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Thread: whats your thoughts on the CGT

  1. #256
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    Quote Originally Posted by jasonu View Post
    Ironically they failed to introduce a new tax after they campaigned they would not introduce any new taxes.
    Wheres the irony other than it proved the right wing scare mongering was just that?
    Set up a Tax Working Group, to ensure that there is a better and fairer balance between the taxation of income and assets, in particular the capital gain associated with property speculation. The outcomes of this Working Group – if any – will not take effect until the 2021 tax year
    The Working Group will not consider increases to personal income or corporate taxes, or GST rates. The Working Group will not consider any proposals for an inheritance tax or any other tax changes that would apply to the family home or the land under it - regardless of its ownership structure.
    Labour is not proposing any changes to current personal income or corporate tax rates. We will reverse National's proposed package of future tax cuts.
    Instead, Labour will reinvest that money into families and core public services – such as health, education, and police. Our alternative Families Package will see 70% of families with children better off than under National’s tax cut package.
    Our current tax system taxes some forms of income but not others, and creates incentives for some forms of investment, particularly housing speculation. This results in unfairness between taxpayers, and it enables some to avoid paying their fair share of tax. New Zealand is one of only three OECD countries that does not have some form of tax on capital gains.
    This situation has contributed to the current housing crisis, and the lowest home ownership rate in 66 years. Housing affordability has become a critical issue for many New Zealanders. Rising house prices are being driven by a variety of factors, including tax rules that favour investment in housing and discourage investment in other activities.
    As a first step Labour will minimise the tax benefits that can be gained through speculation on houses. Labour will remove the current loophole that allows losses from rental properties to reduce the taxation paid on other sources of income for which the landlord is liable (so-called ‘negative gearing’).
    Labour will also extend the ‘bright line test’ that taxes the profits made on the sale of properties other than the family home from two years to five years. This was the original recommendation of the Treasury that was ignored by National and will capture more people who are flipping investment properties for capital gain.
    For our tax system to have integrity, everyone needs to pay their fair share. Increasingly, New Zealanders are concerned that some large multinational companies are using aggressive tax practices to avoid their obligations to our country. The government has estimated that $300 million of revenue per year is being forgone, while the Tax Justice Network puts the figure at over $500 million.share on twitter
    Labour will take strong action to ensure that multinational companies pay a fair share of tax, based on their genuine activities in New Zealand.
    At the international level we support the OECD’s Base Erosion and Profit Shifting (BEPS) programme of work.
    At the bi-lateral level, we will review our tax treaties to identify areas in which new technology or business practices may have resulted in tax shifting out of New Zealand, and where appropriate will work with our international partners to resolve these issues.
    Labour will collect an extra $200m per year from multinationals currently avoiding their New Zealand tax obligations by resourcing IRD with an additional $30m per year to crack down on multinational tax avoidance.
    If multinationals aren’t prepared to pay their fair share, Labour will introduce a diverted profits tax, to enable New Zealand tax authorities to impose tax at a penalty rate if they believe that tax has been deliberately avoided.
    Apple pays zero tax in NZ despite sales of $4.2 billion
    Judith Collins said a "minority" of international companies were exploiting rules to avoiding paying tax and "we do not consider the amount of tax paid by these multinationals is fair".
    The Australian Financial Review reported in 2014 on Apple's use of Irish subsidiaries to shift billions of profits out of Australasia.
    And last year the European Union took a dim view of Apple's Irish operations, punishing the company with a record $20b tax bill after concluding that it had used the territory to improperly pay a tax rate of just 2 per cent on its international earnings.

    Google's New Zealand subsidiary paid just $393,000 in tax in 2017, despite an estimated revenue in the hundreds of millions.

    Facebook paid just $43,000 in 2014.

    Visa and Mastercard had filed to the Companies Office at the time of a 2016 story showed combined annual revenue of just $7.7 million, combined profit of $268,647, and a combined tax bill of just $257,109.

    London-based Lafferty Group cited NZ as the seventh most profitable credit card market out of 72 countries it surveyed.
    "Pre-tax profits reached $275 million in 2015, an increase of 2% compared to 2014. It is forecast to reach $297 million by 2018. Profit per card reached $105 in 2015, compared with $88 in 2010. It is forecast to reach $114 by 2018," Lafferty said in its report. At $105 per card, profitability in NZ was up $17, or 19.3%, over five years.
    However, for accounting periods since 2015 subsidiaries of overseas companies are only required to file financial statements if they are deemed “large.”

    The most recent financial statements they've filed show Visa NZ's Singaporean parent paid 4.3% income tax for the September 2016 year, and Mastercard NZ's parent paid 6.8% in the 2016 calendar year.
    https://www.interest.co.nz/business/...ure-over-their
    Quote Originally Posted by Katman View Post
    I reminder distinctly .




    Kinky is using a feather. Perverted is using the whole chicken

  2. #257
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    Quote Originally Posted by husaberg View Post
    Wheres the irony other than it proved the right wing scare mongering was ]
    It’s ironic that you don’t see the irony.
    Lets go Brandon

  3. #258
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    Quote Originally Posted by jasonu View Post
    It’s ironic that you don’t see the irony.
    First up, It was never going to be introduced in this current governments term.
    If it ever was to be introduced it would have been after the next election, where it would have been clearly spelled out beforehand that this was their plan.
    What is ironic is the Natzis now bleating on and on about not getting enough houses built to solve the Auckland housing crisis.
    when those exact same Natzis spent the last 9 years selling off state houses and denying there ever was a housing crisis.

    https://www.interest.co.nz/property/...n-parnell-rich
    Quote Originally Posted by Katman View Post
    I reminder distinctly .




