Panda-nZ, the ignoramus peasant who wanted Ryman to load up with more debt to do a share buyback when it was close to defaulting on its loans.
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That's interesting. Are you saying Ryman Health (the NZ senior retirement homes I see around NZ) has borrowed $$ to finance a share buy back ? Wow.. .and I think investors in NZ were so thick in the head demand dividends over increase the share price of the company.
Anyways, Luxon is no real executive despite having managed Air NZ. I often find he has similar parallels to Donald Trump in having minimal gov't experience.
Balance resorts to "cut and paste" trolling whenever he is faced with an argument he can't counter or a political opinion anywhere left of Ghengis Kahn. If you track his posts on this and the Off Market Discussions" forum, you will note that his standard response to many posters is an ad hominem rant. Sadly, this behavior has started to spill over into the OCA thread on the NZX forum.
I suggest you stop feeding him.
A poem about tall poppies written by chat gpt:
I told it that the premise is where if the poppy is cut down it provides sun and fertiliser for the other poppies, but if it is not then it succumbs to genetic heritable diseases and then soon dies anyway.
Quote:
Poppies and fate.
In a field of poppies tall and fair,
A story's told of life's despair,
Of growth and strife,
the fates entwined,
And choices made, by fate's design.
The tallest poppy, proud and grand,
Stood tall above the earthen land,
Its petals kissed by sun's embrace,
A sight of grace, a touch of fate.
But in this tale of heights and dreams,
The tallest poppy's not what it seems,
For though it soars, its doom awaits,
A twist of fate, a darkened fate.
If cut down swift by hand or fate,
The tallest poppy meets its fate,
Yet in its fall, a gift bestows,
A sunlit path, a nourished growth.
The poppies near, by sun and soil,
Embrace the gift, their roots to coil,
And from demise, new life awakes,
A cycle old, a dance of fate.
But if untouched, the poppy stays,
Its height maintained, its pride displayed,
A heritable curse, it bears instead,
In time, succumbs, and withers dead.
This tale of poppies, tall and fair,
Reminds us all of life's despair,
Yet even in the darkest days,
We find a way, a light to blaze.
- Chat GPT 4.0
Rod Duke in the herald this morning about a capital gains tax.
https://www.nzherald.co.nz/business/...IKQRYXBIFCL2Y/
This, he believed, would be “punitive” for hard-working people. “It is not a rich person’s tax,” Duke said, saying it would also catch “thrifty savers” who tried to prepare for the futures of themselves and their children.
Think of the children says Rod, what a community minded patriot.
Not sure but I felt the tax on my labour for a 40 hour week seemed quite punitive especially when the $45,000 I made each year for the last five years just owning an average house did not seem that hard to do. No great skill or effort in having capital and owning an asset (although choosing ones that go up on the NZX has eluded me so far). Not quite sure where he is coming from.
Especially when we have a government guarantee of a 1-3% gain each year in the value of our assets while reducing the cost of our borrowings each year by the same amount and with crazy kaumatua Adrian Orr in charge of the RBNZ we have been getting a lot more than the 2% mandated in legislation. Adrian has been a godsend for the "hard-working" people Rod is so concerned about.
I guess while 60% of NZ owns a house Rod will have some allies in his fight against punitive taxes. Another rich lister felt the suggestion of a capital gains tax made him/her feel like a criminal. Now that is terrible, poor baby.
Another rich lister who did not want to be named said
he made his fortune on untaxed capital gains but supports taxing those gains - saying it was only fair to bring New Zealand into line with other countries.
No wonder he wanted to remain anonymous, I imagine you would get a lot of hate for saying crazy things like that.
I am surprised we have not been threatened with the wealthy taking their capital and leaving NZ yet???
Unlike other countries, almost all the wealthy in NZ already have substantial assets & wealth in places like Australia. In fact, most of them spend a great of their time overseas.
An easy hop and it's Australia residence for them - just as so many doctors and young skilled NZers have done in the last 5 years.
A lot will depend on what type of CGT is brought in. The one proposed by Michael Cullen (he hated the rich with a vengence) will see them take their funds and wealth over to Australia.
IMO, a CGT is well overdue in NZ so let's stop mucking around and bring a sensible one in.
Australia's CGT is 20% (but only if you held the asset for 12 months). Red tape!
Otherwise it's 45% and you're on the highest tax rate.
I don't remember the details but I think Michael Cullen missed an opportunity by not proposing a simple across the board CGT but at lower rates than the taxes on labour, just to make it palatable.
