Tax And More Tax

[PC]

Oh I wonder what evil blighters will be targeted?
One guess only...

https://www.stuff.co.nz/business/121016852/coronavirus-tax-changes-coming-to-pay-for-covid19-response-what-will-they-look-like

Will have to extend that rent freeze. Emergency powers better stay too.

[apartmental]

If this Dunning-Kruger government gets re-elected and introduces a wealth tax then I will be taking every cent of my modest net worth and moving to Australia. I'm sure that many or most of those who are far more wealthy than me will also move their assets overseas.

Imagine it - first they destroy the economy and decimate our net worth with the most draconian lockdowns next to China, then they tax what's left of our assets at the very time we're all struggling financially. Words fail me.

[Perry]

At least the higher income tax rate for the top bracket would snag all the woodenheads. Mind you, they may have the gall to 'arrange' for the Remuneration Authority to give them a pay increase.

[PC]

That'll be the first thing voted through.
After all - look at all the "hard work" they've been doing.

[donna]

The first priority is to get the economy back on track and that's a good couple of years at least so the article infers and it makes sense too.

It's the wealthy that need to be incentivised to invest in business without being raided by wealth taxes in my humble opinion.

Who has confidence Labour is the right party for the job?

National have an unbelievable opportunity to take the reins but maybe they need the go-to fix-it man at the helm? Bring back Joyce!

cheers,

Donna

[Perry]

It's the wealthy that need to be incentivised to invest in business without being raided by wealth taxes in my humble opinion.

Who has confidence Labour is the right party for the job?

Or the alternatives, for that matter.

There will be almost endless commentary on -
* what should (or should not) have been done;
* when it should (or should not) have been done;
* how it should (or should not) have been done;
* who should (or should not) have done whatever;
etc.

Really, no time should be spent on that sort of thing. The past cannot be changed.

The first priority is to get the economy back on track . . .

Agreed. As part of that, sharing the burdens equally is essential, too.

[artemis]

..... Who has confidence Labour is the right party for the job?

National have an unbelievable opportunity to take the reins but maybe they need the go-to fix-it man at the helm? Bring back Joyce!

cheers,

Donna

The current government would probably quite like to slide back to the opposition benches. Good pay and perks, no accountability, no stress, plenty of time to work on new and costed policies. OK maybe not that one. Otherwise it's a hospital pass to a new government.

[Frezzinghot]

If this Dunning-Kruger government gets re-elected and introduces a wealth tax then I will be taking every cent of my modest net worth and moving to Australia. I'm sure that many or most of those who are far more wealthy than me will also move their assets overseas.

Imagine it - first they destroy the economy and decimate our net worth with the most draconian lockdowns next to China, then they tax what's left of our assets at the very time we're all struggling financially. Words fail me.

Or Mexico, I hear they are pretty relaxed!

[Frezzinghot]

If this Dunning-Kruger government gets re-elected and introduces a wealth tax then I will be taking every cent of my modest net worth and moving to Australia. I'm sure that many or most of those who are far more wealthy than me will also move their assets overseas.

Imagine it - first they destroy the economy and decimate our net worth with the most draconian lockdowns next to China, then they tax what's left of our assets at the very time we're all struggling financially. Words fail me.

No No NO, there is no agenda, just more conspiracy theories.

[Sanya]

If this Dunning-Kruger government gets re-elected and introduces a wealth tax then I will be taking every cent of my modest net worth and moving to Australia. I'm sure that many or most of those who are far more wealthy than me will also move their assets overseas.

Imagine it - first they destroy the economy and decimate our net worth with the most draconian lockdowns next to China, then they tax what's left of our assets at the very time we're all struggling financially. Words fail me.

Given CGT’s failure to launch, a wealth tax must look attractive to Labour. To keep it simple they’d most likely only focus on property and use pre-existing valuations.


The fact that wealth taxes have not worked out too well elsewhere won’t provide much friction. Twelve European countries had wealth taxes in 1990, yet today only three remain.


France repealed its wealth tax in 2017 because it led to thousands of wealthy French families moving to other countries to avoid the tax. The lesson? Comprehensive wealth taxes lead to massive capital flight.

[Perry]

The lesson? Comprehensive wealth taxes lead to massive capital flight.

But the current lot know so much better.

Just change a word or two- the moral remains the same.

[donna]

I think the CGT will be back on the table and maybe a land tax, a mortgage tax (this is a good one as it snags anyone borrowing more than 80% of the sales price). Really, every type of tax imaginable will be coming is my prediction - to boost the Gov't coffers.

I wonder if these taxes will kick in this year? Maybe after the election?

cheers,

Donna

[Perry]

Pass The Hot Potato?

I wonder if these taxes will kick in this year?

I suspect that even the avaricious socio-commies in power would see new taxes before the election as a sure-fire way to the political wilderness. Mind you, that would make the debt a problem for the gNats, so could be an interesting notion.

Of course, that presumes there is no GE day postponement, too.

[PC]

Tax rates already increased:

Changes to investment income reporting
From 1 April 2020, there are changes to how investment income is reported to us. They may affect you whether you pay or receive investment income.

In summary:

The non-declaration rate has increased to 45% if you do not provide your payer with your IRD number.

https://www.ird.govt.nz/income-tax/withholding-taxes/resident-withholding-tax-rwt

Any one else know about this?

[Perry]

Any one else know about this?

The banks have been sending out notices. Well, mine has, anyway.

But it's only a RWT. I.e. it still comes out in the wash at the end of the tax year.

So all it might do is a slight increase in RWT cash flow for the gummint.

So I don't see it as worth the powder and shot, for investors.