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@Baron-Silas-Greenback said in So we are about to get taxed up a storm!:
@Godder said in So we are about to get taxed up a storm!:
My basic, probably oversimplified theory, is that people go into business to make money by any legal means, and consequently any money made by people in business should be taxed in the same way. To me, that includes the any gain in value between purchase and sale of business assets, intentional or not, and most rental properties fall squarely into that category.
That's also why the family home should normally be exempt, because it normally isn't a business asset.
Not incorporating inflation makes sense as we don't currently incorporate inflation into GST, income tax brackets or any other tax, so would be consistent with that.
If I was selling it, that's how I would do it - taxing business income equally and in a consistent manner with other taxes.
@GodderI just dont get this line of reasoning at all.
To support such reasoning means that you believe all money people get should be taxed and then only exceptions allowed. To me that is just a horrible thought. Govts are incompetent entities that spend money in terrible ways and throughout history the more power and control govts have, the worse off people are.
I should not have to justify why I shouldnt be forced under threat to give my money away, others should have to convince me. And the argument that we need a tax because we have other taxes is a crap reason. Which usually leads to the 'fairness' argument which again is complete horse shit. Fairness is completely in the eye of the beholder, so don't bloody steal my money and tell em that it is 'fair', you can argue that bringing n CGT makes things more consistant, but that is horse shit as well as
1/ There are exemptions
2/ Consistancy isnt always a good thing, Hitler committed genocide against the jews, committing more genocide against other groups to be consistent in his slaughter wouldnt have equated to anything good.It's spelled “consistency”.
Oh, and everything else was wrong also. -
@Kirwan said in So we are about to get taxed up a storm!:
It will raise rents (again) too, another of their policies to do so. So they are really sticking it to the poor here, add in the new taxes on petrol and life gets harder and harder.
Aren’t they supposed to be reducing poverty?
It’s not our fault blah blah blah , nine years of neglect blah blah blah , neoliberalism blah blah blah. The excuses write themselves. Been a very very long time since labour had any idea or gave a shit about the plight of the poor.
To get this past Winston what sort of bribe are they going to offer him ? Given the age of his voters this is going to screw them hard when they sell up to fund their retirement.
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This is a pretty good example of how out of touch our pm is
https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12207207
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@jegga said in So we are about to get taxed up a storm!:
This is a pretty good example of how out of touch our pm is
https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12207207
Whoever pics the thumbnail pics of Cindy each time is doing a great job.
Always an unsmiling looking miserable and generally like she doesn’t know what she’s doing -
@jegga said in So we are about to get taxed up a storm!:
This is a pretty good example of how out of touch our pm is
https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12207207
Did you read the article or just the headline? It’s a poorly written opinion piece that probably took around 5 minutes to write.
I don’t think the reaction has been that bad (aside from the obvious people on this forum who won’t vote labour anyway, and a few right leaning journalists like hosking).
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@SammyC said in So we are about to get taxed up a storm!:
@jegga said in So we are about to get taxed up a storm!:
This is a pretty good example of how out of touch our pm is
https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12207207
Did you read the article or just the headline? It’s a poorly written opinion piece that probably took around 5 minutes to write.
I don’t think the reaction has been that bad (aside from the obvious people on this forum who won’t vote labour anyway, and a few right leaning journalists like hosking).
Yeah I read it. What makes it poorly written?
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@SammyC said in So we are about to get taxed up a storm!:
@jegga said in So we are about to get taxed up a storm!:
This is a pretty good example of how out of touch our pm is
https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12207207
Did you read the article or just the headline? It’s a poorly written opinion piece that probably took around 5 minutes to write.
I don’t think the reaction has been that bad (aside from the obvious people on this forum who won’t vote labour anyway, and a few right leaning journalists like hosking).
I guess you are right, 60/70% of people saying they are against is great news for Labour.
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@jegga said in So we are about to get taxed up a storm!:
@SammyC said in So we are about to get taxed up a storm!:
@jegga said in So we are about to get taxed up a storm!:
This is a pretty good example of how out of touch our pm is
https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12207207
Did you read the article or just the headline? It’s a poorly written opinion piece that probably took around 5 minutes to write.
I don’t think the reaction has been that bad (aside from the obvious people on this forum who won’t vote labour anyway, and a few right leaning journalists like hosking).
Yeah I read it. What makes it poorly written?
The title is misleading for a start.