Michael Cullen came across as a whiny dweeb while in opposition, but once in power he at least tried to address bigger issues such as the affordability of national superannuation. The Cullen fund was an attempt at current generations putting something aside for their own retirement and kiwisaver compelled the next generation to start saving for their own retirement.
I liked his comment "I don't mind people climbing the ladder of success but I do not like it when they try to kick out the rungs of that ladder once at the top" or something to that effect.
The only proper CGT is to tax ALL capital gains (with a threshold for the family homes (maybe $1mil per owner)).
Wide-ranging and simple.
The only sticky point is establishing the value of the assets at the start but that is a one-off issue.
I find it laughable that people suggest people will leave if one is introduced - maybe go to Aus where they have GCT and stamp duty.
and like all other 'similar' countries to NZ (English speaking) that have CGT, they ALSO have CGL (LOSS). In Canada you can claim back the tax you paid on CGT with a future CGL which averages out the gains. Unlike NZ's FIF, they are only worried about the paper gains and not the losses of 1 year to another.
Warren Buffet has the same view that he's flabbergasted on the though of the wealthy and rich fleeing America. His view is you're already rich, why be so greedy? and if moving would ever satisfy anything ; i'm amazed the amount of great effort multi-millionaires go through to pay the least amount of taxes when any savings would have little or no benefit to the overall outcome of their standard of living.
Dont think there will be much in way of reductions in any other taxation if a CGT ever got brought in
Look back no further to the same Labour's non performances on promises following introduction of GST
All smoke, mirrors and grandiose lies ;)
And who does Dozy Parker expect to swallow the convenient widened theory that capital gains of any sort form income ? ;)
Surely the sharp tax collectors can't have been doing their job right if Comrade Dozy's tax rate claims come out well south of the lowest effective tax rates in play for the selected band of wealthy examples .. ;)
We might need thousands more Accountants, Valuers and Civil Service bods to deal with all the extra red tape on an even more poorly concocted excuse for CGT.
A poorer excuse for a Labour Govt will have even less of a clue on how it should operate than last time they tried spinning the same wheel only to be left looking idiots ..
Is Mahoota available to start the drafting job for the hapless Dozy Parker's attempt to respin the last failed CGT wheel ? ;)
The CGT stance is likely to quite nicely turn around and see most of the peasants on the street also bitten badly on the backside whether they realise it or not ;)
Almost as good as Robbo trying to tell everyone that some Interest expense is not a business expense
against all prevailing principles.. ;)
Look where that went and who wound up mostly on the paying end for those changes ;)
These sort of weird and wonderful inspirations can always be expected from the Socialist comrades of the
failed Desperado cause headed for the exit door very soon, but not awake enough to see that they are signing their exit visa's in even retracing back to past badly failed attempts ;)
Everything is fine and dandy in trying to slingshot in more of the private wealth on any old poor excuse to cover the gaps in the Govt's haphazard and excessive path of wasteful squandering and consultants to cover for their own total lack of clues ;)
A Labour thing - isn't it ? .. and probably yet another failed one :)
I'm not in favour of a CGT because I believe that the allocation of resources done by individuals is going to be far more efficient than what the government would be able to do. In the long term, all New Zealanders are going to be better off with the extra investment done by wealthy individuals without a CGT, than the benefit some may receive with a CGT.
"I contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle."
Funny how a decade of loose monetary policy incentivises firms to take lots of debt on, isn't it? The governments ability to repay debt on time is by no means an indicator of its ability to efficiently allocate resources. Private institutions are driven by profit, meaning where its necessary firms will enter and exit markets. What are government employees incentivised by?
So taxing the backsides off the Private Sector just so the Central Govt bureaucracy can blunder on in wasteful squandering is the answer ? ;)
Very soon the AA+ buckles when those being harvested are no longer harvestable :)
It all sounds like a dumb shortsighted Socialist scheme for killing the golden goose ..
Only a Dumb Socialist would try revisiting past history, rejection of the idea and previous
failed CGT initiatives few on the front bench knew how they would operate :)
There is a whole Labour front bench of that sort of desperate deficient talent ..
The Bureaucracy have spent how many hundred years firmly attached to the tit of private sector and private enterprise sucking away ? ;)
Without it they would wither and die - would they not - peasant friend ? ;)
You like South America - say Costa Rica ?
