National MP's own more individual property than any others. So to introduce it will be like voting for collective political suicide. They won't do it, instead it is going to be cut cut cut to the bloated back offices and consultants. And cut cut cut the build costs for new hospitals roads and building projects until the books look right.
look, we need a capital gains tax, we're in agreement there NZ housing prices are not expensive because we don't have one. they're expensive because we've banned more housing -- more red tape under labour, no high density under national. if we really want to fix this, we need to fundamentally change our zoning and planning laws to allow for more housing construction.
If you want to fix a broken system, you have to pull money OUT, not put more money IN. If you put more money IN, the system interprets it as a reward and uses the money to become even more broken.
Tax the ultra rich and reduce inequality. Houses are so expensive and unaffordable. It's the only option for govt to obtain more taxes. It's not about the family home. It's about those who own multiple properties for capital gains.
This is why the nz government needs to start nz own leading bank. in steed of paying rent subsidies, Banks making billions per year is far from being at risk
Kiwibank is a state owned bank and it has more competitive rates than all the dominant australian banks. The cooperative bank is another good kiwi bank (but not state owned). Unfortunately combined they have less than 10% market share so I would encourage every kiwi currently in an aussie bank to make the switch
On what? They don't own the branchs anymore in most cases. They don't own the head office buildings they're leased, just like all the vehicles. The capital gains tax would be a big fat $0.00
Introducing a CGT because other countries have done so? Have you looked at these countries' property prices, still just as high with or without the tax! Must be living in parallel realities.
In 2022, Watson's total compensation package was reported to be over NZ$2 million, reflecting base salary, performance-based incentives, and other benefits typical for banking executives at this level. Gotta love it when the rich attempt to dictate policy.
So she can’t have an opinion on policy because she’s rich? She’s CEO of the largest bank in the country, I’d argue someone as influential as her in finance should definitely get a platform to voice her views on policy.
@@hwcanotabot Did I say she can't have an opinion on policy? No I didn't. Just because she's rich doesn't mean she's correct or that capital gains is a good move for New Zealand. People need to sort their own financial mess out, not rely on the government. A capital gains tax doesn't help anyone except the government balance sheet IMHO.
@@ProjectFrugal governments aren't for profit, they use tax revenues to do things. ideally, those things would help everyone else a capital gains tax is one of the most effective taxes there are. they are very low cost to run, and don't discourage good behaviour (as opposed to other taxes like corporate or wealth). if you want to lower the tax burden in NZ, we should lower other taxes, and introduce capital gains. the fact we don't have one is really bad, it means we're wasting time and money running other taxes which are less efficient. almost every major economics study into CGT taxes agrees on this.
Imagine if you bought a second house as a bach or rental for $100k 30yrs ago, and you sell today for $1.1m realizing a capital gain of $1m. If taxed at marginal rate of 30% that would be govt stealing $300k, that was caused by their inflation! And if you wanted to get back into the property market for your children, you'd then have to go to the bank to borrow the difference that IRD has just taken. This is an insane scenario, a conflict of interest and clearly unfair.
The so called "family home" being exempt, is a large part of the problem. How about a 50% CGT including on the "family home". If folks buy a house for $100,000 and then sell it a few years later for $1,100,000 then they should certainly pay some CGT. How about a portion of CGT goes to local councils to pay for services like water and keep the annual rate rises down ! People buy and sell cars and expect to lose a portion of the purchase price, partly as the car becomes more worn-out. Surely old houses which are more "worn out" should sell for cheaper prices. As a society we do not want people's houses to "be their biggest asset". We want them to save money in approved Kiwisaver and other similar schemes.
@KiwiCatherineJemma why tax the increase? During 2020 RBNZ created the biggest asset bubble in NZ history and have now engineered recession. When asset orices are driven by monetary policy why not fix the root cause rather than consequences?
Problem with CGT is inflation caused by failure of govt policy. Ie loose monetary policy, high immigration, restrictive planning rules. Why should victims of govt disfunction have to pay tax on nominal increase in property value, when purchasing power of currency decreased over time.
This is nuts, with the government policy creating inflation, and then wanting to put a tax on it !!! We have just had inflation times of 20%+ and already in a highly taxed environment. How to grind us all into poverty or drive us out of the country.
