Craig Stobo On Tax Reform & New Zealand’s Capital Gains Debate
Вставка
- Опубліковано 26 вер 2024
- Michael Laws talks to economic commentator Craig Stobo about tax reform & New Zealand’s capital gains debate.
Watch the full video at theplatform.kiwi/
Support The Platform & become a UA-cam VIP! - / @theplatformnz
Join Platform Plus for enhanced access and features: theplatform.ki...
Download The Platform app for free:
App Store: apps.apple.com...
Google Play: play.google.co...
Call 0800 DEBATE or text us at 5050 (Standard SMS text charges will apply)
Listen to The Platform's straight-talking, free-thinking hosts every weekday.
Sean Plunket: 7am - 10am
Michael Laws: 10am - 1pm
Martin Devlin: 1pm - 4pm
Leah Panapa: 4pm - 6pm
#ThePlatformNZ
How about taxing the stolen money our government “donates”, to foreign countries.
Also a receipt would be nice. Here’s and example, New Zealand gave Somalia donations. Somalia has 20 tanks in the military, NZ military doesn’ Own a tank.
Taxing capital gains created by inflation generated by loose banking practices.
Grow the real economy that will automatically grow the tax take instead of fighting over an ever decreasing pie.
Grow the pie.
Well when you play silly games you win silly prizes giving landlords $$$ caused this. Sooooo enjoy your greedy prize while it lasts
@@tooxtalivai0690 in case you haven't noticed, rental returns are skinny, and rents are sky high and increasing because they're bad investments and threat of CGT worsens supply.
Yes, focus on where the taxes are wasted now!
💯the last lot gave millions away to businesses to shut down and stay at home...
Why do we need a capital gains tax.more money for the government to waste. The government is now paying 10 billion per year in interest due to labor borrowings.imagining if we had this money for education,health and infrastructure .
Well you voted national and they spent tax money on landlords shut up. It's gonna happen because when the banks say jump the govt says how high doesn't matter who's in charge.
If the complaint is too much investment in hosing vs ‘productive’ assets, then including shares and business as well as non-family homes is simply stupid.
I worked in tax in the UK and CGT was a nightmare for compliance with not much $.
Further the people who support a CGT can always volunteer to pay more tax they never do though because it’s about forcing other people to pay more not themselves.
Yes, tax the family home then watch how much they like it. Actually a low rate say 5% on all property including family homes would be much fairer, ie it would spread the burden like they always say they want until it applies to them.
FIF rules effectively disincentivize NZers from owning foreign shares over property. Suggest they scrap the FIF rules and stop wasting the current tax revenue
Efficiency of delivery are where the real gains could be made.
That report was one eyed and unprofessional. It looked at unrealised capital gains for a list of wealthy NZers, but did not apply the same for everyone one else in their data. The tax rate for these wealthy when measured on the same basis was higher.
Fairness should also be defined. How about looking at tax dollars paid? That would give a completely different picture.
I remember a video awhile back of NZ central bankers making fun of New Zealanders. "Good businesses to be in. We just print the money and they believe us".
Read Stephan Goodson's book in Central Banking
If you accept IRDs right to tax income you can have no complaint about taxing properties developed as investments that will ultimately be sold for profit. Australians understand this and have no trouble with their capital gains taxes and they do a prtetty good job of dealing with those that would try to fiddle the system. If it is income it is taxable, one home allowed, your social investment, untaxable, additional properties, commercial investments taxable.
Aus also says if you have the property 6 yrs the CGT drops by 50 percent
sure sounds great _if_ your not on receiving end 😂 I always ponder to myself, what kind of person wants more taxes? 🤔 please enlighten me jimbo, what kind of person are you? are you even a person? AI? 🤔 seriously though, imagine you inherit a property, its in a place you will never live (family, work, life commitments) so you must sell. Then imagine this: You have to pay tax, but that guy you really hate down the road old school loaded electric car etc he didnt bc there was no tax 'in his day'
why do you want to pull the ladder up? 🤔 thats what I wonder....
@@zweed69 Ifyou accept that inland revenue has the right to tax income your have to accept the concept of capital gains taxes, It is income.
