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@Toddy said in So we are about to get taxed up a storm!:
@jegga read already Jegga. Impressive!
Nah , Kiwiblog has the lowlights up. Highest cgt rate in the world and not inflation indexed . Businesses and other taxable asset owners will have to pay to get a valuation that will determine their cgt when they sell .
Madness.
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@JK 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!:
It’s up now and it’s awful . This will probably cost them the next election
https://taxworkinggroup.govt.nz/sites/default/files/2019-02/twg-final-report-voli-feb19.pdf
They have to actually action it first. This is just the working groups recommendations and its over to the coalition to decide/in anything to move forward with.
Apparantly many members of the labour party aren't as keen on the idea as they first were
I bet they aren’t , Cullen is such a bitter mad old loon .
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@jegga said in So we are about to get taxed up a storm!:
@JK 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!:
It’s up now and it’s awful . This will probably cost them the next election
https://taxworkinggroup.govt.nz/sites/default/files/2019-02/twg-final-report-voli-feb19.pdf
They have to actually action it first. This is just the working groups recommendations and its over to the coalition to decide/in anything to move forward with.
Apparantly many members of the labour party aren't as keen on the idea as they first were
I bet they aren’t , Cullen is such a bitter mad old loon .
I think they all go cuckoo in the head. Like Bolger wanting to change back many of his employment reforms
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@canefan 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!:
@JK 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!:
It’s up now and it’s awful . This will probably cost them the next election
https://taxworkinggroup.govt.nz/sites/default/files/2019-02/twg-final-report-voli-feb19.pdf
They have to actually action it first. This is just the working groups recommendations and its over to the coalition to decide/in anything to move forward with.
Apparantly many members of the labour party aren't as keen on the idea as they first were
I bet they aren’t , Cullen is such a bitter mad old loon .
I think they all go cuckoo in the head. Like Bolger wanting to change back many of his employment reforms
Cullen was a fluffybunny right from the start , in his maiden speech in parliament he was mocking the farmers that paid for his scholarship . Until Pam Corkery managed to top it Cullens speech was regarded as one of the nastiest/worst ever maiden speeches from an mp.
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@jegga said in So we are about to get taxed up a storm!:
@canefan 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!:
@JK 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!:
It’s up now and it’s awful . This will probably cost them the next election
https://taxworkinggroup.govt.nz/sites/default/files/2019-02/twg-final-report-voli-feb19.pdf
They have to actually action it first. This is just the working groups recommendations and its over to the coalition to decide/in anything to move forward with.
Apparantly many members of the labour party aren't as keen on the idea as they first were
I bet they aren’t , Cullen is such a bitter mad old loon .
I think they all go cuckoo in the head. Like Bolger wanting to change back many of his employment reforms
Cullen was a fluffybunny right from the start , in his maiden speech in parliament he was mocking the farmers that paid for his scholarship . Until Pam Corkery managed to top it Cullens speech was regarded as one of the nastiest/worst ever maiden speeches from an mp.
Always looked like a swarmy fluffybunny
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@taniwharugby said in So we are about to get taxed up a storm!:
alot of the focus is on CGT, when it should be about adjusting all the tax brackets, given a good portion of 'middle income' NZ is in the top tax bracket.
Interesting comparison to our side:
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@NTA said in So we are about to get taxed up a storm!:
@taniwharugby said in So we are about to get taxed up a storm!:
alot of the focus is on CGT, when it should be about adjusting all the tax brackets, given a good portion of 'middle income' NZ is in the top tax bracket.
Interesting comparison to our side:
Shows how low our top tax rate is here in NZ by international standards
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@Mokey said in So we are about to get taxed up a storm!:
Our tax brackets are fucked up. Anything under 10k shouldn't be taxed at all, but more than that, having 48k taxed at 30% is ridiculous. Once upon a time that was a half decent salary, nowadays with the cost of living, it's barely average.
It presents no incentive to work harder for minimal gain
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@canefan Yeah, there is not much incentive to move above that 48k mark if the next bracket is 30% tax. Net gain is fuck all. That whole bracket is crap. 48k-70k is a goodish pay packet IF you live outside a city or you already own your own home and aren't subject to Wellington or Auckland or Tauranga rents/house prices.
A salary circa 40-45k is basically minimum wage plus a little more. No fucking way should anything in the 40s get taxed at 30%.
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@Mokey ha yep, on $47,000, boss says we can give you a 3% pay rise this year...
Er, no thanks...
After I lost my job 5 years back, the first full time job I did when I came back was $50,000 and she was a struggle, especially as Mrs TR works school hours a shade over min-wage, and she works those hours so we dont have to pay for after-school care.
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@Toddy said in So we are about to get taxed up a storm!:
Why wouldn't you take a pay rise to go to the next tax bracket? It only means every $ after the bracket is taxed at that amount, not the full pay!
You have a point if WfF is in the mix.
Worked with a clown that wouldn’t finish his apprenticeship because he didn’t want his wff cut.
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@Toddy sadly that makes a big difference for household incomes around that level.
When I got a higher paying job I cancelled it straight away and then they checked at end of the tax year if I was entitled to any...nope.
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@taniwharugby yeah, I always advised clients to take the end of year top up if they were entitled to WfF (if they could afford to). Saw many a tear from people who had forgotten to update the IRD regarding their pay and then having to pay it back.
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@Toddy said in So we are about to get taxed up a storm!:
Why wouldn't you take a pay rise to go to the next tax bracket? It only means every $ after the bracket is taxed at that amount, not the full pay!
Lol my lil sister got a pay rise a few years back and pushed her in to the next bracket and she was upset as she had to pay more tax
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Cullen was one of our better Finance Ministers. Fiscally prudent. Really wasn't much of a change between him and English in real terms. Successfully reined in the loonies spending until the last year lolly scramble.
@Mokey I have no problem at all with our tax rates - as you say it's the brackets that need addressing.
I also hate the concept of WFF although its here to stay now that all parties have endorsed it.
We are going to take your money, waste some of it administering the process; and then if you are deserving, we will give you some of it back. Distorts everything including things like "Living Wage"
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I have heard our tax system is pretty good (brackets aside) when put against most other countries, is this correct?
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@dogmeat said in So we are about to get taxed up a storm!:
Cullen was one of our better Finance Ministers. Fiscally prudent. Really wasn't much of a change between him and English in real terms. Successfully reined in the loonies spending until the last year lolly scramble.
@Mokey I have no problem at all with our tax rates - as you say it's the brackets that need addressing.
I also hate the concept of WFF although its here to stay now that all parties have endorsed it.
We are going to take your money, waste some of it administering the process; and then if you are deserving, we will give you some of it back. Distorts everything including things like "Living Wage"
Cullen loved to tax apart from that I agree he wasn’t so bad as finance minister apart from the train set that continues to cost us a fortune and idiocy like letting the taxpayer pay for dole for artists.
But as a man he comes across as a fluffybunny . I mentioned his maiden speech and his “rich prick “ jibe to Key shows he hasn’t moved on much.
There’s also the way he knifed Goff in the back when Clark was polling in Bridges territory. A lot of politicians are self serving sociopaths so he’s not alone there I guess.
So we are about to get taxed up a storm!