Genesis

I have decided to end my voting abstinance over the CGT V sell off of NZ assests.

In the back of my mind I always thought I may visit a polling both again one day if something or some one moved me. Why oh why should fat cat land lords get away with taxaxtion on an appreciating, thus profit making capital assest when all us mugs including my kiddies have to pay tax on any bleeding type of income..even if its 12000 miles away????????

This is soooooooooooooooooooooooooooooooooooooo Thatcheresque it makes me want to spit.

I have listened to who/what will be charged capital tax and it seems utterly, totally fair to me. By contrast the sell off of a country's assets is plain stupid and will make us as kiwis/residents poorer in the long run in many ways..not just in a fiscal sense.

So I am delighted to say I will once again don my labour hat and vote for the people. Down with the bourgeoisie..up the prols!!! The latter is somewhat tongue in cheek.

hazeandsteve

Blimey genesis.....common ground!

Genesis

Am I THAT much of a weirdo in your world?

hazeandsteve

Most things are weird in my world.....except me, I'm just spesh!

chocolate cake

I reckon Capital Gains tax is fair tax, it's abit of no brainer really, and National's arguements against it in principal are ridiculous and inconsistant. This link's a good one:-
interest.co.nz
It's hardly a complex tax, and most of the western world have a Capital Gains Tax.

That said I think the CGT rate proposed by Labour is too low at 15%. Also it's not going to be raising vast amounts of revenue either not staring until 2013 and then on new gains from then only.

Though Labour's proposed income tax increases won't be affecting me at the proposed rate, I do think they are unfair.

I'd agree re: National's proposed asset sales, it's like selling the house to pay the mortgage. Short termism at best, and they'll no doubt ultimately be bought by foreign investors, like the electric and water companies in the UK.

There's really little to choose between the major parties.

The no gst on frsh fruit & veg is clearly a bribe. I don't think GST on foods a good idea, but Labour were 100% for no exemptions from GST. Why fresh veg only, and not frozen or tinned fruit & veg?

Charismatic

Totally agreed but John Key has played this very well in the absence of opposition leadership.

That said if we are to solve hitherto intractable problems we need to look past the old party politics of robbing one segment of society to benefit another. If we are to thrive we need to transcend those ideas and think about the many other directions open to us to develop in ways that often only require rational decisions to prevail .

Woodlea

Only if it works both ways, if I could get tax credits for my losses it would be fair, but when you lose money you're on your own, when you make money everyone's your friend!
The only fair tax is an old fashioned tithe and it's far more effective - 10% across the board - no limits, no allowances, no avoidance.

Charismatic

But people don’t all used government resources at the same rate, how can it be fairer?

chocolate cake

It would be fair to carry them forward against similar capital gain profits, but I see no reason for them to be set against income tax.

You can't even do that currently with taxes on foreign investments (shares, funds etc.), i.e. you get tax charged when your investment increases, if it then goes down below that the next year and back to where you started in year 3.
They'll be tax to pay year 1 and 3, with no ability to carry the loss from year 2 forward. So effectively at the end of year 3, your investment is worth what is year 0, but you've two years of tax on it!