It’s also short and full of unsubstantiated claims. Because Ardern gives a speech on how to report something correctly, it doesn’t necessarily mean she’s backtracking on anything in the report.
I’m on the fence with capital gains personally. To my untrained eye it seems that it’s pretty well supported by younger voters, I’d like to see a poll result though.
I guess I’m as biased as everyone on here though (to the other side) as I won’t vote national tho unless they drag themselves out of the dark ages with their approach to drug legislation, crime and the environment.
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@Kirwan said in So we are about to get taxed up a storm!:
@SammyC said in So we are about to get taxed up a storm!:
@jegga said in So we are about to get taxed up a storm!:
This is a pretty good example of how out of touch our pm is
https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12207207
Did you read the article or just the headline? It’s a poorly written opinion piece that probably took around 5 minutes to write.
I don’t think the reaction has been that bad (aside from the obvious people on this forum who won’t vote labour anyway, and a few right leaning journalists like hosking).
I guess you are right, 60/70% of people saying they are against is great news for Labour.
I haven’t seen that poll? Can you link it?
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@SammyC Here's one at 54% and 14% unsure;
https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12205442
a more non-scientific one here (which I'm probably remembering) at 70% opposed;
https://www.stuff.co.nz/business/industries/107319609/how-a-capital-gains-tax-could-affect-you
The best results I've seen have 30% in support.
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@SammyC said in So we are about to get taxed up a storm!:
@jegga said in So we are about to get taxed up a storm!:
@SammyC said in So we are about to get taxed up a storm!:
@jegga said in So we are about to get taxed up a storm!:
This is a pretty good example of how out of touch our pm is
https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12207207
Did you read the article or just the headline? It’s a poorly written opinion piece that probably took around 5 minutes to write.
I don’t think the reaction has been that bad (aside from the obvious people on this forum who won’t vote labour anyway, and a few right leaning journalists like hosking).
Yeah I read it. What makes it poorly written?
The title is misleading for a start.
It’s also short and full of unsubstantiated claims. Because Ardern gives a speech on how to report something correctly, it doesn’t necessarily mean she’s backtracking on anything in the report.
I’m on the fence with capital gains personally. To my untrained eye it seems that it’s pretty well supported by younger voters, I’d like to see a poll result though.
I guess I’m as biased as everyone on here though (to the other side) as I won’t vote national tho unless they drag themselves out of the dark ages with their approach to drug legislation, crime and the environment.
The last sentence is a bit odd on the environmental front , National proposed the largest marine sanctuary in the world , proposed the legislation to ban micro beads ( which labour claimed credit for) and put cameras on commercial fishing boats which this government has removed . This is Russell Norman’s take on the government and the fishing industry
I’d also say given Sopers sources he’s got a fair idea of what Labours internal polling has revealed about CGT . Apparently in her interview on new talk ZB she didn’t sound like she was particularly happy about the reaction either . I haven’t heard it yet but will listen tonight.
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@jegga said in So we are about to get taxed up a storm!:
@SammyC said in So we are about to get taxed up a storm!:
@jegga said in So we are about to get taxed up a storm!:
@SammyC said in So we are about to get taxed up a storm!:
@jegga said in So we are about to get taxed up a storm!:
This is a pretty good example of how out of touch our pm is
https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12207207
Did you read the article or just the headline? It’s a poorly written opinion piece that probably took around 5 minutes to write.
I don’t think the reaction has been that bad (aside from the obvious people on this forum who won’t vote labour anyway, and a few right leaning journalists like hosking).
Yeah I read it. What makes it poorly written?
The title is misleading for a start.
It’s also short and full of unsubstantiated claims. Because Ardern gives a speech on how to report something correctly, it doesn’t necessarily mean she’s backtracking on anything in the report.
I’m on the fence with capital gains personally. To my untrained eye it seems that it’s pretty well supported by younger voters, I’d like to see a poll result though.
I guess I’m as biased as everyone on here though (to the other side) as I won’t vote national tho unless they drag themselves out of the dark ages with their approach to drug legislation, crime and the environment.
The last sentence is a bit odd on the environmental front , National proposed the largest marine sanctuary in the world , proposed the legislation to ban micro beads ( which labour claimed credit for) and put cameras on commercial fishing boats which this government has removed . This is Russell Norman’s take on the government and the fishing industry
I’d also say given Sopers sources he’s got a fair idea of what Labours internal polling has revealed about CGT . Apparently in her interview on new talk ZB she didn’t sound like she was particularly happy about the reaction either . I haven’t heard it yet but will listen tonight.