@@kiwi2035 They have already payed tax on the money that they have saved to make their investment and will pay tax on the income their investment makes. If you want to drive investment out of the country then go ahead and tax capital gains on that investment, just bear in mind that conditions that cause inflation are created by the government and it has a stated target of 2 to 3 % inflation per year (that they seldom achieve). We need less government not more taxes.
@@paulchristian8261 you do not pay tax on the returns from your investment, that would be a capital gains tax, which we do not have. There would be no double tax here. Drive investment where? Virtually every other country has a capital gains tax. New Zealand is the exception right now. The reality is virtually every reputable economic institution understands that CGT is one of the best taxes there is. It has very little downside, and is very efficient at raising revenue. We should have one.
@@kiwi2035 Sorry to disappoint but you are wrong. There are not any investments in NZ where the net profit generated from any investment are not liable for taxation. In capital appreciation where the asset appreciates in value due to inflation or market forces that is not taxed, in most cases. You need to study the tax laws of NZ and get your facts straight. CGT would have to be the least efficient tax you could imagine just think about it. Is it levied on realized assets or unrealized assets what about the assets in companies or trusts that are never sold and if it is unrealized profits how do you ascribed their value, what about unrealized loses, You are also wrong about other countries taxation there are a number of tax havens in the world and many that have lower taxes than NZ .
@@paulchristian8261 I'm sorry, can you give me some source that says that revenue gained from investments is generally taxed in NZ? Save for limited exceptions like the bright line test, this just isn't true -- If I buy shares of a company and they appreciate in value, I DO NOT pay taxes on this revenue. I own shares in companies, I pay tax, I know how this works. The overwhelming majority of first world nations have a CGT. Investors are not fleeing Germany, America, Australia, Korea, countries with CGTs, to come to NZ. Ridiculous idea. It's easy to tax realized gains, they have to be sold to be realized! You use the value they're sold for
@@JamesClark-cg1qk A capital gains tax actually raises more money for the government, thereby offsetting other costs and saving taxpayers dollars. It is beneficial enough to the point where governments can lower or remove taxes on certain products or areas. The average person only has to pay it when selling a house they own. There is literally no downsides unless you're a greedy businessman or landlord.
@JamesClark-cg1qk Yeah, you are so right! Norway, Finland, Sweden, Denmark.... they just pretend to tax more to try to prove our wonderful neoliberal masters wrong. But I'm with you I'm going to blindly follow my filthy rich landlord tax break masters and vote for another pale stale male with seven houses... in NZ. They are so cool how they hide their wealth in tax havens, the same place criminals do. So smart my dumb redneck gets so turned on by our overlord masters.
I agree government needs to be more accountable, administer with no waste and tax the economy to balance the budget. Government also must stop offshore banks, offshore companies and bond owners taking profit offshore. The privilege of scalping and bleeding NZ's economy should come at price to stop the inflationary rises caused by deficit spending. Inflation steals from the bottom up so I suggest change the bank system before a capital gains tax. Central Government doesn't need a wealth tax because it allows local government to do this for it through property rates. If government can't administer tax collection's in all forms to balance the budget, then fund deficits by creating the fiscal gap with new currency created debt-free, spent into the economy and employment at zero interest rate for positive outcomes. Then place reserve constraints on commercial banks to control the creation of new credit in the act of lending. This combination would be far more beneficial to NZ by eliminating the bond market that has first draw on taxes and future taxes. Antonia Watson needs to understand the globalist take on NZ 's economy before coming up with ideas that benefit the banking system first. She is intrenched and complicit with a system that plagues the world.
There is nothing to say that population demographics as a whole of a country should be reflected equally in every job role, over skills, as proponents of DEI assume.
How much damage do you think she's done to the ANZ Bank brand in weighing into the capital gains tax political discussion? In my opinion quite a bit. You would think that a CEO would have sufficient common sense and IQ to know not to discuss this in a public forum, but it seems that common sense is lacking over there at management level in ANZ in my opinion. But then with a government looking to raise income maybe shes just trying to divert attention from raising the company tax rate and move it across to the little old New Zealand mum and dad who really are the one deserving to get their retirement nest egg ""kneecapped". Hmmmm maybe she's smarter than we think.
If anything she’s gained my respect even though I own property. It takes a spine to call out the elephant in the room. CGT is only fair since other forms of income are taxed.
