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Capital Gains Tax? Keep related posts in this thread, please.
Originally posted by Don't believe the HypeView Post
I keep hearing about a halt in immigration. I know of one Labour hire company bringing in 20+ people a week. Road worried, digger drivers, engineers all sorts.
There has been no halt to immigration from what I see.
So the doom and gloom scenario didn't happen - that's good.
Immigration has dropped from its highs so that's good too.
Nice to have a good news story here.
You could be forgiven for thinking it's a joke. You will also likely be later bombarded with Labour Party Greens-with-envy propaganda, too. But your vote just might count.
As with all political spin & posturing, the lie is right at the front:
The independent group of experts our Government asked to review New Zealand's tax system
The idea that chairman comrade Commissar Cullen is independent is not even funny. Borne out by this flip-flop line:
In 2000, as Labour finance minister, when the OECD said New Zealand should introduce a capital gains tax to boost investment and savings, comrade Commissar Cullen rejected the suggestion outright with reports saying that comrade Commissar Cullen said the recommendation was "extreme, socially unacceptable and economically unnecessary".
As observed earlier, there is no definition of balance or fair in the TWG report.
Isn't it amazing how a $1000-a-day taxpayer-funded gift can distort / mangle perceptions on balance and fair, eh what?
Especially when added to a $96k annual stipend as chairman of the Board of Directors of slowly-failing NZ Post.
Right now the Government will be assessing the damage caused by the Tax Working Group’s proposed capital gains tax. By all accounts, the Prime Minister has been well and truly spooked by the vehemence of the public outcry against the proposal.
He pointed to a quote from economist John Maynard Keynes: "When the facts change, I change my mind. What do you do, sir?"
Cullen said: "And, on balance, I have."
Only the facts haven't changed!
Still the same housing market, still the same people going about their business.
I guess the Labour govt with Cullen introduced the RMA which lead to huge costs being added to building houses.
If that is the change in facts that Cullen is referring to, then he can look in the mirror to see the culprit and take some action.
Blaming landlords is just deceitful.
CGT is an envy tax.
Some people change their minds to fit the facts
Others seek to change the facts to suit their minds.
Gets very uncomfortable if you're one of the facts concerned.
If the taxes raised from capital gains tax is used to reduce income tax I would all for CGT.
If there was CGT was around earlier I would today own 72 properties as I would most likely have sold !
I suspect that unemployed dole-receivers are well represented in that suburb.
It isn’t a secret that it is easier going to WINZ than making a living from work on lower income - the major problem for households and businesses. The reason that CGT works against any improvements for productivity and household debts. Comparing countries charging CGT with New Zealand is to justify an ill-managed tax system. If you want to be honest, you need to look at how those countries fund their spending.
As an example, in NZ are social security services funded by tax on income. All (rich) countries I know about, fund retirement incomes, unemployment payments, contribution for health, disabilities, etc with separate “security taxes” separate from much lower income tax (also with compulsory saving schemes).
Secondly taxing capital income, dividends, etc results in less investment or innovation. That is the biggest problem when looking at low productivity resulting in low income in NZ. No money for deposits equals no finance, etc. I went through these painful experiences when setting up IT services.
And I feel sorry for young people when raising taxes even more reduce the ability to use the power of compound interest to build wealth for supporting families and businesses.
I understand people who looking at WINZ instead of working for low income, but concerned about exploitation of immigrants and the new emerging market under labour when legalizing drugs. I go to Amsterdam soon to try "jelly beans with cannabis taste" Well, well, well very exciting prospects.
All (rich) countries I know about, fund retirement incomes, unemployment payments, contribution for health, disabilities, etc with separate “security taxes” separate from much lower income tax (also with compulsory saving schemes).
Labour first introduced a / the social security 'tax,' many years ago. It was one and sixpence per pound earned. (9 cents per dollar). The social security fund account was kept separate from the gummints consolidated tax fund account. Was it Muldoon who merged them? Not sure. However, he pillaged the EQC of its Reserves, if I recall aright.
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