“Wadeable” quality rivers was a big fail from an environmental perspective (coming from a perspective of a keen fisherman and open water swimmer).
I listened to the ZB interview this morning and thought adern did ok.
Anyway... cheers kirwan for linking the poll results, I’ll have a read today.
From a practicing accountants perspective the CG tax is excellent news
I think it will take us back to the days where everyone has a family trust (which doesn’t die when a normal person does).......come and see us, for 5grand we will set up a trust and save you many more dollars down the line. -
@SammyC said in So we are about to get taxed up a storm!:
@jegga said in So we are about to get taxed up a storm!:
@SammyC said in So we are about to get taxed up a storm!:
@jegga said in So we are about to get taxed up a storm!:
@SammyC said in So we are about to get taxed up a storm!:
@jegga said in So we are about to get taxed up a storm!:
This is a pretty good example of how out of touch our pm is
https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12207207
Did you read the article or just the headline? It’s a poorly written opinion piece that probably took around 5 minutes to write.
I don’t think the reaction has been that bad (aside from the obvious people on this forum who won’t vote labour anyway, and a few right leaning journalists like hosking).
Yeah I read it. What makes it poorly written?
The title is misleading for a start.
It’s also short and full of unsubstantiated claims. Because Ardern gives a speech on how to report something correctly, it doesn’t necessarily mean she’s backtracking on anything in the report.
I’m on the fence with capital gains personally. To my untrained eye it seems that it’s pretty well supported by younger voters, I’d like to see a poll result though.
I guess I’m as biased as everyone on here though (to the other side) as I won’t vote national tho unless they drag themselves out of the dark ages with their approach to drug legislation, crime and the environment.
The last sentence is a bit odd on the environmental front , National proposed the largest marine sanctuary in the world , proposed the legislation to ban micro beads ( which labour claimed credit for) and put cameras on commercial fishing boats which this government has removed . This is Russell Norman’s take on the government and the fishing industry
I’d also say given Sopers sources he’s got a fair idea of what Labours internal polling has revealed about CGT . Apparently in her interview on new talk ZB she didn’t sound like she was particularly happy about the reaction either . I haven’t heard it yet but will listen tonight.
“Wadeable” quality rivers was a big fail from an environmental perspective (coming from a perspective of a keen fisherman and open water swimmer).
I listened to the ZB interview this morning and thought adern did ok.
Anyway... cheers kirwan for linking the poll results, I’ll have a read today.
From a practicing accountants perspective the CG tax is excellent news
I think it will take us back to the days where everyone has a family trust (which doesn’t die when a normal person does).......come and see us, for 5grand we will set up a trust and save you many more dollars down the line.Ffs . Bloody accountants.
Honestly I don’t think National were too keen to hobble one of our biggest export earners during the gfc rather than a nefarious plot to fill our rivers with cow shit .
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@SammyC said in So we are about to get taxed up a storm!:
@jegga said in So we are about to get taxed up a storm!:
@SammyC said in So we are about to get taxed up a storm!:
@jegga said in So we are about to get taxed up a storm!:
@SammyC said in So we are about to get taxed up a storm!:
@jegga said in So we are about to get taxed up a storm!:
This is a pretty good example of how out of touch our pm is
https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12207207
Did you read the article or just the headline? It’s a poorly written opinion piece that probably took around 5 minutes to write.
I don’t think the reaction has been that bad (aside from the obvious people on this forum who won’t vote labour anyway, and a few right leaning journalists like hosking).
Yeah I read it. What makes it poorly written?
The title is misleading for a start.
It’s also short and full of unsubstantiated claims. Because Ardern gives a speech on how to report something correctly, it doesn’t necessarily mean she’s backtracking on anything in the report.
I’m on the fence with capital gains personally. To my untrained eye it seems that it’s pretty well supported by younger voters, I’d like to see a poll result though.
I guess I’m as biased as everyone on here though (to the other side) as I won’t vote national tho unless they drag themselves out of the dark ages with their approach to drug legislation, crime and the environment.
The last sentence is a bit odd on the environmental front , National proposed the largest marine sanctuary in the world , proposed the legislation to ban micro beads ( which labour claimed credit for) and put cameras on commercial fishing boats which this government has removed . This is Russell Norman’s take on the government and the fishing industry
I’d also say given Sopers sources he’s got a fair idea of what Labours internal polling has revealed about CGT . Apparently in her interview on new talk ZB she didn’t sound like she was particularly happy about the reaction either . I haven’t heard it yet but will listen tonight.
