you are obviously quite confused about how NZ's tax system works, despite being a "high earner" that doesn't need a tax cut
So some idiot is paying you $500k (plus) a year to design under-utilised cycle lanes. Sounds like a good cost cutting opportunity for Auckland Council.
Education was better 20 years about with 600 Ministry of Education employees than now where we have crashed down the international ranking with 4,600 employee’s.
Would there be many people who realistically are middle and lower income people or families owning property rentals?
Yes. The majority of investors own 1 rental property.
Wouldn’t you need to at a minimum have paid a majority, if not all of your initial mortgage like your parents I’d imagine or be earning a decent salary for a bank to lend for another property?
They bought it years ago when my father was a tradesman (on wages) and my mother stay at home mum.
Their initial house or rental?
maybe, maybe not, I don't know. It is a frequent generalisation that the left trot out: "tax cuts for the rich" But if the debate around "tax cuts" is actually about interest deductibility, then let's call it that
I'd add to this, rightly or wrongly, NZers looking to build wealth have typically done it through something they know and see - residential property. A lot of older people saw the 1987 stockmarket crash and don't want much to do with the sharemarket
Initial house my parents were about 20 and mum worked part time. Rental they were in about their 50’s?
My point was that I’m not convinced there are many middle to lower income families that could afford a rental property, especially with today’s values. There may well be some but if so, my conclusion would be that the middle income has broken into two separate echelons. If one middle income family has the house they live in and another middle income family has the house they live in and also an extra property, it’s like the second example has shifter higher than the first example owning just the house they live in. Also in recent times, people have enjoyed banks being prepared to lend much more willingly than in the present climate. I know many I’ve recently spoken to that have a fairly handy deposit that would have been accepted only a few years ago, to be declined recently.
At what point did they invest in their rental?
Not long after us kids left home!
What’s middle class? I personally know several teachers that bought a first house last few years. Albeit in Tauranga where you can buy starter homes for around $600k.
Middle class to me has nothing to do with occupation like being a teacher or anything but more around your financial status. If you earn a million a week and spend a million a week, you’re broke. While we’re asking questions, what’s left and right that you often reference?
Me too.
They may ' own ' a rental but really the bank owns up to 80% for many investors.
ceo of the pedestrian crossing replacement team.
When you live rent free in someone’s head and don’t know. Should have told me, I would have redecorated the dump.
