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  1. #1
    Join Date
    May 2007
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    Hamilton
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    3,272

    Default What is fair to New Zealanders? People who pay all NZ tax getting a refund, or

    National is obviously promising tax cuts, that cost the country just under $2 billion for a full year.
    - If you earn over $48k and under $52k this will save you $560 per year
    - If you earn over $52k it will save you $1060 per year

    Labour is looking to take this tax cut away.

    This was some interesting info I found when researching for my blog earlier this week.

    Currently anyone who earns over $90,000 is in the top 11% of income earners. This 11% of earners pay 48% of the national tax! If we round the figures a little, 10% of people are paying 50% of the tax. Should higher income earners really be paying more tax?

    If you earn over $40,000, you are in the top 42% of income earners, and this 42% of income earners pay 85% of the national tax!

    Source: http://www.treasury.govt.nz/budget/2017/at-a-glance/b17-at-a-glance.pdf


    What do think? Most of the people due the tax refund would be part of the 42% of income earners paying 85% of the tax. Should they get a small tax refund and reduce their tax contribution to the country slightly?


    Ross
    Last edited by Rosco; 15-09-2017 at 12:42 PM.
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    Ross Barnett - Coombe Smith Property Accountants
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  2. #2
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    May 2007
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    Hamilton
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    Default

    Also thinking a bit further, of the 58% who pay the remaining 15% of the tax, most of this would be offset by Working For Families that low earners would receive back from the government. So really, it will just be the 42% of income earners who pay all of the tax.

    Obviously everyone has social responsibility , but how far should this go?

    Ross
    More Profit from Property? Learn How HERE.
    Ross Barnett - Coombe Smith Property Accountants
    Proud to give the best property advice for over 13 years.

  3. #3
    Join Date
    Sep 2004
    Location
    Hastings
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    13,059

    Default

    Quote Originally Posted by Rosco View Post
    This 11% of earners pay 48% of the national tax!
    All national tax? Or income tax?
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  4. #4

    Default

    Quote Originally Posted by Perry View Post
    All national tax? Or income tax?
    Yes, it's income tax. See page 6 of the document Rosco links to.

    The figures are disturbing. 49% of individual income earners declare less than $30,001 p.a.

  5. #5
    Join Date
    Jun 2004
    Posts
    9,601

    Default

    Quote Originally Posted by PTcruza View Post
    Yes, it's income tax. See page 6 of the document Rosco links to.

    The figures are disturbing. 49% of individual income earners declare less than $30,001 p.a.
    Sounds like a low wage economy.
    No wonder they can't afford to buy a house or heat a rental.

  6. #6
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    May 2007
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    Hamilton
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    Default

    I was a bit shocked when I worked out these figures! I can't believe that anyone is arguing or saying that the rich don't pay enough.

    I don't think it is right that 10% of people pay 1/2 the tax!

    I think the tax refunds make sense. The Government is starting to run a surplus and some of this should go back to the people who pay the tax that gives this surplus.

    Ross
    More Profit from Property? Learn How HERE.
    Ross Barnett - Coombe Smith Property Accountants
    Proud to give the best property advice for over 13 years.

  7. #7
    Join Date
    May 2004
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    2,216

    Default

    Frankly numbers like that make me mad.

    I don't normally share personal details but here is a brief outline of why I get mad. Grew up dirt poor, drunk father who could not keep a job but a good mum. Worked straight from school. Solo parent when youngest still at primary school. No child support due to circs. Never on a benefit, juggled kids, work, educating myself evenings and weekends. No childcare subsidies, WFF, Accomm Supplement, state house, inheritance, nada. Plenty of hard work, frugal living, bootstraps and tax paid though.

    I had intelligence and a burning desire to be better than my upbringing.

    I am now well off.

    I am reminded of Thomas Sowell - "Since this is an era when many people are concerned about 'fairness' and 'social justice,' what is your*'fair share'*of what someone else has worked for?"

    And that is why I get mad!

  8. #8
    Join Date
    Sep 2008
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    7,009

    Default

    don't forget

    there's a burning need for warm, dry 5 bedroom houses

    for all those big families struggling to make ends meet on welfare

    esp. for the dysfunctional families

    a properly trained child psychologist - nanny

    for each child could save the country from a lot of grief later on

    and there just aren't enough of them to go round

    what is jacinda going to do about this crime against human rights!
    Last edited by eri; 15-09-2017 at 04:03 PM.
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  9. #9
    Join Date
    May 2007
    Location
    Hamilton
    Posts
    3,272

    Default

    "re-invest that money in a fairer package of support for families and in core public services such as health, education, housing and police" - from Labour's website.

    I suppose everyone has a different idea of "fairer".

    Ross
    More Profit from Property? Learn How HERE.
    Ross Barnett - Coombe Smith Property Accountants
    Proud to give the best property advice for over 13 years.

  10. #10
    Join Date
    Jun 2004
    Posts
    9,601

    Default

    Quote Originally Posted by Rosco View Post
    "re-invest that money in a fairer package of support for families and in core public services such as health, education, housing and police" - from Labour's website.

    I suppose everyone has a different idea of "fairer".

    Ross
    I suppose everyone does Ross.
    I'd like to see more investment in those core areas.
    If we raise everyone up and also have a few bludgers get more then I'm not unhappy.
    You will never stop bludging and often clamping down on them results in those with genuine needs getting hurt.
    I suppose it is all a matter of degrees.
    Happy to pay more myself to have a fairer society .


 

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