I think craic was suggesting he could trade down.
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Surprise surprise someone else thinks a capital gains tax is a good idea. I should have checked him out first in case he turns out to be a nutcase.
https://www.stuff.co.nz/business/ind...-oecd-official
Sensible and fair he suggests. Although the article suggests that "The idea remains unpopular with many New Zealanders, in part because of concerns it could discourage investment in new housing and push up rents, and because of compliance costs." In small part maybe but the main reason must be that they don't want to pay more tax.
"The Treasury has previously estimated that a broad-based capital gains tax, that excluded gains on owner-occupied housing"
https://www.stuff.co.nz/business/industries/104262446/capital-gains-tax-sensible-and-fair-for-nz-says-oecd-official
Apart from the backlash from entitled home owners (increasingly becoming a wealthier minority), Why should owner-occupied housing be excluded? Excluding it will only continue the shift of investment into residential land,and in the absence of wealth or estate taxes, it will perpetuate the deveopment of a shrinking landowning elite who find it is tax efficient to over-capitalise their homes...
Personal circumstances including singles, childless couples and where people have to shift frequently, may mean home-ownership is not the optimal form of obtaining accommodation. In such cases their equity may well better be deployed in creating businesses or investing in income-generating share investments. Yet if they invest all their capital in such vehicles as opposed to their own homes, they would be liable to capital gains.
https://www.stuff.co.nz/business/106...--is-that-fair
More envious people trying to make the world a better place?
True "fairness" is subjective and is determined by those in a society who have the power and control. I guess the tipping point will be when what is "fair" increasingly advantages only a shrinking minority (of politically active people) and a new "regime of fairness" will be ushered in. The beauty of a functioning democracy is that regime change occurs peacefully and comparatively gradually.
Does anyone know what date the TWG interim report is actually due to be reveled this month?