Many peasants there and smart money all run away :)
If Comrade Parker wants to start poking the tigers at large, then he and his incompetent mates risk get badly bitten or savaged yet again - surely ? ;)
It wouldn't be the first time an incompetent mob of Labour nincompoops have tried their luck and paid a price for their stupidity :)
Most would doubt Labour's ability to focus or deliver on anything after the long list of recent FAIL performances
How many extra bums planted on Civil Service seats added under this mob's watch ?
How much extra thrown at Consultants to make up for the large void within Govt ranks ?
Their incompetence with existing Tax forms should make all concerned about their abilities in wanting to syphon even more on any old poor excuse.
That allays any look over the fence at what is going on next door .. in attempts to justify their backwards focussed
attention and poor attainment on what was in their hands, surely :)
Feel like being made poorer ? -
https://www.nzherald.co.nz/business/...FRJIVB3MOOBU4/
Bruce Cotterill: Envy taxes will only result in making us all poorer
This is what Comrade Parker is hell bent on delivering ;)
Feel poorer already on Cost of Living, Interest Increases, Disasters, sagging / volatile property & rental markets ?
Parker proposes to deliver to all a newer more comprehensive form of "Poorer" to eclipse what they have
already inflicted on all ;)
Only the idiots and or those in a long deep sleep out there could fail to see it :)
Why not exempt business and shares instead. After all they directly provide taxable income.
People will continue to head overseas for better paid work and affordable housing. Reform would need to be major and extend beyond just introducing a typical OECD CGT exempting the principal residence to change that.
"Certainly not to improve government services and improve outcomes - because everything has gone backwards into crises with Ardern:" Balance
Housing
Healthcare
Education
Poverty
Law & Order
Infrastructure
Balance's list of areas of concern can be traced back directly to Douglas and Richardson' free market policies.
westerly
At least over 95% of the US population does not pay much in inheritance tax as the threshold starts where the estate is valued MORE than $11 MILLION USD. It's not an issue of 'a weak one' or enforcement but the intention is clear, unlike NZ, the ultra rich do pay more taxes in America. (or at least the difference isn't as remarkable as here in NZ where the #1 preferred investment is owning multiple houses that have tax free capital gain).
So please explain why developed top 10 OECD nations that DO have a CGT, are whipping the pants off NZ in terms of standard of living, health care, & education? Let me tell you the main difference. Those nations have the wealthy pay far more taxes than the working class and they put it into more productive assets (ie owning shares of businesses instead of houses). We have taxation under Kiwi Saver that punishes the working class ; while those that could earn in excess were able to leverage and borrow to buy more and more rental houses (which grows tax free); yes ONLY in NZ this is the kind of arrangement we have.
I reiterate, why is Australia, Canada, and America leaving us behind? You will not attract any high skilled migrants to NZ if the environment here is too difficult to prosper. The table needs to be turned around so that the perks of tax free capital gains (over a FIF taxation under KS) is abolished. Really this is a fundamental reason that even the UN has criticised NZ for allowing such a wealth gap between the haves (those owning houses) vs the have nots (those that can't afford their 1st home).
SBQ, thats correlation vs causation. New Zealand has a massive problem as it stands with excessive government spending, a CGT would only cause more wasteful spending. If your argument instead was to lower other taxes and cover that with a CGT, that would be more reasonable in my view.
The real solution to the housing bubble is to make it far easier for property developers to build housing by getting rid of red-tape legislation, not by slapping them with a CGT upon sale of their new property.
Well said, ValueNZ. We have a government addicted to wasteful spending with no accountability for outcomes. Eg. $1 billion for consultants and the $3 billion Provincial Growth Fund - money down the dunny.
There is no point adding on new taxes like CGT for the government to take in more money to waste.
Makes good sense however if a CGT is implemented in conjunction with a comprehensive revamp of NZ’s tax system.
Enjoy this 2 minute video of Kerry Packer taking the Australian government to task over new laws and new taxes:
https://youtu.be/DBg7DnQjjcY
As for housing, the solution is simple - just adopt Singapore’s housing policy.
NZ government spending as percent of GDP is similar to that of Australia and the USA and below most of Europe. Some wasteful spending happens the world over. Where the governments raise their revenue varies if course, NZ has a regressive revenue raising system with the middle income earners paying a greater percent of their income as tax than the wealthy. Perhaps that is holding NZ back.
Our very lacklustre productivity as a country which reflects the huge proportion of Kiwis that don’t contribute at all, is the biggest issue. Then we have our low goals. No European country would pride themselves of being able to make stuff with No8 wire for example !
