Capital Gains Tax finally on a major party's agenda

[yachtie10]

The rich have become victims of their own success... by hiding ?some? of their income from the govt, the govt have to get creative and go after the tax money in other ways... I'm for it

WTF
The rich have got sick of paying for everone else and have legally minimised there tax
CGT will make this worse as more tax for them to avoid

Labour are so desperate to buy votes this is the best they can come up with
i wait with baited breath

[yachtie10]

If they were to reduce the other taxes (which they haven't said either way yet) then a capital gains makes it more fair and doesn't discourage you from working hard and doing well.

Hahahaha like that will happen

I wonder what happens if people buy a house (like in 2007 at peak) and sell now at a loss will they be entitled to a tax refund?

[Usarka]

I wonder what happens if people buy a house (like in 2007 at peak) and sell now at a loss will they be entitled to a tax refund?

Then you don't pay tax. Same as if you get sick and can't work and eat into your savings. Bad luck to you, but you don't pay PAYE.

Do you guys understand tax at all? It doesn't mean NO profit, it means when you make some money some goes to the government which is used for public spending. As a principle why are people opposed to making the system fair?

[Winston001]

Peoples response to political issues like this is as bad as arguing relgious issues. Seriously.

If they were to reduce the other taxes (which they haven't said either way yet) then a capital gains makes it more fair and doesn't discourage you from working hard and doing well.

Mmmm....you make a good point. My personal reaction against CGT arises because Labour is proposing it. I percieve Labour as a party of intelligent but envious people. You'll recall Dr Cullen's telling reference to "you rich pricks" which translated to sneering at anyone who is silly enough to get beyond average.

I have to concede if National had the same policy, I'd be horrified but more inclined to listen.


FWIW we will probably have a CGT of some nature in the next 10 years simply because we are (maybe) the only OECD country not to have it.

[mashman]

WTF
The rich have got sick of paying for everone else and have legally minimised there tax
CGT will make this worse as more tax for them to avoid

Labour are so desperate to buy votes this is the best they can come up with
i wait with baited breath

awwww so they ran into the corner sulking, they haven't got jobs so why should I pay for them ha ha ha haaaaaaaa. If 100% of my income is taxable, then 100% of the considerably richer people's should be too. Bunch of silver spooned babies. Sounds very much like an entitlement complex to me ... no way, not at the other end of the scale.

@worse... yeah, sure, like people don't hide as much of their money as they can already...

@desperate... you wouldn't catch any political party trying to buy votes now would ya

yer a comedian...

[MSTRS:Me]

I know of a person who buys a house cheap (maybe mortgagee sale or a bit rundown). He then spends a couple of months doing it up and flicks it at a spectacular profit. CGT is aimed at this sort of person. I'm all for it.

[Oscar]

awwww so they ran into the corner sulking, they haven't got jobs so why should I pay for them ha ha ha haaaaaaaa. If 100% of my income is taxable, then 100% of the considerably richer people's should be too. Bunch of silver spooned babies. Sounds very much like an entitlement complex to me ... no way, not at the other end of the scale.

@worse... yeah, sure, like people don't hide as much of their money as they can already...

@desperate... you wouldn't catch any political party trying to buy votes now would ya

yer a comedian...

You are the definitive Looney Lefty Cloth Cap Curmudgeon.

[mashman]

You are the definitive Looney Lefty Cloth Cap Curmudgeon.

... I have no political affiliations. Why should anyones income be treated as "special" income over anyone elses?

[bogan]

I know of a person who buys a house cheap (maybe mortgagee sale or a bit rundown). He then spends a couple of months doing it up and flicks it at a spectacular profit. CGT is aimed at this sort of person. I'm all for it.

Fair enough, how is CGT generally applied? point of sale, or yearly valuation?

... I have no political affiliations. Why should anyones income be treated as "special" income over anyone elses?

So you're against the higher tax rate for high earners then?

[Oscar]

... I have no political affiliations. Why should anyones income be treated as "special" income over anyone elses?

So you agree with a flat tax regime then?

[Usarka]

So you're against the higher tax rate for high earners then?

I'd be happy for a flat tax.

But at the same time I'd want all the legal loopholes closed that currently allow a lot of the higher earners to avoid paying tax.

[Gremlin]

I hope this has helped National win another election... they did need it after all

With such an abundance of cheap rental houses, it definitely makes sense to reduce the supply...

And no, I don't have a rental property...

Oh... and Labour will run this policy simply by creating a new department, hire a bunch of staff for it, then claim unemployment has dropped....

[Oblivion]

I think that we can't afford to have a Labour government in power at this point in time. Labour work for the people, while also making the debt that we already have balloon out of control. Its not the people that we need to concentrate so much on, its getting jobs for those people to work. Creating jobs and solving unemployment come hand in hand.

[yachtie10]

I know of a person who buys a house cheap (maybe mortgagee sale or a bit rundown). He then spends a couple of months doing it up and flicks it at a spectacular profit. CGT is aimed at this sort of person. I'm all for it.

people who do this are taxed now. they pay tax on the profits of the business they are running(and if they arent paying they are breaking the law). If they had to pay CGT it would be a double tax

[yachtie10]

Then you don't pay tax. Same as if you get sick and can't work and eat into your savings. Bad luck to you, but you don't pay PAYE.

Do you guys understand tax at all? It doesn't mean NO profit, it means when you make some money some goes to the government which is used for public spending. As a principle why are people opposed to making the system fair?

If your going to insult people know what you are talking about.
People have claimed losses on share trading and all other sorts of business.
I dont know if this would apply to CGT because it hasnt been written yet.
Do you?