Re CGT: how do you prove pupose of investment property is capital gain, when the concept is to be debt free, cashflow positive with passive income in retirement?
Interesting......when Australian money is changed into NZ money? They get more for their dollar? Like other countries banks currency is weak or strong?
Re switching banks.. there is no account number portability like telcos (you dont have to change phone no) or electricity (you dont have to change address)
Guyons argument doesnt make sense. If all big 4 banks are all independently arrive at optimal pricing position, how does that mean they are not competitive? Would you expect a competitor to have drastically different prices offering same product in same market, without making a loss?
They aren’t fully competitive as the 4 main banks have 85%+ of the market. To have an unconcentrated market needs 6 to 7 banks with equal market shares.
What NZ needs is to seriously reduce the huge Welfare State. Cut & eliminate benefits across the board. As many as possible in fact because welfare should never be enough to support actual lifestyles. It should never be race based, it should never be sex based. BILLIONS could be saved. So many i see who could work....don't because they now feel "entitled".
Agreed - however you do that - the crime rate goes up - they end up in prison - and the tax payer pays for them anyway 😂 Help these people. Instead of just cutting them iff because either way - the tax payer will pay for themanyways one way or another! And if you think that beneficiaries feel entitled then you get tf off the internet and actually GET OUT THERE in the real world.
True, generally family home tied up in trusts,makes it more complicated, and 75% of family home is sold for retirement village home and thy are not cheap,threshold estate also comes into play,not easy, ldo believe it cgt tax not far down the track.
Capital gains is already in place,2015 keys goverment, called bright line ,was two years you had to keep the home, family home always exempt, there are expenses you can claim, limits the tax you pay.
The so called "family home" being exempt, is a large part of the problem. How about a 50% CGT including on the "family home". If folks buy a house for $100,000 and then sell it a few years later for $1,100,000 then they should certainly pay some CGT. How about a portion of CGT goes to local councils to pay for services like water and keep the annual rate rises down ! People buy and sell cars and expect to lose a portion of the purchase price, partly as the car becomes more worn-out. Surely old houses which are more "worn out" should sell for cheaper prices. As a society we do not want people's houses to "be their biggest asset". We want them to save money in approved Kiwisaver and other similar schemes.
Would Luxon dare want a capital gains tax on his 7 properties? This is exactly what NZ needs to do to discourage hoarding or houses by the wealthy.
The majority don't want a CGT, and rightly so.
National MP's own more individual property than any others. So to introduce it will be like voting for collective political suicide. They won't do it, instead it is going to be cut cut cut to the bloated back offices and consultants. And cut cut cut the build costs for new hospitals roads and building projects until the books look right.
@@saregama-r8td what about commercial or industrial. Are u allowed to invest in those?
Until you get to his position....
@saregama-r8td you might call it hoarding, but it is really called investment
HAS DONE FOR A LONG TIME! ITS PUSHED HOUSES OUTTA THE REACH OF ORDINARY PEOPLE. THE MARKET NEEDS A CORRECTION.
look, we need a capital gains tax, we're in agreement there
NZ housing prices are not expensive because we don't have one. they're expensive because we've banned more housing -- more red tape under labour, no high density under national. if we really want to fix this, we need to fundamentally change our zoning and planning laws to allow for more housing construction.
ANZ should have never been allowed to takeover postbank.
It is time to remove the bail in provision for banks. where they can legally steal their clients money.
If you want to fix a broken system, you have to pull money OUT, not put more money IN. If you put more money IN, the system interprets it as a reward and uses the money to become even more broken.
Tax the ultra rich and reduce inequality. Houses are so expensive and unaffordable. It's the only option for govt to obtain more taxes. It's not about the family home. It's about those who own multiple properties for capital gains.
This is why the nz government needs to start nz own leading bank. in steed of paying rent subsidies, Banks making billions per year is far from being at risk
Kiwibank is a state owned bank and it has more competitive rates than all the dominant australian banks. The cooperative bank is another good kiwi bank (but not state owned). Unfortunately combined they have less than 10% market share so I would encourage every kiwi currently in an aussie bank to make the switch
How about a capital gains tax for the banks instead
On what? They don't own the branchs anymore in most cases. They don't own the head office buildings they're leased, just like all the vehicles. The capital gains tax would be a big fat $0.00
Introducing a CGT because other countries have done so? Have you looked at these countries' property prices, still just as high with or without the tax! Must be living in parallel realities.
