Heres the thing the oceans and the Bobs never mention
Is you can claim the interests paid on the mortgage as a deduction on your taxable income when it run through a business.
No one has said a CGT will apply to a persons Dwelling.
As far as the original intention was it was to stop property speculators and investors getting away with not paying tax on income.
Auckland has an undersupply of houses as the market was distorted by speculators some overseas buying up houses as it was a tax free option.
this created an artificial undersupply of housing to buy which drove up the price further which in returned encouraged more to do the same until housing became unaffordable to the first home buyer.
If you get rid of the tax free incentives at the same time build more houses the price stabilizes, The Auckland houses price increases were unsustainable anyway. The Bubble would has burst eventually.
Remember how National spend years denying there was a Auckland housing crisis.
Really America has a CGT Trumps was trup pledging or mentioned getting rid of it in his campaign?
Seeing as he all about making america Great we can only assume its great with it? Or is he just going to sneak it through, like his alternative tax reform which was aimed at the mega rich avoiding more tax.
Odd we have still never seen his tax returns how many years now still no returns.
i found this from a leaked filing though.
https://www.theguardian.com/us-news/...native-minimum
Hey Jason isnt this the tax Trump reformed?
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