“Wadeable” quality rivers was a big fail from an environmental perspective (coming from a perspective of a keen fisherman and open water swimmer).
I listened to the ZB interview this morning and thought adern did ok.
Anyway... cheers kirwan for linking the poll results, I’ll have a read today.
From a practicing accountants perspective the CG tax is excellent news
I think it will take us back to the days where everyone has a family trust (which doesn’t die when a normal person does).......come and see us, for 5grand we will set up a trust and save you many more dollars down the line.Another good point against it. The "rich pricks" that Taxinda and Cullen are targeting won't be paying it.
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@jegga said in So we are about to get taxed up a storm!:
@SammyC said in So we are about to get taxed up a storm!:
@jegga said in So we are about to get taxed up a storm!:
@SammyC said in So we are about to get taxed up a storm!:
@jegga said in So we are about to get taxed up a storm!:
@SammyC said in So we are about to get taxed up a storm!:
@jegga said in So we are about to get taxed up a storm!:
This is a pretty good example of how out of touch our pm is
https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12207207
Did you read the article or just the headline? It’s a poorly written opinion piece that probably took around 5 minutes to write.
I don’t think the reaction has been that bad (aside from the obvious people on this forum who won’t vote labour anyway, and a few right leaning journalists like hosking).
Yeah I read it. What makes it poorly written?
The title is misleading for a start.
It’s also short and full of unsubstantiated claims. Because Ardern gives a speech on how to report something correctly, it doesn’t necessarily mean she’s backtracking on anything in the report.
I’m on the fence with capital gains personally. To my untrained eye it seems that it’s pretty well supported by younger voters, I’d like to see a poll result though.
I guess I’m as biased as everyone on here though (to the other side) as I won’t vote national tho unless they drag themselves out of the dark ages with their approach to drug legislation, crime and the environment.
The last sentence is a bit odd on the environmental front , National proposed the largest marine sanctuary in the world , proposed the legislation to ban micro beads ( which labour claimed credit for) and put cameras on commercial fishing boats which this government has removed . This is Russell Norman’s take on the government and the fishing industry
I’d also say given Sopers sources he’s got a fair idea of what Labours internal polling has revealed about CGT . Apparently in her interview on new talk ZB she didn’t sound like she was particularly happy about the reaction either . I haven’t heard it yet but will listen tonight.
“Wadeable” quality rivers was a big fail from an environmental perspective (coming from a perspective of a keen fisherman and open water swimmer).
I listened to the ZB interview this morning and thought adern did ok.
Anyway... cheers kirwan for linking the poll results, I’ll have a read today.
From a practicing accountants perspective the CG tax is excellent news
I think it will take us back to the days where everyone has a family trust (which doesn’t die when a normal person does).......come and see us, for 5grand we will set up a trust and save you many more dollars down the line.Ffs . Bloody accountants.
Honestly I don’t think National were too keen to hobble one of our biggest export earners during the gfc rather than a nefarious plot to fill our rivers with cow shit .
You’ve twisted my words there.... I never said it was a plot to dirty up our rivers.
Agree with you that nationals motivation was economic , and I disagree with it (from my own selfish perpective).
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@Kirwan said in So we are about to get taxed up a storm!:
@SammyC said in So we are about to get taxed up a storm!:
@jegga said in So we are about to get taxed up a storm!:
@SammyC said in So we are about to get taxed up a storm!:
@jegga said in So we are about to get taxed up a storm!:
@SammyC said in So we are about to get taxed up a storm!:
@jegga said in So we are about to get taxed up a storm!:
This is a pretty good example of how out of touch our pm is
https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12207207
Did you read the article or just the headline? It’s a poorly written opinion piece that probably took around 5 minutes to write.
I don’t think the reaction has been that bad (aside from the obvious people on this forum who won’t vote labour anyway, and a few right leaning journalists like hosking).
Yeah I read it. What makes it poorly written?
The title is misleading for a start.
It’s also short and full of unsubstantiated claims. Because Ardern gives a speech on how to report something correctly, it doesn’t necessarily mean she’s backtracking on anything in the report.
I’m on the fence with capital gains personally. To my untrained eye it seems that it’s pretty well supported by younger voters, I’d like to see a poll result though.
I guess I’m as biased as everyone on here though (to the other side) as I won’t vote national tho unless they drag themselves out of the dark ages with their approach to drug legislation, crime and the environment.