We use no. 8 wire because our capital goes into buying the expensive land!
Lack of productivity gain reflects the fact that NZ does not invest to improve it, and our tax system and investment priorities do not encourage us to invest to increase it. So many of our more productive kiwis go to Australia where they work more productively than they could in NZ and where their after tax income can provide a much better lifestyle.
A CGT won't change anything for property developers their income on which they are taxed would be considered capital gain for the rest of us.
Admittedly govt debt has doubled over the last few years and it is hard to see that anything substantial has come from it.
Tax rates don't need to rise with a CGT we could offset it by dropping GST or income taxes. Maybe if we had a CGT everyone would be paying roughly 20%.
Cause it is a load of crap. Bruce just says much what you would say. Envy tax, tall poopy syndrome, without the wealthy society would collapse, they are the wealth generators and job creators if you bring in a CGT and they will leave and NZ will collapse.
Interesting that Bruce provides opinions on how to run the country on a regular basis in the herald. I am not sure how long has he been chairman of Asset Plus but if that is the best he can do for one of the smallest simplest companies on the NZX I do not know how he would go managing a country of 5million. I imagine centuria appoints the board and have done OK along with the board of directors over the years but the plebs look like they have had their wealth halved under Bruce's leadership. I don't really know if this is true but play the man not the ball as I always say.
He did not let us down in the article though, he finished with the quintessential threat of leaving and taking his wealth with him. What a co*k. Although to look at his CV I am being unfair and he does a hell of a lot for NZ. Maybe just spread himself too thin to provide better governance at APL.
Last time I looked it was motivated hard working young people leaving NZ for opportunity abroad rather than the rentiers who are firmly entrenched and fighting hard to keep their comfortable position.
Yup - a mechanism which they adjust up and down to effect the outcome they want especially in the higher end private residential property market.
In 2021, 80 percent of the resident population in Singapore lived in public housing developed by the Housing and Development Board (HDB). Every Singaporean adult is guaranteed a home under their public housing scheme which was adopted from the UK in the 1960s but vastly improved to meet the needs of Singaporeans.
Simple question which again, relates to what I posted before. How do other developed countries that have a comprehensive CGT, become far more productive and whipping NZ in increasing the standard of living? Specifically, why are houses more affordable in those countries? I will tell you why. It's because there are too many property speculators that have turned housing, into a game of trading shares of a company. They've commoditised houses where the losers are those that can't afford to buy one but are forced to pay the price. We have insane high land prices where the infrastructures are paid for privately instead of co-funded with the gov't. High levels of regulations 'Green Party' environmental restrictions, lists goes on. We're heading really fast to where we will be living in tents.
Sorry behind the pay wall but Sir Ian Taylor risks missing out on invites to flash parties with his blasphemy on tax.
https://www.nzherald.co.nz/business/...LJC2JND4ZWNIE/
He suggests a capital gains tax would be a good idea and might pave the way to reduce GST to help those most in need.
I agree with him taxing unrealised capital gains is a bad idea and agree taxing realised capital gains should start asap.
He also mentioned that when trying to help a couple of Swedish employees to get taxed in NZ as Sweden had a higher tax rate they declined as they were proud to pay taxes in their country. They did not see it as a burden but part of their social contract.
Perhaps they needed to talk with David Seymour who could point out that the success of their country was probably due to low tax rates in the 1860s. David obviously a deep thinker as most of us would have not realised this.
Another smart person believes that we should have a CGT - Sir Ian Taylor
https://www.nzherald.co.nz/business/...LJC2JND4ZWNIE/
Hey dobby, I hear the maori are out of control in labour party. Better watch out, they can be nasty basta*ds....
So much for pushing all things maori, "special people" you know... after all, they only want to take over the country, and just needed silly old Labour to help them along.
Watch your back. Jacinda got stabbed good and proper by the look of it.
You know - I thought that this thread was about CGT but neither of you seem to want to discuss that.
Neither comment has anything to do with Sir Ian supporting a CGT.
Keep the politics in the politics thread rather than spray it around!
There doesn't seem to be anything particularly difficult about taxing capital gains.
The ability to tax “deemed income” already exists thanks to the FIF regime – just needs a little tweaking.
You can only tax things which you can easily and readily value. Helpfully there are share registries, rating databases, tax returns, company filings, and the like which allow a valuation to be made and a loss/gain calculated relatively simply.