Get rid of the tap and go fee. It’s absurd. Additional credit card fees on transactions should also be banned.
That's the credit cards, not the banks. Visa is completely separate from ANZ
they want to do this with the e-cash the reserve bank is trying to introduce. it'll be a while though unfortunately :(
In 2022, Watson's total compensation package was reported to be over NZ$2 million, reflecting base salary, performance-based incentives, and other benefits typical for banking executives at this level. Gotta love it when the rich attempt to dictate policy.
So she can’t have an opinion on policy because she’s rich? She’s CEO of the largest bank in the country, I’d argue someone as influential as her in finance should definitely get a platform to voice her views on policy.
@@hwcanotabot Did I say she can't have an opinion on policy? No I didn't. Just because she's rich doesn't mean she's correct or that capital gains is a good move for New Zealand. People need to sort their own financial mess out, not rely on the government. A capital gains tax doesn't help anyone except the government balance sheet IMHO.
@@ProjectFrugal governments aren't for profit, they use tax revenues to do things. ideally, those things would help everyone else
a capital gains tax is one of the most effective taxes there are. they are very low cost to run, and don't discourage good behaviour (as opposed to other taxes like corporate or wealth). if you want to lower the tax burden in NZ, we should lower other taxes, and introduce capital gains.
the fact we don't have one is really bad, it means we're wasting time and money running other taxes which are less efficient. almost every major economics study into CGT taxes agrees on this.
I think she has the most pragmatic view on Capital Gains tax. 💯 agree with her.
Imagine if you bought a second house as a bach or rental for $100k 30yrs ago, and you sell today for $1.1m realizing a capital gain of $1m. If taxed at marginal rate of 30% that would be govt stealing $300k, that was caused by their inflation!
And if you wanted to get back into the property market for your children, you'd then have to go to the bank to borrow the difference that IRD has just taken. This is an insane scenario, a conflict of interest and clearly unfair.
Wow %1100 inflation over 30 years when did that happen??
@@TheButterflykingdom8.5%pa compounding on Moneyhub compounding calculator
See 2:36 miricle of compounding interest
The so called "family home" being exempt, is a large part of the problem. How about a 50% CGT including on the "family home". If folks buy a house for $100,000 and then sell it a few years later for $1,100,000 then they should certainly pay some CGT. How about a portion of CGT goes to local councils to pay for services like water and keep the annual rate rises down ! People buy and sell cars and expect to lose a portion of the purchase price, partly as the car becomes more worn-out. Surely old houses which are more "worn out" should sell for cheaper prices. As a society we do not want people's houses to "be their biggest asset". We want them to save money in approved Kiwisaver and other similar schemes.
@KiwiCatherineJemma why tax the increase? During 2020 RBNZ created the biggest asset bubble in NZ history and have now engineered recession.
When asset orices are driven by monetary policy why not fix the root cause rather than consequences?
Problem with CGT is inflation caused by failure of govt policy. Ie loose monetary policy, high immigration, restrictive planning rules. Why should victims of govt disfunction have to pay tax on nominal increase in property value, when purchasing power of currency decreased over time.
This is nuts, with the government policy creating inflation, and then wanting to put a tax on it !!! We have just had inflation times of 20%+ and already in a highly taxed environment. How to grind us all into poverty or drive us out of the country.
if you pay taxes on your income, why shouldn't millionaires pay taxes on their investments? we need a CGT
@@kiwi2035 They have already payed tax on the money that they have saved to make their investment and will pay tax on the income their investment makes. If you want to drive investment out of the country then go ahead and tax capital gains on that investment, just bear in mind that conditions that cause inflation are created by the government and it has a stated target of 2 to 3 % inflation per year (that they seldom achieve). We need less government not more taxes.
@@paulchristian8261 you do not pay tax on the returns from your investment, that would be a capital gains tax, which we do not have. There would be no double tax here.
Drive investment where? Virtually every other country has a capital gains tax. New Zealand is the exception right now.
The reality is virtually every reputable economic institution understands that CGT is one of the best taxes there is. It has very little downside, and is very efficient at raising revenue. We should have one.
