law & Order
Infrastructure

Balance's list of areas of concern can be traced back directly to Douglas and Richardson' free market policies.

westerly

[ValueNZ]

"Certainly not to improve government services and improve outcomes - because everything has gone backwards into crises with Ardern:" Balance

Housing
Healthcare
Education
Poverty
Law & Order
Infrastructure

Balance's list of areas of concern can be traced back directly to Douglas and Richardson' free market policies.

westerly

Free markets have pulled billions of people out of poverty, worldwide. The amount of tax dollars our government receives and spends is ludicrous when you consider just how poorly government is at allocation of capital, a CGT would only further this.

[SBQ]

The US still has an inheritance tax too (although a weak one).

If they actually enforced their own tax laws they would be overall more progressive than NZ esp with no sales tax.

At least over 95% of the US population does not pay much in inheritance tax as the threshold starts where the estate is valued MORE than $11 MILLION USD. It's not an issue of 'a weak one' or enforcement but the intention is clear, unlike NZ, the ultra rich do pay more taxes in America. (or at least the difference isn't as remarkable as here in NZ where the #1 preferred investment is owning multiple houses that have tax free capital gain).

[SBQ]

Free markets have pulled billions of people out of poverty, worldwide. The amount of tax dollars our government receives and spends is ludicrous when you consider just how poorly government is at allocation of capital, a CGT would only further this.

So please explain why developed top 10 OECD nations that DO have a CGT, are whipping the pants off NZ in terms of standard of living, health care, & education? Let me tell you the main difference. Those nations have the wealthy pay far more taxes than the working class and they put it into more productive assets (ie owning shares of businesses instead of houses). We have taxation under Kiwi Saver that punishes the working class ; while those that could earn in excess were able to leverage and borrow to buy more and more rental houses (which grows tax free); yes ONLY in NZ this is the kind of arrangement we have.

I reiterate, why is Australia, Canada, and America leaving us behind? You will not attract any high skilled migrants to NZ if the environment here is too difficult to prosper. The table needs to be turned around so that the perks of tax free capital gains (over a FIF taxation under KS) is abolished. Really this is a fundamental reason that even the UN has criticised NZ for allowing such a wealth gap between the haves (those owning houses) vs the have nots (those that can't afford their 1st home).

[ValueNZ]

So please explain why developed top 10 OECD nations that DO have a CGT, are whipping the pants off NZ in terms of standard of living, health care, & education?

SBQ, thats correlation vs causation. New Zealand has a massive problem as it stands with excessive government spending, a CGT would only cause more wasteful spending. If your argument instead was to lower other taxes and cover that with a CGT, that would be more reasonable in my view.

The real solution to the housing bubble is to make it far easier for property developers to build housing by getting rid of red-tape legislation, not by slapping them with a CGT upon sale of their new property.

[Balance]

SBQ, thats correlation vs causation. New Zealand has a massive problem as it stands with excessive government spending, a CGT would only cause more wasteful spending. If your argument instead was to lower other taxes and cover that with a CGT, that would be more reasonable in my view.

The real solution to the housing bubble is to make it far easier for property developers to build housing by getting rid of red-tape legislation, not by slapping them with a CGT upon sale of their new property.

Well said, ValueNZ. We have a government addicted to wasteful spending with no accountability for outcomes. Eg. $1 billion for consultants and the $3 billion Provincial Growth Fund - money down the dunny.

There is no point adding on new taxes like CGT for the government to take in more money to waste.

Makes good sense however if a CGT is implemented in conjunction with a comprehensive revamp of NZ’s tax system.

Enjoy this 2 minute video of Kerry Packer taking the Australian government to task over new laws and new taxes:

https://youtu.be/DBg7DnQjjcY