    Kinky is using a feather. Perverted is using the whole chicken

  4. #259
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    Quote Originally Posted by husaberg View Post
    First up, It was never going to be introduced in this current governments term.
    If it ever was to be introduced it would have been after the next election, where it would have been clearly spelled out beforehand that this was their plan.
    What is ironic is the Natzis now bleating on and on about not getting enough houses built to solve the Auckland housing crisis.
    when those exact same Natzis spent the last 9 years selling off state houses and denying there ever was a housing crisis.

    https://www.interest.co.nz/property/...n-parnell-rich
    the problem with the Auckland Housing Crisis is its in Auckland, those of us outside Auckland dont give a fuck, move somewhere else

  5. #260
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    Quote Originally Posted by JimO View Post
    the problem with the Auckland Housing Crisis is its in Auckland, those of us outside Auckland dont give a fuck, move somewhere else
    I agree, but unfortunately we cant force these stupid people to live in Hamilton or Palmerston North etc, Nor do we want them.

    Statistics New Zealand shows the wealthiest 1% percent have 20 percent of all assets
    The wealthiest 10% have 59 percent.
    The poorest 50% of adults - 1.8 million New Zealanders - have just 2 percent of all wealth.
    Quote Originally Posted by Katman View Post
    I reminder distinctly .




    Kinky is using a feather. Perverted is using the whole chicken

  6. #261
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    Quote Originally Posted by JimO View Post
    the problem with the Auckland Housing Crisis is its in Auckland, those of us outside Auckland dont give a fuck, move somewhere else
    Easy to say, but it had knock on effects all over the country.
    I thought elections were decided by angry posts on social media. - F5 Dave

  7. #262
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    Quote Originally Posted by husaberg View Post
    I agree, but unfortunately we cant force these stupid people to live in Hamilton or Palmerston North etc, Nor do we want them.

    Statistics New Zealand shows the wealthiest 1% percent have 20 percent of all assets
    The wealthiest 10% have 59 percent.
    The poorest 50% of adults - 1.8 million New Zealanders - have just 2 percent of all wealth.
    This is my favourite little story about this in the last year or so:

    https://www.theguardian.com/money/20...downers-author
    I thought elections were decided by angry posts on social media. - F5 Dave

  8. #263
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    Quote Originally Posted by HenryDorsetCase View Post
    This is my favourite little story about this in the last year or so:

    https://www.theguardian.com/money/20...downers-author
    Yip and what all these small minority of exremely vocal moaning objectors in NZ don't realise is that they are only small fry in a worlds ocean, like all small fry the will eventually end up getting eaten as well, by the bigger fish.
    All the frenzy that National whipped up, was based on falsehoods such as the family home would be taxed when it was never on the agenda. Kiwisaver would be taxed etc. it was going to be sneaked through etc...
    I read Simon bridges party feed the other day pages and it has pages on the CGT buggar all on the hate crime in CHCH. it shows where the Natzis priorities truly lie
    Its disapointing not to see it implemented because the flaws are outweighed by the gains in across the board fairness.
    The self interest of the entitled minority it seems, outweigh the many.
    I remember being told years ago about a rich list matriarch in the upper South islandwho has been a beneficiary of the National party assets sell offs.
    built a huge bunker under their mansion, it wasn't for
    a nuclear war,
    a disease epidemic
    or even the zombie Apocalypse.
    it was it said to be there to protect them if the peasants revolted against them.
    Quote Originally Posted by Katman View Post
    I reminder distinctly .




    Kinky is using a feather. Perverted is using the whole chicken

  9. #264
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    Quote Originally Posted by HenryDorsetCase View Post
    Easy to say, but it had knock on effects all over the country.
    Tall poppy syndrome. What the haters forget is if Auckland goes down it will take the rest of the country with it.
    Lets go Brandon

  10. #265
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    Quote Originally Posted by jasonu View Post
    Tall poppy syndrome. What the haters forget is if Auckland goes down it will take the rest of the country with it.
    Cept it won't. This fear mongering keeps getting thrown around especially when it comes to country's i.e. "if America falls the world will collapse"
    It's a load of shit, history has shown time & time again it's a load of shit; sure there'll be a stumble as the money men try to find the new "golden egg" but that's a self fulfilling prophecy. Shit happens & the world carries on; in the grand scheme Auckland (or anywhere) going down matters little
    Science Is But An Organized System Of Ignorance
    "Pornography: The thing with billions of views that nobody watches" - WhiteManBehindADesk

  11. #266
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    in the grand scheme of things sure, but to your life perhaps more change than you realize, look at say greece or spain or argentina or venezuela --- sux if you were born there, work there, live there etc just the rest of the world has moved on while they continue to have had all their money confiscated to pay back debts to the eu or other--- from poor decisions by successive governments and a mass amount of people going fuck working i'll just take a pension/doll and let everyone else work for me, I still deserve food, a family a house................... someone has gotta work -- can see the OAP here going once enough young voters vote and say fuck off old people you had it sweet.

    all a game to a few banks though really innit... slavery via debt, the modern way.

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