@@kiwi2035 Sorry to disappoint but you are wrong. There are not any investments in NZ where the net profit generated from any investment are not liable for taxation. In capital appreciation where the asset appreciates in value due to inflation or market forces that is not taxed, in most cases.
You need to study the tax laws of NZ and get your facts straight.
CGT would have to be the least efficient tax you could imagine just think about it. Is it levied on realized assets or unrealized assets what about the assets in companies or trusts that are never sold and if it is unrealized profits how do you ascribed their value, what about unrealized loses, You are also wrong about other countries taxation there are a number of tax havens in the world and many that have lower taxes than NZ .
@@paulchristian8261 I'm sorry, can you give me some source that says that revenue gained from investments is generally taxed in NZ? Save for limited exceptions like the bright line test, this just isn't true -- If I buy shares of a company and they appreciate in value, I DO NOT pay taxes on this revenue. I own shares in companies, I pay tax, I know how this works.
The overwhelming majority of first world nations have a CGT. Investors are not fleeing Germany, America, Australia, Korea, countries with CGTs, to come to NZ. Ridiculous idea.
It's easy to tax realized gains, they have to be sold to be realized! You use the value they're sold for
I would argue that every home owner is already paying CGT via their rates, it's called gst. A tax on a tax😂
No more shrimp buffet catering in the boardrooms then? Time for the RBNZ to drop mortgage rates.
To pay for public infrastructuer we use we pay tax on what we earn ; why shouldn't capital gains be taxed ?
No country get ahead by btaxing more. Especially when so much is wasted.
@@JamesClark-cg1qk A capital gains tax actually raises more money for the government, thereby offsetting other costs and saving taxpayers dollars. It is beneficial enough to the point where governments can lower or remove taxes on certain products or areas. The average person only has to pay it when selling a house they own. There is literally no downsides unless you're a greedy businessman or landlord.
@JamesClark-cg1qk Yeah, you are so right! Norway, Finland, Sweden, Denmark.... they just pretend to tax more to try to prove our wonderful neoliberal masters wrong. But I'm with you I'm going to blindly follow my filthy rich landlord tax break masters and vote for another pale stale male with seven houses... in NZ. They are so cool how they hide their wealth in tax havens, the same place criminals do. So smart my dumb redneck gets so turned on by our overlord masters.
@@icefarrow7959 There is literally NO UPSIDE for anyone but BANKERS and POLITICIANS...wake up ffs.
@@icefarrow7959 lol they won't remove other taxes they will just spend more and give it away to their friends.
Tax capital gains, and lets start charging banks gst on their profit 😮😮😮😮😮
Ban fees for switching fixed mortgages. Banks should compete on interest rates only.
a great sensible conversation
Tax banks more
Sorry the argument with Australia's same rate of return is simply wrong. Australian banking is an oligopoly like NZ and excess returns are being made.
We should bring in a breathing tax. Too many people breathing for free these days.
@@yingle6027 SPECIALLY POLITITIANS.
shes amazing, i have so many more qs, thank you
Maybe if they worked out the inflammation on the assests and then refund if its a negative relative increase.
She's talking her company's own book. In other words what's good for the ANZ.
Thank you, I found that very interesting and informative, I always wondered about the profit margins!
ANZ is Blackrock. Own nothing and be happy is your future with them.
Thank you that was interesting
Property owners should move their mortgages to other banks given the ANZ CEO is undermining them by lobbying for a CGT
I agree government needs to be more accountable, administer with no waste and tax the economy to balance the budget. Government also must stop offshore banks, offshore companies and bond owners taking profit offshore. The privilege of scalping and bleeding NZ's economy should come at price to stop the inflationary rises caused by deficit spending. Inflation steals from the bottom up so I suggest change the bank system before a capital gains tax. Central Government doesn't need a wealth tax because it allows local government to do this for it through property rates. If government can't administer tax collection's in all forms to balance the budget, then fund deficits by creating the fiscal gap with new currency created debt-free, spent into the economy and employment at zero interest rate for positive outcomes. Then place reserve constraints on commercial banks to control the creation of new credit in the act of lending. This combination would be far more beneficial to NZ by eliminating the bond market that has first draw on taxes and future taxes. Antonia Watson needs to understand the globalist take on NZ 's economy before coming up with ideas that benefit the banking system first. She is intrenched and complicit with a system that plagues the world.
