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  1. #2171
    Join Date
    Sep 2004
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    Hastings
    Posts
    14,289

    Default Signs of Desperation


    Cullen's capital gains tax comments could turn the tax into a game for business

    3 Dec 2018
    Sir Michael Cullen is trying to calm fears about a capital gains tax, but in doing so he makes it sound like the tax could be voluntary, or easy to manipulate. He said it didn't matter if business valuations were not accurate and that business valuations could be "rough and ready" and would be accepted if they were "close enough."

    If they are artificially too high or too low, that was not as important to him than getting CGT into law.


    Tax returns are supposed to be true and correct and taxpayers have to attest to that on the forms. Imagine a tax system where a "rough and ready" and "close enough" test replaces a sworn accuracy test. How inaccurate are you allowed to be? Will the IRD extend this "rough and ready" approach to calculating income tax? Are the IRD going to cancel their rights to challenge and impose penalties on valuations if CGT is brought in?
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  2. #2172
    Join Date
    Sep 2008
    Posts
    7,333

    Default

    that's a no brainer

    the modern sneaky way to get around old "no noes"

    like double taxation, eg having to pay 15%gst on 50 cents? worth of fuel excise

    is to bring them in very low

    then ratchet them up once the taxpayer has forgotten the sting

    cullen + labour don't care at what rate or accuracy they get a wealth tax in

    as long as they can get it in

    so they can whack it up later

    good to see the french showing their upset at all their new taxes

    even nicer to see national say they would repeal these new taxes if forced through

    also nice to see winston1st polling less than 5%


    how long before the old blackmailer demands the threshold for minor party's lowered to 4%?
    Last edited by eri; 03-12-2018 at 03:58 PM.
    have you defeated them?
    your demons

  3. #2173
    Join Date
    Nov 2015
    Posts
    197

    Default

    Quote Originally Posted by eri View Post
    how long before the old blackmailer demands the threshold for minor party's lowered to 4%?
    Already in the news tonight.

  4. #2174
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    14,289

    Default Cracks in the hull of the ghost ship Labour?

    Labour may be preparing to shelve major tax reform, but is it really 'last chance saloon'?
    7 Dec 2018
    Quote Originally Posted by Stuff
    OPINION. There are signs Labour may already be preparing to shelve a capital gain tax worth the name. But Tax Working Group (TWG) chairman Sir Michael Cullen is pessimistic to fear – or many would say "hope" – that it really is "last chance saloon" for such a big change to the tax system. The TWG appears to have been set up with the expectation it would design a capital gains tax (CGT), and that was pretty much spelt out by Finance Minister Grant Robertson after the TWG published its rather inconclusive interim report in September.

    Yet last week, when Cullen announced a "clear majority" of the working group had agreed on a "central package" setting out how such a tax could work and was on the track to complete its work a month early in January, Robertson did not appear to be celebrating.
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  5. #2175
    Join Date
    Jun 2004
    Posts
    10,159

    Default

    If they don't take up a CGT is that a good or bad thing?
    After all they got a TWG going and if they decide that the CGT as detailed really isn't worth it and don't take it up isn't that legit?
    Or are they then being weak and losers so should double down and have a bad CGT anyway?

  6. #2176
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    14,289

    Default

    Quote Originally Posted by Wayne View Post
    After all they got a TWG going . . . .
    Got it going? Hardly.
    They are treading a well-worn path.
    Since 2004, isn't it?

    Wasn't one of the earlier attempts called the McLeod TR or somesuch?

    Just waste more taxpayers' money, group after group & report after report.

    Just like Dhil's fantasy kiwikwikfixblunderbuild - they need to appear to be doing something, not actually doing something.
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  7. #2177
    Join Date
    Jun 2004
    Posts
    10,159

    Default

    Quote Originally Posted by Perry View Post
    Got it going? Hardly.
    They are treading a well-worn path.
    Since 2004, isn't it?

    Wasn't one of the earlier attempts called the McLeod TR or somesuch?

    Just waste more taxpayers' money, group after group & report after report.

    Just like Dhil's fantasy kiwikwikfixblunderbuild - they need to appear to be doing something, not actually doing something.
    Just a lot of noise without answering the question.
    But that's OK - you have an agenda to follow.

  8. #2178
    Join Date
    Mar 2007
    Location
    Auckland
    Posts
    2,926

    Default

    Take a step back, and ask 'Why do we need a capital gains tax?'

    It can't be to gain more revenue. The fastest, cheapest and easiest was to get that is to increase GST percentage.

    So there needs to be other reasons.

    Envy?
    Punishment?
    Political point-scoring?

    Take your pick.

  9. #2179
    Join Date
    Jun 2004
    Posts
    10,159

    Default

    Quote Originally Posted by flyernzl View Post
    Take a step back, and ask 'Why do we need a capital gains tax?'

    It can't be to gain more revenue. The fastest, cheapest and easiest was to get that is to increase GST percentage.

    So there needs to be other reasons.

    Envy?
    Punishment?
    Political point-scoring?

    Take your pick.
    Add idealogy.
    There is an idealogical case for a CGT to broaden the tax base.
    I'm not making the case or saying I agree with it but there is one.


 

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