The last sentence is a bit odd on the environmental front , National proposed the largest marine sanctuary in the world , proposed the legislation to ban micro beads ( which labour claimed credit for) and put cameras on commercial fishing boats which this government has removed . This is Russell Norman’s take on the government and the fishing industry
I’d also say given Sopers sources he’s got a fair idea of what Labours internal polling has revealed about CGT . Apparently in her interview on new talk ZB she didn’t sound like she was particularly happy about the reaction either . I haven’t heard it yet but will listen tonight.
“Wadeable” quality rivers was a big fail from an environmental perspective (coming from a perspective of a keen fisherman and open water swimmer).
I listened to the ZB interview this morning and thought adern did ok.
Anyway... cheers kirwan for linking the poll results, I’ll have a read today.
From a practicing accountants perspective the CG tax is excellent news
I think it will take us back to the days where everyone has a family trust (which doesn’t die when a normal person does).......come and see us, for 5grand we will set up a trust and save you many more dollars down the line.Another good point against it. The "rich pricks" that Taxinda and Cullen are targeting won't be paying it.
They will still have to pay tax when something is sold to an unrelated party.. it’s the issues around inheritance tax, succession planning etc that could potentially be avoided with the right structure.
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@SammyC said in So we are about to get taxed up a storm!:
@jegga said in So we are about to get taxed up a storm!:
@SammyC said in So we are about to get taxed up a storm!:
@jegga said in So we are about to get taxed up a storm!:
@SammyC said in So we are about to get taxed up a storm!:
@jegga said in So we are about to get taxed up a storm!:
@SammyC said in So we are about to get taxed up a storm!:
@jegga said in So we are about to get taxed up a storm!:
This is a pretty good example of how out of touch our pm is
https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12207207
Did you read the article or just the headline? It’s a poorly written opinion piece that probably took around 5 minutes to write.
I don’t think the reaction has been that bad (aside from the obvious people on this forum who won’t vote labour anyway, and a few right leaning journalists like hosking).
Yeah I read it. What makes it poorly written?
The title is misleading for a start.
It’s also short and full of unsubstantiated claims. Because Ardern gives a speech on how to report something correctly, it doesn’t necessarily mean she’s backtracking on anything in the report.
I’m on the fence with capital gains personally. To my untrained eye it seems that it’s pretty well supported by younger voters, I’d like to see a poll result though.
I guess I’m as biased as everyone on here though (to the other side) as I won’t vote national tho unless they drag themselves out of the dark ages with their approach to drug legislation, crime and the environment.
The last sentence is a bit odd on the environmental front , National proposed the largest marine sanctuary in the world , proposed the legislation to ban micro beads ( which labour claimed credit for) and put cameras on commercial fishing boats which this government has removed . This is Russell Norman’s take on the government and the fishing industry
I’d also say given Sopers sources he’s got a fair idea of what Labours internal polling has revealed about CGT . Apparently in her interview on new talk ZB she didn’t sound like she was particularly happy about the reaction either . I haven’t heard it yet but will listen tonight.
“Wadeable” quality rivers was a big fail from an environmental perspective (coming from a perspective of a keen fisherman and open water swimmer).
I listened to the ZB interview this morning and thought adern did ok.
Anyway... cheers kirwan for linking the poll results, I’ll have a read today.
From a practicing accountants perspective the CG tax is excellent news
I think it will take us back to the days where everyone has a family trust (which doesn’t die when a normal person does).......come and see us, for 5grand we will set up a trust and save you many more dollars down the line.Ffs . Bloody accountants.
Honestly I don’t think National were too keen to hobble one of our biggest export earners during the gfc rather than a nefarious plot to fill our rivers with cow shit .
You’ve twisted my words there.... I never said it was a plot to dirty up our rivers.
Agree with you that nationals motivation was economic , and I disagree with it (from my own selfish perpective).
I never said you personally said that but when Sam Mahon builds a statue of Nick Smith taking a dump in a glass of water it’s hard not to get the impression that the narrative from Nationals opponents is it was a deliberate plot on Nationals part.
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@jegga said in So we are about to get taxed up a storm!:
@SammyC said in So we are about to get taxed up a storm!:
@jegga said in So we are about to get taxed up a storm!:
@SammyC said in So we are about to get taxed up a storm!:
@jegga said in So we are about to get taxed up a storm!:
@SammyC said in So we are about to get taxed up a storm!:
@jegga said in So we are about to get taxed up a storm!:
@SammyC said in So we are about to get taxed up a storm!:
@jegga said in So we are about to get taxed up a storm!:
This is a pretty good example of how out of touch our pm is
https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12207207
Did you read the article or just the headline? It’s a poorly written opinion piece that probably took around 5 minutes to write.