Bit of an ambush job on Antonia plus he kept interrupting and talking over her . She was barely given time to answer his questions.
anz boss needs to start with her salary lol
There is nothing to say that population demographics as a whole of a country should be reflected equally in every job role, over skills, as proponents of DEI assume.
How much damage do you think she's done to the ANZ Bank brand in weighing into the capital gains tax political discussion? In my opinion quite a bit. You would think that a CEO would have sufficient common sense and IQ to know not to discuss this in a public forum, but it seems that common sense is lacking over there at management level in ANZ in my opinion. But then with a government looking to raise income maybe shes just trying to divert attention from raising the company tax rate and move it across to the little old New Zealand mum and dad who really are the one deserving to get their retirement nest egg ""kneecapped". Hmmmm maybe she's smarter than we think.
She earned my respect... Nice to know the Bank is run by someone who has principles and it's willing to speak their mind.
@@growtocycle6992lol ok..
If anything she’s gained my respect even though I own property. It takes a spine to call out the elephant in the room. CGT is only fair since other forms of income are taxed.
Re CGT: how do you prove pupose of investment property is capital gain, when the concept is to be debt free, cashflow positive with passive income in retirement?
Ban recourse mortgages. Banks shouldn’t be able to chase people forever for mortgage debt
Informative interesting
Its a pity she wasn't allowed to answer the questions.
She is trying to protect the low corporate tax
Interesting......when Australian money is changed into NZ money? They get more for their dollar? Like other countries banks currency is weak or strong?
@ladyjusticewarriorqueenz2005 makes you think, our low dollar doesn't support anything, it's Australian owned banks.
Guyon had some good questions around lending to business and 30yr fixed loans
Tell him to take a walk
Own nothing be happy just a backpack and cash escape when had enough
In response Luxon backed by the riches and the property industry simply argues big banks want to make more money hahaha what the f....
Financial literacy, budgeting etc should be a subject in school, not the responsibility of private sector to teach.
Re switching banks.. there is no account number portability like telcos (you dont have to change phone no) or electricity (you dont have to change address)
borrow money(fiat currency) at low interest rates, buy Bitcoin avg +55% per year.
Guyons argument doesnt make sense. If all big 4 banks are all independently arrive at optimal pricing position, how does that mean they are not competitive?
Would you expect a competitor to have drastically different prices offering same product in same market, without making a loss?
They aren’t fully competitive as the 4 main banks have 85%+ of the market. To have an unconcentrated market needs 6 to 7 banks with equal market shares.
Is middle class really a business owner?
Garcia Michael Jones Scott Johnson Carol
What NZ needs is to seriously reduce the huge Welfare State. Cut & eliminate benefits across the board. As many as possible in fact because welfare should never be enough to support actual lifestyles. It should never be race based, it should never be sex based. BILLIONS could be saved. So many i see who could work....don't because they now feel "entitled".
Agreed - however you do that - the crime rate goes up - they end up in prison - and the tax payer pays for them anyway 😂 Help these people. Instead of just cutting them iff because either way - the tax payer will pay for themanyways one way or another! And if you think that beneficiaries feel entitled then you get tf off the internet and actually GET OUT THERE in the real world.
And end up like America? No thanks!
True, generally family home tied up in trusts,makes it more complicated, and 75% of family home is sold for retirement village home and thy are not cheap,threshold estate also comes into play,not easy, ldo believe it cgt tax not far down the track.
Customers can use a broker to get best deal. Howcome Comcom doesnt recognise that?
Capital gains is already in place,2015 keys goverment, called bright line ,was two years you had to keep the home, family home always exempt, there are expenses you can claim, limits the tax you pay.
The so called "family home" being exempt, is a large part of the problem. How about a 50% CGT including on the "family home". If folks buy a house for $100,000 and then sell it a few years later for $1,100,000 then they should certainly pay some CGT. How about a portion of CGT goes to local councils to pay for services like water and keep the annual rate rises down ! People buy and sell cars and expect to lose a portion of the purchase price, partly as the car becomes more worn-out. Surely old houses which are more "worn out" should sell for cheaper prices. As a society we do not want people's houses to "be their biggest asset". We want them to save money in approved Kiwisaver and other similar schemes.
Right a fake capital gains tax. Come on don’t be disingenuous.
No way should a capital gains tax should be on a first home / family home,
capital gains tax will be ok for slum lords