And of course, the exceptions/exemptions. Helpfully there are many countries with a CGT with exceptions/exemptions, so it’s not a major exercise to pinch an idea or two (or four or more) to suit New Zealand’s undoubtedly “special and unique conditions”.
As with GST, a fairly long period for the Great New Zealand Public to warm to the idea, and a small legion of comms people to sell the idea and the details.
Then you’d need a start date for the valuations – ideally a couple of years in the future.
Administratively it’s not particularly difficult – the source data pretty much already exists, making it an integration exercise as much as anything. Set it up and just wait for the transactions to start ticking over and the money to start rolling in.
And who would you get to do it?
Who better than the Tax Partners at EY, Deloittes or some crowd like that. Pay them five million bucks a head for the detailed design, two new passports in names of their choosing, and a complimentary one-way ticket to anywhere else in the world. And a five million buck bonus payable after three years if it rakes in as much as their design predicted.
Just remembered reading an opinion piece from John Roughgan about capital gains tax. This sentence caught my attention and reminded me how powerful the media is in shaping public opinion.
https://www.nzherald.co.nz/nz/john-r...N2ZZM7U4ID3RM/
A new Herald editor had brought me back from Parliament to join the small team that wrote its editorials.
Our editorials were supporting GST, reversing the paper’s previous opposition to a value-added tax whenever one had been recommended by reviews of the tax system. But capital gains tax was a step too far even for Rogernomics at that time.
The paper makes the decision what to support and what to squash.
While looking for the article I came across this one, unrelated to capital gains tax but holy s*it I have not been following the three waters and co-governance debate thinking it is just racist negativity from white people, but no this is crazy stuff, not democratic at all.
https://www.nzherald.co.nz/nz/john-r...KBYMKDPVQJYQ/#
Whoever proposed this sort of thing is working hard for two NZs splitting people based on race and giving one race special powers over everyone else. To me this seems like total bull*hit.
I can now see why there seems to be a lot of Maori separatists in parliament, sounds like a good deal for them. If this legislation gets signed into law it will be outrageous.
How we could have people in power promoting and supporting this undemocratic divisive policy is beyond me (unless they are Maori or stupid). No wonder Jacinda left, slow learners like me are just waking up to what is happening in parliament. Stop race based policy.
I don’t think it’ll only be Māori subject to CGT, but I suppose you have to allow for tha vagaries of electoral politics.
Sorry got side tracked in the last post, not mixing capital gains and Maori politics.
Saw this click bait but clicked anyway as it discussed the big threat of bringing in a capital gains tax. Not sure how well researched this is or even how they would get that data so take it with a grain of salt, but if there is an element of truth to it Australia a place to go to for millionaries despite capital gains tax. USA has a capital gains tax I think. Israel and Singapore don't know.
The daily digest does not sound like a serious news organisation and is Zeleb.es even a person's name. The joys of the internet and all the **** it produces.
https://www.msn.com/en-nz/news/other...ei=14#image=16
Good to see Chippy towing the line.
https://www.stuff.co.nz/national/pol...--end-of-story
Another gutless ineffectual leader kowtowing to the selfish boomer vote. As much as I hate everything else about the greens maybe I will give them my vote based on their tax policy.
Has national still got raising the retirement age to 67 as part of their policy? I assume they have, brave but this will not happen until the last boomer is firmly attached to the taxpayer teat otherwise it is not politically palatable.
Here we go with an article from RNZ.
https://www.rnz.co.nz/news/national/...s%20the%20same.
National's Christopher Luxon has committed to raising the age of superannuation should the party get into power.
The party intends to lift the age of eligibility from 65 to 67, despite a recent report from the Retirement Commission recommending the age stays the same. Luxon said increasing the age would be done gradually and the party was giving people 15-20 years' notice.
Lets work it out, the article was in November 2022 so 15-20 years away would make the youngest boomer 73years old if I am not much mistaken (2037-1964 = 73). The only surprise is that they allowed a few gen xers to join them at the taxpayer trough.
Tertiary education became unaffordable almost immediately after the last boomer graduated.
I am tarring all boomers with the same brush much like a racist does on other issues so my apologies to the people who aren't selfish and do want to invest in NZs future not just your own.
Aaron your hatred of "boomers" affects your rational thinking.