I don’t think the reaction has been that bad (aside from the obvious people on this forum who won’t vote labour anyway, and a few right leaning journalists like hosking).
Yeah I read it. What makes it poorly written?
The title is misleading for a start.
It’s also short and full of unsubstantiated claims. Because Ardern gives a speech on how to report something correctly, it doesn’t necessarily mean she’s backtracking on anything in the report.
I’m on the fence with capital gains personally. To my untrained eye it seems that it’s pretty well supported by younger voters, I’d like to see a poll result though.
I guess I’m as biased as everyone on here though (to the other side) as I won’t vote national tho unless they drag themselves out of the dark ages with their approach to drug legislation, crime and the environment.
The last sentence is a bit odd on the environmental front , National proposed the largest marine sanctuary in the world , proposed the legislation to ban micro beads ( which labour claimed credit for) and put cameras on commercial fishing boats which this government has removed . This is Russell Norman’s take on the government and the fishing industry
I’d also say given Sopers sources he’s got a fair idea of what Labours internal polling has revealed about CGT . Apparently in her interview on new talk ZB she didn’t sound like she was particularly happy about the reaction either . I haven’t heard it yet but will listen tonight.
“Wadeable” quality rivers was a big fail from an environmental perspective (coming from a perspective of a keen fisherman and open water swimmer).
I listened to the ZB interview this morning and thought adern did ok.
Anyway... cheers kirwan for linking the poll results, I’ll have a read today.
From a practicing accountants perspective the CG tax is excellent news
I think it will take us back to the days where everyone has a family trust (which doesn’t die when a normal person does).......come and see us, for 5grand we will set up a trust and save you many more dollars down the line.Ffs . Bloody accountants.
Honestly I don’t think National were too keen to hobble one of our biggest export earners during the gfc rather than a nefarious plot to fill our rivers with cow shit .
You’ve twisted my words there.... I never said it was a plot to dirty up our rivers.
Agree with you that nationals motivation was economic , and I disagree with it (from my own selfish perpective).
I never said you personally said that but when Sam Mahon builds a statue of Nick Smith taking a dump in a glass of water it’s hard not to get the impression that the narrative from Nationals opponents is it was a deliberate plot on Nationals part.
Well don’t assign that position to me then.
You’re debating with me, not Sam McMahon... I’m not going to argue on behalf of someone else.
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long interview on National Radio with Tax Working Group dissenter Robin Oliver, a former Inland Revenue deputy commissioner, and a recognised expert on the tax system.
While supporting a capital gains tax on rental properties he disagreed with it being applied more widely.
Robin Oliver tells Kathryn Ryan that applying capital gains taxes to shares and businesses could undermine efforts to revitalise our capital markets, and put people off joining Kiwisaver.
Some salient points
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Too complicated - return doesn't justify the inherent weaknesses
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There is no correlation between tax and housing. CGT will at best reduce house prices a little and increase rentals a little
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Really concerned about the fact that it will discourage local investment in the sharemarket and encourage overseas investors. Thinks retail investors are a critical means of raising venture capital and the implications for NZS are bleak. NZ retail investors will simply invest on overseas markets
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Thinks it will lead (as it does overseas) to business owners holding on to their businesses until they die rather than passing them on to a younger less risk adverse generation
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Concerned about impact on Kiwisaver
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Really concerned that capital gains will be calculated annually not just when you sell
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Thinks it is way too complex and difficult / expensive to administer and won't achieve what it set out to
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Sounds like pretty reasonable points @dogmeat and aligns with my view - that is, with the proviso that rental properties are taxed. I think that’s probably the correction needed - for example right now, my (property accountant) friend has been pointing out in his newsletter that most rental properties don’t pay for themselves, even at 4% interest and interest only payments. In other words, they invest for the capital gains - that’s the deferred income. I think that distortion needs correcting - or to be honest, needed correcting about 15 years ago. I have a lot of friends who have invested in rentals, using the untaxed capital gain to reinvest in property (or sometime bring together to reduce personal debt). It’s just a savings account for them. I don’t see why that type of investment should be supported.
So we are about to get taxed up a storm!