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Bit Of A Yarn

C G T


Freda

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1 hour ago, Freda said:

What implications for the industry..?

There won't be any Freda...even the resident expert on everything can see that cullens suggestions are going down like a lead balloon. It won't happen, even ardern can see that to support it at the next election will be a death sentence for labour...if they had any chance anyway..?

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Peters has always stated that NZ First would not support a CGT...but he and labour refused to reveal what was in their so called coalition agreement, so you don't know what peters might have traded off to get some baubles of office...he does more flips than an olympic trampolinist...look at how he's stuffed around since his big announcment that racing should 'embrace' his mate messara's report, thats only 9 months ago! and where have we gone since?

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We already pay 28-33c in the dollar Income Tax and 15 per cent on everything  we 'consume'  purchase (GST)..

Plus ACC. Plus EQC. Plus. Plus. Plus. That's before RATES and WATER charges and a regional fuel tax if you live in Auckland.

Then we waste tens of millions a year on idiot consultants and bureaucrats we don't need who create rules that totally lack common sense; and we pay billions to unproductive people, many of whom have no excuse for not going to work like the rest of us.  (Our local councils are run by the senior bureaucrats on their fat salaries, not the elected councillors.)

And we make people wait for life-saving operations/ medicine because 'we don't have enough money' to make it freely/cheaply available (eg Keytruda). And we charge terminally ill people for an ambulance trip from a hospital to a hospice (true); but let tourists who need to be rescued from our seas or mountains nothing. We give residency and/or citizenship rights to drug smuggling criminals and people who cant even speak English; but we deport hard-working, law-abiding families for no good reason.

Labour is being very cunning with the CGT ...putting something out there that they know we wont accept, so that they can then amend it to CGT-Lite  "just being fair to all the hard-working Kiwis"...

..

 

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2 hours ago, Freda said:

What implications for the industry..?

Very little Freda.  It will eventually for the big breeders when they sell but the effect will take a while.  As pointed out by Reefton on another thread there are a number of situations horse trainers/owners etc should be paying tax on selling horses now -  the introduction of a CGT will only make things clearer.  A lot of scaremonging will happen over the next few years but the reality is that the world has changed massively since "income" tax was introduced in the early 20th century and what was income and capital then is not the same as it is now and  such an arbitrary distinction only serves an elite few.  Every other developed country has one and it has not affected "their way of life" as the Leader of National Party so ridiculously suggested.  Also.there are many examples currently where so called capital gains are treated as income and taxed accordingly.  There are also examples where unrealised capital gains are taxed and fortunately Cullen and co haven't recommended that.

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5 minutes ago, Chief Stipe said:

Why?  It's yet another tax that funds socialist mismanagement.

Because the types of investment that attracts CGT are designed to generate income. Why is some income taxed and other not? 

Why does a person with money in the bank earning any interest pay effectively CGT(income tax in that case) when a person uses the same money to buy non dividend yielding shares? And then sell them and pay nothing?

Why if I invest my money into starting a business to make money, if that business profits, it's subject to income tax. But other investments aren't.

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16 minutes ago, mardigras said:

Because the types of investment that attracts CGT are designed to generate income. Why is some income taxed and other not? 

Why does a person with money in the bank earning any interest pay effectively CGT(income tax in that case) when a person uses the same money to buy non dividend yielding shares? And then sell them and pay nothing?

Why if I invest my money into starting a business to make money, if that business profits, it's subject to income tax. But other investments aren't.

Quote

You would be too bloody scared to start a business. You are the best example of a university educated, cardigan wearing, fliptop on this forum.

Have you actually done a day's graft in your life that didn't involve telling others what you profess to be the "way to go"?

 

 

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6 minutes ago, The Diceman's Been said:

"What is it about Socialism that it's very mention draws towards it with magnetic force every fruit-juice drinker, cardigan wearing, nudist, sandal-wearer, sex-maniac, Quaker, 'Nature Cure' quack, lecturers, pacifist and feminist in  New Zealand, and especially those who think they know it all on BOAY."

I don't know, but what I do know is that I'm a capitalist. Seems you couldn't even work that out.

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I really question labours financial 'nous'...after they haven't challenged the fact that arderns rush of blood before going to the UN when she unilaterally declared no more oil and gas exploration will cost at least $30 billion...hilariously the greens think a few jobs in natural gas installations will compensate!  Why would labour involve an an old geezer like cullen in this whole tax issue? we know his views and he would have telegraphed to labour that a cgt would have been top of the list. Same as silly old jim bolger, jenny shipley,helen clark etc. Are we in NZ so bereft of young people with innovative ideas that we have to keep reverting to tired old buggers with noses firmly entrenched in the financial troughs?

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Does it really make sense that I can say buy a piece of artwork for 10k and sell it 2 years later for 100k and pay no tax when some other poor bugger has done 2 years of hard graft for the same 90k earnings but has to pay tax on it?

I agree with mardigras about GST. Why should I have to pay income tax on what I earn, then have to pay another 15% when I spend those earnings?

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8 minutes ago, curious said:

Does it really make sense that I can say buy a piece of artwork for 10k and sell it 2 years later for 100k and pay no tax when some other poor bugger has done 2 years of hard graft for the same 90k earnings but has to pay tax on it?

I agree with mardigras about GST. Why should I have to pay income tax on what I earn, then have to pay another 15% when I spend those earnings?

But if the Art person buys a piece of artwork for $100k and sells it in two years for half the original purchase price (ok it was a bad piece of art) then should they be able to claim the loss as an expense?

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20 minutes ago, Chief Stipe said:

But if the Art person buys a piece of artwork for $100k and sells it in two years for half the original purchase price (ok it was a bad piece of art) then should they be able to claim the loss as an expense?

Depending on the rules. They may allow you to offset against the same form of income. So a CGT loss against a CGT gain. And carry forward any net loss against future CGT related gains.

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28 minutes ago, curious said:

Does it really make sense that I can say buy a piece of artwork for 10k and sell it 2 years later for 100k and pay no tax when some other poor bugger has done 2 years of hard graft for the same 90k earnings but has to pay tax on it?

I agree with mardigras about GST. Why should I have to pay income tax on what I earn, then have to pay another 15% when I spend those earnings?

Firstly the beauty of GST is everyone pays, not everyone pays income tax, a significant portion of NZ pay 5/8ths of fark all for many reasons. The majority of income tax is paid by a small minority of the population as plenty are tax neutral or almost are thanks to the many benefits they receive. 

The type of people penalised by a CGT are small business owners who employ stacks of Kiwis, Mum and Dad Farmer & so on.

We have survived perfectly fine without it and will continue to be perfectly fine without it. Its all about fairness is a crock of shit, its only about jealousy of those who have taken risks, speculated & done well out of it, the only thing it will do is zap the spirit of those who are ambitious.

Hopefully J does introduce it as she will become a 1 term Govt in doing so, its political suicide.

 

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