View Poll Results: Should there be a Capital Gains Tax on Property
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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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Lots and lots of lovely opinions, all good stuff.
But a CGT changes the basis of taxation. And that deserves a thorough airing, certainly more than "Do we exclude the family home?"
At present, taxation is generally transaction-based. I buy a cellphone, there's GST on the value of the transaction. I have a job, and earn $10,000 a month, There's PAYE on the value of the payment.
Money has changed hands through an easily-identifiable transaction
However CGT may be triggered by a transaction, but the amount of tax payable is not based on the value of the transaction, but on a separate, derived value.
Now, what is going to be the first thing that occurs to the fertile mind? Why it's something like "CGT? Right then, let's not have a transaction that triggers a CGT. Now how can we do that".
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