FYI Australia has a housing and rental supply crisis. CGT do not work, except for accountants and lawyers fees! Serious economic consequences.
@@jamescrydeman540 sure thing, so where does it stop? trade me sale? garage sale? mum and dads birthday presents? You ever hear of central bank digital currency? 🤔 just think about where it all leads, all they need is to get people behind the idea of _more_ taxation...
20 years ago, this stuff would go down like a led balloon but nowadays with the agenda in full swing, its just a lockstep away... I am ahead of this, will just sell and consolidate, we all will. The corporations will buy up all the remaining housing stock and tenancy will be more akin to a penitentiary than housing think state housing but run by the mob. That lot own your politicians already, this is what they want... you lot, you will help them get it, burn down the town and then cry about it being everyone else fault.
CGT is a giant con. It'd incentivise govts to turn a blind eye to inflation and housing shortages. It'd produce little if any income during recessions exactly when govt needs income most. It'd encourage prolifigate govt spending during economic booms, locking that spending in just in time for the recession to follow. It'd discourage rental housing supply so rents would go up more. Itd discourage spending on improving properties, forget rental owners spending weekends and wages doing up rentals. It'd be a boon for accountants and lawyers. Australia has CGT, and it has a housing and rental crisis ffs!! It'd ignore distortions of capital losses in years when prices fall, as they do every friggen recession. The ANZ CEO and many other "experts" do not know what they're talking about. And this is not the full list, or the complexities. Dumb idea which hasn't worked anywhere. It'd discourage capital investment by businesses - retarding seriously needed productivity and advancement. Will capital losses be carried forward to offset future gains? What inflation and financing rates will be discountable? What provision for inflated replacement property cost allowable. Forget the sugestion that joe and jill bloggs should instead "invest in the productive sector" - again sounds good but utter nonsense - do people not know how limited and rare to find LOW RISK start up businesses are? And successful businesses by definition mostly generate their own capital or borrowing to fund improvements. Oh but why if the owner would cop a CGT when time to sell 3-4 decades later after working arse off. These prople really don't know economics and business.
Banks should pay tax that's for sure
Oh god, seriously?! The wealthiest individuals study? That is seriously flawed in many ways … Craig Stobo could not pick the most important ones (rates and corporate income taxes were not included) shows his incompetence- please don’t invite him any more
How about taxing church's and native lands which is exempt
And increasing iwi enterprise tax rate of 17.5% to the 28% paid by non-iwi companies.
Everyone needs to pay their fair share of taxes ; so who decides that ? Obviously the govt , the people we vote for !!
Higher earners pay lower earner's fair share big time. Basic maths.
Regarding the capital gains tax debate: Craig Stobo is unfair! Capital gains are often used to fund living costs, so, there is no theoretical arguments why not to tax them. The argument about difficult estimates is bullshit - I thought a credible economist would know. Craig Stobo wrote himself out of this group … Sorry
There are dozens of practicable reasons why CGT's are dumb ideas. Very few understand the ramifications and complexities.
@@rod-contracts1616 for example???
@@rod-contracts1616 anyway, don’t bother yourself by responding. Not having a CGT is the dumb thing to do… I know why possible complexities might arise but they are just overthinking, a CGT is bloody simple
The so called tax rate the rich 300 paid was including unrealised capital gain, but unrealised capital gain the average New Zealander pays wasn’t included. So the rates weren’t even comparable!
The rich 300 often have their money invested in their companies. If the value of the company goes up the unrealised capital gain goes up. They don’t actually have that gain available in cash in the bank to pay tax with unless they sell their business! So how can they pay it? Sell their business? Take out a loan to pay tax ? If it’s a farm should they sell a few paddocks? They will over a few years eat up their business paying/accruing taxes until it is bankrupt.
What a dumb idea.Shame on Parker for trying to confuse the masses as he must know it’s nonsense. Either that or he doesn’t understand it which is even worse.
Correct. And yours is just tip of the iceberg! It's a good sounding idea to those illiterate in economics, business and tax law complexities, but dumb in reality.