Chipkins knows a CGT now would kill Labours flagging election chances stone dead, along with the struggling property market. Even more so when National have a suite of ‘property ponzi’ friendly policies ready to implement. Politicians will always be pragmatic realists when their careers are on the line, something that myopic idealists can’t seem to understand.
I don't really hate boomers (some of them are friends) but I am at a point where more of the same from govt doesn't do it for me anymore. One issue for me is monetary policy and the continuing rise of wealth and income inequality with a smaller percentage of the country capturing more of the wealth and income. It has been happening for a long time.
Being wealthy is not a problem if everyone gets a similar opportunity when they are young, but with the decrease in income tax rates and the rise of regressive GST rates, the abolishment of stamp duty, gift duty. all death and estate taxes as well as no wealth or capital gains tax and now a regressive inflation tax (cost of living tax) it seems to me that we are setting ourselves up for something more akin to a feudal society where your status and success is decided at birth. Maybe a few generations away but I can't see why we would work towards something like that.
Mind you a communist "green" state is also repugnant so I am unsure how I might vote but my pick for this election is that the smaller more extreme parties will do better than usual as National and Labour offer nothing except a safe comfortable retirement for baby boomers, with some of the cost being lumped onto the following generations.
John Key, Jacinda Ardern and now Chippy all have to sing from the same song sheet to get re-elected.
Just curious - how else would you describe yourself, based on this post, other than selfish?
Reminds me at the old joke: Everybody cares only about himself, only me cares about myself.
Let me ensure you, boomers are people like you and I, and the Gauss curve distribution applies for them exactly as for every other generation, race, nationality or gender.
But given that you clearly don't seem to be a boomer (unless you are a masochist as well), I apologize on behalf of your parents, who you clearly describe as some extraordinary selfish ars*holes. These things happen in any generation, but particularly selfish people conceive them this way.
I don't think I ever said I was not selfish and self centred.
A bit wealthier and I could be voting for ACT these elections rather than leaning left.
I can see why people vote the way they do. I do not have to like it.
That is one of the reasons I can accept being forced to pay tax as I would not willing give anything to anyone.
Ars*hole seems a bit strong to me, perhaps just "selfish and self-centred" would be more appropriate.
Generationally speaking you should read the fourth turning. More theoretical bull but sounds plausible.
Sounds like these things go in cycles so I can't get too upset.
Unraveling
According to Strauss and Howe, the Third Turning is an Unraveling. The mood of this era they say is in many ways the opposite of a High: Institutions are weak and distrusted, while individualism is strong and flourishing. The authors say Highs come after Crises when society wants to coalesce and build and avoid the death and destruction of the previous crisis. Unravelings come after Awakenings when society wants to atomize and enjoy. They say the most recent Unraveling in the US began in the 1980s and includes the Long Boom and Culture War.[2]
Individualism sounds better than selfish or self centred. This is the third turning, according to them and if they are right the fourth turning will be a doozy but fortunately per the authors the Millennial Generation (which they also describe as a Hero archetype, born 1982 to 2004) shows many similar traits to those of the G.I. youth, which they describe as including rising civic engagement, improving behavior, and collective confidence.
Agree, good book (though terrible reading, but this is another story). Good explanation of one major drivers of history. Read it together with "The Changing World Order" by Ray Dalio - and the development of history appears pretty straight forward.
However - these things are not inevitable for the individual ... you know, anybody can brake out of the negative connotations of their own generation and do useful stuff instead of moaning about others ... no matter whether this other is a different generation, a different race or a different nationality.
Anybody can change themselves, but nobody can change anybody else, which means that generalisations (in this case "the boomers") are not just wrong (as any generalisation), but as well absolutely pointless.
Good book but you obviously do not agree with their conclusions. I take things with a grain of salt when it is a theory but they suggest people are at least partly shaped by the era and turning they were born into, for example. I have highlighted the bits I think you will find most annoying.
Prophet (Idealist) generations enter childhood during a High, a time of rejuvenated community life and consensus around a new societal order. Prophets grow up as the increasingly indulged children of this post-Crisis era, come of age as self-absorbed young crusaders of an Awakening, focus on morals and principles in midlife, and emerge as elders guiding another Crisis. Examples: Transcendental Generation, Missionary Generation, Baby Boomers.[55]
I hope the Hero Millenials aren't pushed into fighting another war by the selfish(individualistic) boomers
Aaron, sounds like an interesting read. Thanks for the referral.
Actually, I thought the theory is quite convincing. What I don't agree with are generalisations like "the boomers".
