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Can you clearly outline why you chose to make this comment Wiz?Who wants to apply with me for this job.
Work from home, 5 weeks holiday, $200k salary, earn more than your boss, a city councillor that is elected to engage with the communityā¦
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Wasteful local govt spending. They need National/ Act/ NZ First to sort them out.Can you clearly outline why you chose to make this comment Wiz?
What is the purpose of you posting this?
Rather than insinuations it would be good if you could state your case clearly.
And this government and those to follow will target many of those issues you raise, however it takes time and huge investment that our country couldnāt afford if we continued going down the path we were on under Labour.From Wiz: "Ultimately long term, yes.
Itās part of sound economic management which incentivises individual responsibility (over the govt knowing how to spend money better).
Holistically, with the whole package, we are promoting working, housing and the economy instead of disincentivised all those things.
Were heading back to a rockstar economy instead of constant recessions. 3% total growth over the labour 6 years despite population increasing 6.3% over that time meant we are a poorer country after Labour (-3.3% real growth) which explains the increased poverty, homelessness, deteriorating health system, roads, etc, and house prices in the doldrums.
With sound economic and political management a lot of our issues will resolve themselves before the next election." end quote
There's so much in here that has no depth and is just a shallow repetition of neoliberal dogma. Each piece is extremely complex and if there was willingness on all parties here to have an actual debate (and to be honest it's too tiring), or be willing to explore the depth of these things we might be in a better place in this forum. Or not.
To take an example: "Sound economic management" - what does that mean? The obvious surface leaning is "I'll take that to mean what I think is sound economic management". There's so many interpretations of this. I come from a place where I want a constructive progressive model of government with cross consensus and removal of the short termism out of politics around areas that are affecting us all.
This is utterly different to the incremental short termism that we see today. And sound economic management in that sense to me is renewables, investment in our core services, growth of self sufficiency, consideration for the wider climate and it's impact, growing our manufacturing base and economy in an economically beneficial and sustainable way, growing our intellectual property, cgt, wealth tax over a certain amount (again, in depth would take ages to discuss), warriors to win the premiership (whoops, wrong place) etc.
That's just one part.
"Incentivises individual responsibility" - pure neoliberal bullshit out of the Hayek/Friedman "level playing field" crap. Growing community and investing in social relationships, breaking the cycles of poverty etc - much more conducive to building our country in a stable and collaborative fashion.
I haven't even gotten to the end of Wiz's first sentence.
So forgive me if I just summarise it with "Neoliberal propaganda"
If you want to debate factsā¦From Wiz: "Ultimately long term, yes.
Itās part of sound economic management which incentivises individual responsibility (over the govt knowing how to spend money better).
Holistically, with the whole package, we are promoting working, housing and the economy instead of disincentivised all those things.
Were heading back to a rockstar economy instead of constant recessions. 3% total growth over the labour 6 years despite population increasing 6.3% over that time meant we are a poorer country after Labour (-3.3% real growth) which explains the increased poverty, homelessness, deteriorating health system, roads, etc, and house prices in the doldrums.
With sound economic and political management a lot of our issues will resolve themselves before the next election." end quote
There's so much in here that has no depth and is just a shallow repetition of neoliberal dogma. Each piece is extremely complex and if there was willingness on all parties here to have an actual debate (and to be honest it's too tiring), or be willing to explore the depth of these things we might be in a better place in this forum. Or not.
To take an example: "Sound economic management" - what does that mean? The obvious surface leaning is "I'll take that to mean what I think is sound economic management". There's so many interpretations of this. I come from a place where I want a constructive progressive model of government with cross consensus and removal of the short termism out of politics around areas that are affecting us all.
This is utterly different to the incremental short termism that we see today. And sound economic management in that sense to me is renewables, investment in our core services, growth of self sufficiency, consideration for the wider climate and it's impact, growing our manufacturing base and economy in an economically beneficial and sustainable way, growing our intellectual property, cgt, wealth tax over a certain amount (again, in depth would take ages to discuss), warriors to win the premiership (whoops, wrong place) etc.
That's just one part.
"Incentivises individual responsibility" - pure neoliberal bullshit out of the Hayek/Friedman "level playing field" crap. Growing community and investing in social relationships, breaking the cycles of poverty etc - much more conducive to building our country in a stable and collaborative fashion.
I haven't even gotten to the end of Wiz's first sentence.
So forgive me if I just summarise it with "Neoliberal propaganda"
Disagree completely of course, but that's okay, good luck with your politics. Time will tell, people are really struggling and based on the budget those on less are getting punished while the wealthy get more.And this government and those to follow will target many of those issues you raise, however it takes time and huge investment that our country couldnāt afford if we continued going down the path we were on under Labour.
