View Poll Results: Should there be a Capital Gains Tax on Property
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- 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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30-04-2023, 09:05 AM
#941
As for housing, the solution is simple - just adopt Singapore’s housing policy.
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30-04-2023, 11:13 AM
#942
Originally Posted by fungus pudding
Why not post the entire article?
That would be in breach of both Sharetrader & NZ Herald subscription rules.
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30-04-2023, 11:32 AM
#943
Originally Posted by ValueNZ
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.
NZ government spending as percent of GDP is similar to that of Australia and the USA and below most of Europe. Some wasteful spending happens the world over. Where the governments raise their revenue varies if course, NZ has a regressive revenue raising system with the middle income earners paying a greater percent of their income as tax than the wealthy. Perhaps that is holding NZ back.
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30-04-2023, 11:40 AM
#944
Originally Posted by Bjauck
NZ government spending as percent of GDP is similar to that of Australia and the USA and below most of Europe. Some wasteful spending happens the world over. Where the governments raise their revenue varies if course, NZ has a regressive revenue raising system with the middle income earners paying a greater percent of their income as tax than the wealthy. Perhaps that is holding NZ back.
Our very lacklustre productivity as a country which reflects the huge proportion of Kiwis that don’t contribute at all, is the biggest issue. Then we have our low goals. No European country would pride themselves of being able to make stuff with No8 wire for example !
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30-04-2023, 11:53 AM
#945
Originally Posted by iceman
Our very lacklustre productivity as a country which reflects the huge proportion of Kiwis that don’t contribute at all, is the biggest issue. Then we have our low goals. No European country would pride themselves of being able to make stuff with No8 wire for example !
We use no. 8 wire because our capital goes into buying the expensive land!
Lack of productivity gain reflects the fact that NZ does not invest to improve it, and our tax system and investment priorities do not encourage us to invest to increase it. So many of our more productive kiwis go to Australia where they work more productively than they could in NZ and where their after tax income can provide a much better lifestyle.
Last edited by Bjauck; 30-04-2023 at 11:57 AM.
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30-04-2023, 12:01 PM
#946
Originally Posted by Bjauck
We use no. 8 wire because our capital goes into buying the expensive land!
Lack of productivity gain reflects the fact that NZ does not invest to improve it, and our tax system and investment priorities do not encourage us to invest to increase it. So many of our more productive kiwis go to Australia where they work more productively than they could in NZ and where their after tax income can provide a much better lifestyle.
We agree. They work more productively over there because Australia takes advantage of their abundant natural resources. We don’t.
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30-04-2023, 03:39 PM
#947
Originally Posted by ValueNZ
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.
A CGT won't change anything for property developers their income on which they are taxed would be considered capital gain for the rest of us.
Admittedly govt debt has doubled over the last few years and it is hard to see that anything substantial has come from it.
Tax rates don't need to rise with a CGT we could offset it by dropping GST or income taxes. Maybe if we had a CGT everyone would be paying roughly 20%.
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30-04-2023, 03:54 PM
#948
Originally Posted by fungus pudding
Why not post the entire article?
Cause it is a load of crap. Bruce just says much what you would say. Envy tax, tall poopy syndrome, without the wealthy society would collapse, they are the wealth generators and job creators if you bring in a CGT and they will leave and NZ will collapse.
Interesting that Bruce provides opinions on how to run the country on a regular basis in the herald. I am not sure how long has he been chairman of Asset Plus but if that is the best he can do for one of the smallest simplest companies on the NZX I do not know how he would go managing a country of 5million. I imagine centuria appoints the board and have done OK along with the board of directors over the years but the plebs look like they have had their wealth halved under Bruce's leadership. I don't really know if this is true but play the man not the ball as I always say.
He did not let us down in the article though, he finished with the quintessential threat of leaving and taking his wealth with him. What a co*k. Although to look at his CV I am being unfair and he does a hell of a lot for NZ. Maybe just spread himself too thin to provide better governance at APL.
Last time I looked it was motivated hard working young people leaving NZ for opportunity abroad rather than the rentiers who are firmly entrenched and fighting hard to keep their comfortable position.
Last edited by Aaron; 30-04-2023 at 04:01 PM.
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30-04-2023, 04:00 PM
#949
Originally Posted by Balance
As for housing, the solution is simple - just adopt Singapore’s housing policy.
They are having issues with rapidly rising prices so have increased the stamp duty heaps.
60% if you are a foreign buyer, 20% for a 2nd house, 30% for a 3rd.
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30-04-2023, 04:46 PM
#950
Originally Posted by dobby41
They are having issues with rapidly rising prices so have increased the stamp duty heaps.
60% if you are a foreign buyer, 20% for a 2nd house, 30% for a 3rd.
Yup - a mechanism which they adjust up and down to effect the outcome they want especially in the higher end private residential property market.
In 2021, 80 percent of the resident population in Singapore lived in public housing developed by the Housing and Development Board (HDB). Every Singaporean adult is guaranteed a home under their public housing scheme which was adopted from the UK in the 1960s but vastly improved to meet the needs of Singaporeans.
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