But, given the thread title we probably pushed that far enough ... and don't forget - given that the boomer generation are with or without the book the leaders in the current crisis situation (just look at the main political players these days) - better don't trample too much over them! You don't want to distract your leaders, they better focus on setting up a good foundation for the next saeculum, otherwise we all are screwed!
Tried reading the sports pages to avoid the depression brought on by all the other news but then read that Marc Ellis is looking to leave NZ. I think he has done quite well for himself not sure if you could say "rich". But it is not the unimaginable thought of a capital gains tax driving him from these shores it is
New Zealand feels as if it is being pulled apart at the seams. I thought we were egalitarian and unified but some people who feel slightly disenfranchised use that to exacerbate rifts for political reasons.
I suppose it is unreasonable to expect a larrikin to tough it out and try and make things better. He did not offer any solutions and I wonder if there are any? Just a cycle we have to go through? Not sure if he means Maori when talking about people who feel slightly disenfranchised or ACT or Green supporters.
There was also an article about immigration although they did not discuss the age demographic, I will assume it is young people finally getting around to voting and they are voting with their feet.
Not to fear boomers, after shi*ting on the younger generations all your life just because the ungrateful little b*rstards don't want a minimum wage job wiping your old ar*e in a rest home, there is plenty of cheap labour wanting to come to NZ as it is still relatively better than a lot of places around the globe. (Not Italy according to Marc, I hope he doesn't have the gall to support the AllBlacks at the world cup as he is heading to the Azzurri country)
Note to administrator happy to be banned for bad language I think I was happier when I couldn't post.
A capital gains tax is long long overdue in NZ but NOT under a Labour government which only knows how to spend and squander taxpayers' money on wasteful spending.
Bring CGT on ASAP so NZ is in line with the rest of the OECD.
If true Chippy's plan is to take GST off fresh food. Good to see Chippy is "In It For Us".
He rules out a capital gains tax like the spineless wimp he is proving to be. Then looks to buy votes with an idea even his own advisors think is dumb. I guess Chippy understands that at least some of the voting public is even dumber.
Has Chippy asked all the hard working Kiwis how residential rents being exempt from GST has helped with their budgeting? I guess not.
Our oligopolistic supermarket chains will be the only ones possibly benefiting from GST being taken of fresh food, hopefully the 15% increase in margin offsets all the d*cking around with the GST changes.
Chippy desperately introducing dumb ideas to buy votes from idiots does not sound like he is "in it for us" Chippy is desperate to hang onto power and has just shown he does not give a f*ck for the country as a whole. Actions speak louder than slogans Chippy.
Mind you I do not think he is better or worse than any of the others. They all have to pander to the worst in us to get elected.
He sounds like the type of guy we need running the country.
https://www.nzherald.co.nz/business/...A7FSN3O4UFBQE/
Colin Maiden knows how to introduce a capital gains tax.
he supports a moderate capital gains tax – “maybe about half the normal tax rate”; probably a few other implementation issues to be addressed.
I can hear all the dummy lefties now saying the wealthy (captial) should not be paying tax at half of what poor people (labour) are paying.
Half is better than the current "nothing".
I agree, after all places like Australia and Canada have CGT for donkey years. When I left Canada pre-2000, the CGT was 75% of the gain is taxable income (currently, 50% or half is taxable income, same in Australia).
I think there's an unspoken problem why CGT has become so difficult to implement in NZ. That's is due to that around the area of share investments, we already have taxation on it. If your Kiwi Saver invests in overseas shares in America, it will have FIF which is worse than a CGT, but rather a tax on paper gains (and on years like last year where the market went -20%, well it gets to do another 2nd round of taxing for 2023 when the market goes positive). You could be paying FIF on say +10% return in 2023 yet your portfolio would not have reached the end year 2021 high, which essentially robs the potential compound interest. I would put my $ on that the current regime gives IRD more tax take than putting in CGT despite they would get the tax from all those houses in NZ.
Why would any political party bother with a CGT on property? It's a kiss of death from the albatross round their necks.
My pick is that a National government, in it's second term, will introduce a low-rate CGT on easily-valued financial instruments traded through regulated exchanges, and that this will be promoted politically as some variation on "taxing the rich pr*cks" to pay for infrastructure and maintenance
As an aside, I see that over the past few years, the vocal opposition to a CGT has brought the idea of a Wealth Tax into the political sunshine. Whoops!
it's never bothered Labour before much .. until during the most recent 5.5 years :)
Even the Late Comrade Cullen must be looking down thinking current mob fairly dumb ..
