"Bold steps" by the g'ment - changes announced at 2pm today

[Tank]

Should the tax haven that are 'trusts' be abolished ?

That would get a lot of the rich paying their respective tax obligations wouldn't it or am I completely off track ?.

There are many benefits to trust - tax is just one of them. Nats are looking at dropping income tax rates to the same as trust to take away that incentive.

Funnily enough labour attacked this just last week (goofy Goffs speach about the rich pricks and using trust to avoid the tax they have to pay - how disgusting).

The real pisser was he forgot to ask how many of his own party do it:

Rick Barker
Barker Family Trust
Upton Family Trust

Brendon Burns
BP and PL Burns Family Trust
PL and BP Burns Family Trust

Steve Chadwick
Gonzo Family Trust

Charles Chauvel
Kittery Trust
Pepperrell Trust
Victory Trust

Helen Clark
Burke Trust
FG Clark Family Trust

Clayton Cosgrove
Eagle Bay Family Trust
September Trust (blind trust)

David Cunliffe
Bozzie Family Trust

Kelvin Davis
Davis Family Trust

Parekura Horomia
Panikau A2
Mangatuna 3, 4, 5, 7 and 8
Mangaheia 1B3Y and 2G1
Tokomaru K4A and K4B1 – trustee
Tuatini Maori Township section 1 block vi lot 2
Rosaleen Aorangi Smith Whanau Trust

Raymond Huo
Chesterfields Trust (family trust)

Shane Jones
Te Puna o Te Anaru Trust
Castlerigg Trust

Annette King
King-Lind Family Trust

Nanaia Mahuta
Mahuta Whānau Trust

Stuart Nash
Nash Family Trust

David Parker
Karitane Trust
Sue Wootton Family Trust
FD Parker Children’s Trust
Tarras Trust

Lynne Pillay
The Pillay Trust

Mita Ririnui
Ririnui-Calhoun Family Trust
Te Aomihi Anne Ririnui-Horne Family Trust
Riripiti Timi Waati Lands Trust
Te Arawa Lakes Trust
Ngati Awa Māori Trust Board
Pukeroa Oruawhata Lands Trust

Ross Robertson
The Robertson Family Trust

[rainman]

How will those of us who are not "low paid" but are slogging the mortgage hard and therefore have little disposable income be compensated?

Ummmmm... what a strange perspective. Rational decision making would just lead you to slog the mortgage a bit less hard. Why would you need compensating? It's like saying, I earn a lot but spend it all on burgers and gambling, I'd like a handout please!

BTW, I agree that both working hard and slogging the mortgage hard are in themselves good things. If the economic environment allows, that is.

[Swoop]

what a strange perspective. Rational decision making would just lead you to slog the mortgage a bit less hard.

So you prefer to be bled dry paying your mortgage for a much longer period? Paying off your mortgage should be near the top of your priorities if you want a retirement.

[firefighter]

Ummmmm... what a strange perspective. Rational decision making would just lead you to slog the mortgage a bit less hard. Why would you need compensating? It's like saying, I earn a lot but spend it all on burgers and gambling, I'd like a handout please!

BTW, I agree that both working hard and slogging the mortgage hard are in themselves good things. If the economic environment allows, that is.

Depends if he meant slogging, as in throwing all available money at it, or slogging, which i'm doing, which is just paying it with fuck-all left for myself.

[Mully]

Ummmmm... what a strange perspective. Rational decision making would just lead you to slog the mortgage a bit less hard. Why would you need compensating? It's like saying, I earn a lot but spend it all on burgers and gambling, I'd like a handout please!

Well, not exactly - we have made a decision to do it hard in the short term to kill the mortgage. Therby saving several years and a big whack of interest on it. If the Gummint chucks GST up, we will essentially have to stay in debt longer to survive.

If low income earners (the reason for them being low income earners is another complicated discussion) should be compensated, why shouldn't everyone be compensated.

And I know, the Gummint giveth and the Gummint taketh away - but lower taxes won't offset higher GST, land tax, higher ACC levies et al

[Mully]

Depends if he meant slogging, as in throwing all available money at it, or slogging, which i'm doing, which is just paying it with fuck-all left for myself.

Ah, the first one - it was a 25 year term that will be paid off in about 12

[rainman]

So you prefer to be bled dry paying your mortgage for a much longer period?

Um, no - read my last para again.

Depends if he meant slogging, as in throwing all available money at it, or slogging, which i'm doing, which is just paying it with fuck-all left for myself.

Indeed - if you are just managing to cover debts on your income, and the govt ups GST, this would be a bad thing. For you (but not for the really wealthy beneficiaries of the govt's re-distributive largesse, of course).

Well, not exactly - we have made a decision to do it hard in the short term to kill the mortgage. Therby saving several years and a big whack of interest on it. If the Gummint chucks GST up, we will essentially have to stay in debt longer to survive.

If low income earners (the reason for them being low income earners is another complicated discussion) should be compensated, why shouldn't everyone be compensated.

And I know, the Gummint giveth and the Gummint taketh away - but lower taxes won't offset higher GST, land tax, higher ACC levies et al

Because the government isn't necessarily acting in your best interests? Blue governments favour the rich, red ones the poor (sorta). A lot of people who fancy themselves rich are actually middle class. No-one favours them too much, despite what they might say.

[Tank]

Well - it looks like GST is going to be confirmed at 15% in May.

[Tank]

He mentioned across the board personal tax reductions - not just the top bracket.

[Tank]

confirmed that there will be no land tax

confirmed that there will be no capital gains tax

[Tank]

they are going review the whole "sickness benefit" scam - fucken brilliant. Watch the bludgers squeel

[Tank]

Reapplication requirements for those on the dole for an extended period

Work and training requirements for those on the DPB

Wow - they are really looking at the 'hand out culture' (note DPB is for over 6yos)

[Ixion]

The mountains have laboured and brought forth a ridiculous mouse.

[Tank]

Most government agencies to have no additional funding for several years - Unions will spit at that (as will the labour party)

[Mully]

confirmed that there will be no land tax

confirmed that there will be no capital gains tax

CGT wasn't required really - if you buy a house with the intention of making money, you should be paying tax on it when you sell. IRD have never really chased that.

Reapplication requirements for those on the dole for an extended period

Work and training requirements for those on the DPB

Wow - they are really looking at the 'hand out culture' (note DPB is for over 6yos)

No arguments here.