The tax cuts are part of the election promise lolly scramble that all major parties need to offer in order to be elected. However as I said in an earlier post that you havenāt replied to, I donāt believe it will add to domestic inflation pressure.
I used to think along the same lines as you. Then I noticed a common theme,Disagree completely of course, but that's okay, good luck with your politics. Time will tell, people are really struggling and based on the budget those on less are getting punished while the wealthy get more.
Correct & if something like a wealth tax is introduced then that will disincentivise those types of people to stay in NZ. CGT Iām all for, however a wealth tax would be a very bad idea for our countryās future.I used to think along the same lines as you. Then I noticed a common theme,
All the people I considered rich or doing way better than me were either, educated and practicing their discipline. Or, working their arse off in a business they had created when I was out fishing or playing sport. Or, risked everything they had to build capital.
The part that you completely miss here is that the wealthy are already doing a lot to support those that are struggling. The top tax rate was hiked significantly a few years ago however I donāt recall too many top earners complaining about it. You honestly just come across as a bit bitter & sad.Disagree completely of course, but that's okay, good luck with your politics. Time will tell, people are really struggling and based on the budget those on less are getting punished while the wealthy get more.
Oh that's nice thank you. Where's WA Warrior when you need him for support.The part that you completely miss here is that the wealthy are already doing a lot to support those that are struggling. The top tax rate was hiked significantly a few years ago however I donāt recall too many top earners complaining about it. You honestly just come across as a bit bitter & sad.
I said āa bitā - you are nowhere near the worst in this thread, not even close - that honour goes to the fuckwit who cheers on people getting cancer.Oh that's nice thank you. Where's WA Warrior when you need him for support.
Have a nice evening.
Iām here mate, I support you voicing your opinion for sure.Oh that's nice thank you. Where's WA Warrior when you need him for support.
Have a nice evening.
I donāt agree with everyone on this forum but thereās only one bloke that I have zero time for and itās the person youāre alluding too.I said āa bitā - you are nowhere near the worst in this thread, not even close - that honour goes to the fuckwit who cheers on people getting cancer.
I accept shrill from time to time. Sad? Eye of the beholder. Bitter? Not even close. I think that context isn't provided by me.I said āa bitā - you are nowhere near the worst in this thread, not even close - that honour goes to the fuckwit who cheers on people getting cancer.
You should embrace Bitter - itās iconic in our great clubs history!I accept shrill from time to time. Sad? Eye of the beholder. Bitter? Not even close. I think that context isn't provided by me.
The imperative is to call shit out as it happens, speak truth to power!
Have a nice evening thoughand that goes to everyone
The reason the Greens and the mÄori Party like a Wealth Tax is that the government gets an immediate rise in the tax revenue theyād receive while a CGT or an inheritance tax and/or gift duties is that it takes time to flow through to the government as it requires an asset to sell or someone to die or an asset to be transferred before the government receives any money. The other issue with a wealth tax is they are an extremely inefficient way to collect tax⦠which is why most countries have abandoned them.Correct & if something like a wealth tax is introduced then that will disincentivise those types of people to stay in NZ. CGT Iām all for, however a wealth tax would be a very bad idea for our countryās future.
Wealth tax will never work. It hasnāt overseas and wonāt here. The idea is appealing - divide and conquer. Take from a small percentage of rich minority who canāt fight back/ wonāt get any sympathy and give it to the poor. Robin Hood style. Doesnāt make it rightā¦The reason the Greens and the mÄori Party like a Wealth Tax is that the government gets an immediate rise in the tax revenue theyād receive while a CGT or an inheritance tax and/or gift duties is that it takes time to flow through to the government as it requires an asset to sell or someone to die or an asset to be transferred before the government receives any money. The other issue with a wealth tax is they are an extremely inefficient way to collect tax⦠which is why most countries have abandoned them.
The problem with a CGT is it doesnāt just target the very rich but right down to a FHB using KiwiSaver to save for the deposit for their home. Labour has tried to win elections with it as a policy but there wasnāt enough information available about what they were proposing. Labour made no allowance for inflation over the time someone owned the asset⦠other countries do this. They didnāt say what the tax rate to work out the CGT was or if it would be the same as the tax payers personal income tax rateā¦. and what would happen if that capital gain pushed them up a tax bracket. Nor did they say what would happen to assets that had been improved.
CGT and KiwiSaver. This last week, it was reported that the average KiwiSaver balance is just under $40,000. Labourās proposed CGT from a few elections ago included the capital gains from shares and managed funds including KiwiSaver.