Have the recent batch of Comrades suddenly fallen on their heads and brained themselves ?
or is severely handicapped and clues deficient the new 2020's Labour look ? ;)
When will Labour announce their new policy that they will be compensating all they enticed into
Property on low interest rates for losses they sustained in the glowing property ownership adventure
that turned out as sour and rancid as a plate of stale old burnt sausage rolls ? ;)
FIF arose from the lack of information available about individual’s investments in other jurisdictions.
It’s no longer needed, it’s inefficient, costs a fortune in both administration and compliance. Officially mandated EoI makes it redundant, and so a CGT as above rides in straight over the top.
I highly doubt it's a lack of information. The key reason being, (from what a Parliamentary spokesperson explained to me at the time of FIFs introduction), was entirely around the difference in taxation. Most companies on the NZX you have an expectation that dividends should be paid, whereas most companies listed on the Nasdaq, focus less on dividends and instead, higher appreciation of the share price. Because NZ doesn't have a formal CGT, the NZ investor would achieved untaxed returns on such investments.
Why has the media not picked up on this issue that if CGT were to be introduced in NZ, the issue of FIF needs to be removed ; and why no politicians has mentioned this before? Maybe because IRD is already getting more tax take under the current regime than if under a CGT model.
Agreed my understanding for the FIF regime is that overseas companies tend to reinvest earnings into growth (esp. USA) and NZ investors could invest in US shares basically tax free (unless they were traders of course). We also have imputation credits which stops the double taxation when a company pays a dividend from tax paid earnings.
Why would the media worry about the scrapping of the FIF regime and the bright line test etc. when a comprehensive capital gains tax has no chance of being implemented. Last three prime ministers have had to explicitly rule out its implementation and ones previous to that did not have to as you would get your head bitten of for even discussing such a thing.
Rob Campbell has a view as do we all.
https://www.newsroom.co.nz/how-to-st...society-add-up
I'll pick the bits I like.
Major party discussion on this has become bizarrely focused on who will reduce which tax. This at a time when there is widespread acceptance that we face huge infrastructure deficits in everything from housing to hospitals, transport to training, flood protection to food security. When the big problem is how can we afford to face these deficits, we talk about how we can escape paying.
30 years of avoidance has been successful so far, kick the can down the road, use debt and print money?? People don't notice an inflation tax so much, not asset owners anyway.
Taxes on wealth in various forms are declared off limits by several political parties. There are different versions of these – land, capital gains, asset, inheritance. We are an outlier tax haven on all these matters.
Any party not facing the facts of social and infrastructure deficits, the urgent need to address them, and getting the money to do that, does not deserve your time or your vote.
If we exclude ACT, National and Labour as Rob suggests the choices are getting limited.
Interesting view on capital gains tax from treasury.
https://www.stuff.co.nz/business/350...books-treasury
Current govt not likely to implement one, gutless Hipkins has already exposed himself by pandering to the selfish morons that make up a significant portion of the voting public.
Mind you, if a cgt scheme were introduced, the family home would probably be exempt from both the new CGT and income tax (as currently). This would make home ownership even more appealing for overcapitalising and accumulating wealth. Any government would have to beef up the KiwiSaver with decent tax concessions to offset the increased attraction of further overcapitalising the exempt home. How likely would that be?
A capital gains tax would not need to be at marginal rates. It could be a set rate. Somewhere between 15c and 25c in the dollar.
We don't need a capital gains tax. The government needs to spend less or spend more efficiently.
If there was to be a capital gains tax, (I would like to see a reduction in income tax or a reduction in GST). In addition you will need to have an inflation adjuster to account for artificial price increases.
We already tend to over capitalise our homes now, new kitchen every 10 years, I know people that have put in $100K & $200K kitchens.
Everyone has butler's pantries, walk wardrobes, mud rooms etc you name it.
Although I think a CGT is an essential tax tool, it won't be enough to fund the massive infrastructure deficit.
Where NZ goes wrong is we leave land development in the hands of developers. In the past the Government used to develop subdivisions or entire towns.
The Government should buy land for redevelopment, rezone it for development & then either sell it to a developer and take the huge increase in value, or even complete the development & sell it on to residential buyers.
At the moment landbankers, farmers & developers get a huge windfall when land is rezoned. It's money for nothing that the Government or Local Council could be benefitting from to fund infrastructure.