Nat/act/nzf 2023

[Bjauck]

Herein lies the difference. Now we have a Government that actually puts these arseholes in jail, where they belong. Not working with them to figure out how to "reduce harm" without hurting their feelings.. Jacinda's approcah to criminals was an abject failure whichever way you look at it. Just look at ramraids, shop theft etc etc.
You can try to justify as much as you like moka but NZ was fed up with it and voted for a change.

The policy of pussy-footing around gangs has not worked. However we will be heading for American incarceration rates, which will be expensive, if we continue to avoid tackling the gang membership drivers from growing underlying socio-economic issues.

Of course there will be some voters, with a vested interest in the status-quo, happy to see greater incarceration rates, even surpassing the American rate, rather than tackling socio-economic reform

[Panda-NZ-]

To me they come across as two sensible ideas that both major political parties and the last 4 prime ministers have ruled out. Boomer greed is firmly entrenched as this would be the cohort most affected by these changes. They are lucky to have Chris Luxon as PM as he stands for everything they do.

https://www.nzherald.co.nz/business/...LXO3K7EQLU6SQ/

He's captain boomer leading the charge on their behalf - with his 8 investment properties in tow. He will be claiming superannuation when it comes due since he's "entitled" to it (despite being outside NZ for many years, and not paying much tax on his speculative housing investments).

I'm aware that based on chronological age Luxon is Gen X but when you rely on attitude and looks for his age there may be an honourary position for him in the ranks.

[Aaron]

He's captain boomer leading the charge on their behalf - with his 8 investment properties in tow. He will be claiming superannuation when it comes due since he's "entitled" to it (despite being outside NZ for many years, and not paying much tax on his speculative housing investments).

I'm aware that based on chronological age Luxon is Gen X but when you rely on attitude and looks for his age there may be an honourary position for him in the ranks.

Gen X probably not much different from Boomers. They may not have got free tertiary education but they own houses and will probably be relying on national superannuation in retirement.

[ynot]

Behind the paywall but in summary our departing Treasury CEO reckons a capital gains tax and although she does not suggest how, a slimming down of our overly generous national superannuation. Although she said this.

“With an ageing population, we’re seeing an increasing share of Government transfers going to the wealthy, because of course, we have an increase in population of the over-65s, and some of those are in the higher income categories.”

So at a guess not handing out welfare to those that do not need it.

To me they come across as two sensible ideas that both major political parties and the last 4 prime ministers have ruled out. Boomer greed is firmly entrenched as this would be the cohort most affected by these changes. They are lucky to have Chris Luxon as PM as he stands for everything they do.

https://www.nzherald.co.nz/business/...LXO3K7EQLU6SQ/

Not sure how complicit treasury was in the whole covid money printing fiasco as I think they would have issued the bonds that Adrian bought via the Large Scale Asset purchases.

She also talks about the structural deficit.

That said good to hear Chris Luxon tell councils to reign in the spending on vanity projects and stick to the essentials also see they are looking to increase the speed limit to the northern highway to 110km. Some good practical advice so not all bad and not that different from Labour on the big issues.

I have no objection to some cutting of govt pension tho those rolling in other sources of income. Don't forget though Aaron you will be retired one day too.

[777]

If you don't succeed in life then just knock those that do. It's the Kiwi way.

[dobby41]

I have no objection to some cutting of govt pension tho those rolling in other sources of income. Don't forget though Aaron you will be retired one day too.

Neither do I but I wonder what the cost will be of means testing.
It has often been said that the cost would outweigh the benefit but I have never seen actual figures.
From what I have seen of Australia's system it is complicated and probably costly.

[Bjauck]

If you don't succeed in life then just knock those that do. It's the Kiwi way.

With respect to wealth - Not compared with other countries.

Stamp/Gift/Transfer Duties:
Uk, Aus, USA - Yes
NZ - No

CGT:
UK, Aus, USA - Yes
NZ - No

Estate Duties/Inheritance Tax:
UK, USA - Yes
Aus, NZ - No

Top Income Tax rate:
USA - 37%
NZ - 39%
Aus - 45%
UK - 45%

So in NZ for those with wealth in assets, there are no transfer duties, general CGT, or capital transfer tax. Plus, we have liberal settlor, with retained benefit, family trust law.

[Panda-NZ-]

Neither do I but I wonder what the cost will be of means testing.
It has often been said that the cost would outweigh the benefit but I have never seen actual figures.
From what I have seen of Australia's system it is complicated and probably costly.

Doesn't the IRD keep a record of income to the exact cent amount online.

Simply base it on that, then add on capital gains outside the primary residence.

OR take away the re-introduction of interest deductibility to make it simpler.

[Panda-NZ-]

So in NZ for those with wealth in assets, there are no transfer duties, general CGT, or capital transfer tax. Plus, we have liberal settlor, with retained benefit, family trust law.

No wonder Peter thiel has taken one look at our situation, contrasted it with the US (!), and said "Yes please this is my new home".

[Aaron]

I have no objection to some cutting of govt pension tho those rolling in other sources of income. Don't forget though Aaron you will be retired one day too.

That is why I am saving and less successfully investing. Ideally I won't need a handout when I retire. If there is still national super in its current form available when I retire, then I will take it whether I need it or not. That is why I would like to vote for a strong leader/party that will do the right thing despite voter sentiment. That said no two people can agree on what is the right thing to do. It was just that the outgoing treasury CEO mentioned two things I agree with that no major party will even discuss got me in the mood to post.

I agree with you ynot, only cut for those that don't need it and set the level of assets and income quite high.

Yeah Dobby too difficult and costly to means test much like a capital gains tax was too complicated to implement. Better to do nothing and stick with the status quo. Obviously answering some questions in Aussie before receiving welfare is a lot harder than NZ's no questions asked approach, and in Aussie they actually save for their own retirement, although it is by legislative force.

777 if you are commenting on my post, if you equate success in life with receiving a taxpayer handout when you do not need it, then you might want to reconsider your definition of success as it does not match mine.

National Super is good, it is just too generous and possibly not affordable with the population aging. One thing that was discussed in this morning's herald article was structural deficits. The only way out of that is for govt to increase income or decrease spending. National appear to be decreasing both which won't get rid of a structural deficit.

As Bjauck points out, NZ is not exactly a country weighed down with taxes compared to some other more successful (on a GDP per head basis) countries. We are missing all the taxes on wealth not just capital gains, but gift duty, death duty etc etc. our tax system appears to be designed to ensure a widening of the wealth gap and places most of the tax burden on labour or entrepreneurs in business.