I just received my Annual Statement from my KiwiSaver account. It had an 18% gain in the investment over the last year from rises in the value of the shares and dividends (which are already taxed) and very little from interest because itās in a growth fund. It meant that although the balance had grown by over $12,000 in the year, the provider had only deducted less than $400 for tax. The CGT Labour proposed would have reduced that gain to $8,000 a year if it was taxed at my tax rate. While I can cope with that, why should a couple saving for their first house have to save 1.5 times longer for their deposit? Why should someone who can barely make the savings for their retirement have their savings when they finally retire reduced by 33%?
CGT and Inflation. Most countries with a capital gains tax take account inflation by allowing a deduction in the capital gain for inflation or they reduce the tax rate charged for a CGT to take into account inflationā¦. so if the personal tax rate the tax payer usually paid was 33%, the CGT rate was set at 30% to take into account inflation. Labour dismissed both as they said it would make the system āmore complicatedā.
CGT and Improvements. Most countries recognise that improving an assets, adds value to it so they allow taxpayers to deduct the cost of improvements off the capital gain. For example, I purchase a three bedroom house with one bathroom for $600,000 as a rental property. Three years later, I improve the property by doing an addition and, for $150,000, add a master bedroom with an en-suite and WIC. Six years later, I sell the house for $900,000, meaning thereās a capital gain over the purchase price of $300,000 which Labour would have taxed the full amount while most other countries would only tax $150,000 because Iād be able to deduct the cost of the improvements.
And, it guess worse if someone was to buy a property with space to put additional rental houses on it. Say, Jack buys a property in South Auckland with a 1/4 acre section for $400,000. He then spends $1,000,000 putting two new houses on the rear of the property to rent them out. Ten years later, Jack sells all three houses for $900,000 each. Under Labourās CGT, Jack would have to pay tax on a $2,300,000 capital gain⦠but overseas, he would only have to pay tax on a $1,700,000 capital gain because of the improvements heād made when building the two additional houses would be deducted.
Personally, I favour an inheritance tax on estates over a certain amount except it wouldnāt be required to be paid by a surviving spouse or partner or on money donated to registered charity. Iād also like to see the introduction of a annually adjusted Gift Duty to stop assets being distributed before someone died to try and avoid the Inheritance tax.
While we need to address generational transfer of wealth, after spending a lot of time reading about what tax systems are used overseas and the proposed ones here, I personally donāt favour wealth taxes or capital gains taxes.
A wealth tax is great in theory.... a small group of people is taxed while the majority aren't effected by it. 1-2% of the population is never going to be enough to make a difference in an election and there's enough "envy" in society that any party proposing removing one will most likely never be in the position to do that.Wealth tax will never work. It hasnāt overseas and wonāt here. The idea is appealing - divide and conquer. Take from a small percentage of rich minority who canāt fight back/ wonāt get any sympathy and give it to the poor. Robin Hood style. Doesnāt make it rightā¦
This site recently had complains about National/ Act getting more donations than Labour. Watch the donations sky rocket and bury Labour/ the Greens if they want to try to plunder a well off minority![]()
And like the flaw in the CGT - if your wealth drops - do you get a massive refund?A wealth tax is great in theory.... a small group of people is taxed while the majority aren't effected by it. 1-2% of the population is never going to be enough to make a difference in an election and there's enough "envy" in society that any party proposing removing one will most likely never be in the position to do that.
But, practically, they are really difficult to administer. Before the last election, I went to a party debate. Chloe Swarbrick was there and at every opportunity pushed for the Greens Wealth Tax policy. Then they asked for questions from the floor and it soon became apparent the Greens had no idea on how it would work. Her response always went back to "the IRD will have to work out that sort of detail".
She was asked when would the taxpayers wealth be considered... i.e. at a certain date each year or would it be taken over the average wealth for the year. This is important as we all know, assets change in value on a daily basis and depending on when the valuations were done, would effect whether a person or couple had enough net worth to pay the tax or which bracket they were in.... let alone how much tax they would have to pay.
Questions were asked about how properties would be valued. Would people have to use the CV or get a valuation from a site like homes.co.nz or oneroof. CV's can be years old, so the tax payer could be underpaying or overpaying the wealth tax. Could those sites be sued if they got the valuations wrong if a person relied on their valuations and didn't pay the right tax after the IRD audited them.
She couldn't even say how fluctuations to share markets (and managed funds including KiwiSaver) and property would be taken into account.
Like I said, great in theory.... useless in practice. Which is why very few countries still have them.