View Poll Results: Should there be a Capital Gains Tax on Property
- Voters
- 131. You may not vote on this poll
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No
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Yes
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Goff is just an idiot
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Epic fail for Labour
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28-04-2023, 10:06 AM
#911
Australia's CGT is 20% (but only if you held the asset for 12 months). Red tape!
Otherwise it's 45% and you're on the highest tax rate.
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28-04-2023, 10:41 AM
#912
Originally Posted by Balance
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.
I don't remember the details but I think Michael Cullen missed an opportunity by not proposing a simple across the board CGT but at lower rates than the taxes on labour, just to make it palatable.
Michael Cullen came across as a whiny dweeb while in opposition, but once in power he at least tried to address bigger issues such as the affordability of national superannuation. The Cullen fund was an attempt at current generations putting something aside for their own retirement and kiwisaver compelled the next generation to start saving for their own retirement.
I liked his comment "I don't mind people climbing the ladder of success but I do not like it when they try to kick out the rungs of that ladder once at the top" or something to that effect.
Last edited by Aaron; 28-04-2023 at 11:20 AM.
Reason: not
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28-04-2023, 11:22 AM
#913
Originally Posted by 777
That will happen for sure. The leaving that is, not the threat.
Usually it is just the threat, but you never know.
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28-04-2023, 05:06 PM
#914
Originally Posted by Balance
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.
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.
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28-04-2023, 10:17 PM
#915
Originally Posted by dobby41
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.
and like all other 'similar' countries to NZ (English speaking) that have CGT, they ALSO have CGL (LOSS). In Canada you can claim back the tax you paid on CGT with a future CGL which averages out the gains. Unlike NZ's FIF, they are only worried about the paper gains and not the losses of 1 year to another.
Warren Buffet has the same view that he's flabbergasted on the though of the wealthy and rich fleeing America. His view is you're already rich, why be so greedy? and if moving would ever satisfy anything ; i'm amazed the amount of great effort multi-millionaires go through to pay the least amount of taxes when any savings would have little or no benefit to the overall outcome of their standard of living.
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29-04-2023, 02:00 AM
#916
Originally Posted by SBQ
Warren Buffet has the same view that he's flabbergasted on the though of the wealthy and rich fleeing America. His view is you're already rich, why be so greedy? and if moving would ever satisfy anything ; i'm amazed the amount of great effort multi-millionaires go through to pay the least amount of taxes when any savings would have little or no benefit to the overall outcome of their standard of living.
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.
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29-04-2023, 02:06 AM
#917
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29-04-2023, 09:31 AM
#918
I'm not in favour of a CGT because I believe that the allocation of resources done by individuals is going to be far more efficient than what the government would be able to do. In the long term, all New Zealanders are going to be better off with the extra investment done by wealthy individuals without a CGT, than the benefit some may receive with a CGT.
"I contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle."
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29-04-2023, 09:40 AM
#919
Originally Posted by ValueNZ
I'm not in favour of a CGT because I believe that the allocation of resources done by individuals is going to be far more efficient than what the government would be able to do. In the long term, all New Zealanders are going to be better off with the extra investment done by wealthy individuals without a CGT, than the benefit some may receive with a CGT.
Roger Douglas put it so succinctly, 'Im against CGT because it stops things happening'.
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29-04-2023, 09:42 AM
#920
Originally Posted by ValueNZ
I'm not in favour of a CGT because I believe that the allocation of resources done by individuals is going to be far more efficient than what the government would be able to do. In the long term, all New Zealanders are going to be better off with the extra investment done by wealthy individuals without a CGT, than the benefit some may receive with a CGT.
"I contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle."
The private sector is heavily in debt.. the NZ govt has an AA+ credit rating, enough said.
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