Wealth Taxes

Started by Waltzing, Apr 26, 2023, 07:44 PM

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Waltzing

Well who was called in to do a INDE check on this Gun to the Head data collection process.

And what is Income ... anything including your much loved wine collection? or your paintings collection?

Looks like NZ is back the good old days  when the UK taxed the estates into bare walls and run down castles.

Hang them and chop of their heads...

https://www.stuff.co.nz/business/131862801/richest-kiwis-pay-about-half-as-much-tax-on-the-dollar-as-the-average-new-zealander


Basil

All Labour really know how to do is tax more and spend more.

BlackPeter

Quote from: Basil on Apr 26, 2023, 08:30 PMAll Labour really know how to do is tax more and spend more.

Not a Labour fan, but if this is true, than they can do already two things properly. Not a one trick pony anymore. How about the other parties :) ?

arekaywhy

This smacks of history repeating.

When a gubmint has to scrounge for more of your stuff, society or at least the economy is on the way to the dogs.

Successful societies are the ones where the gubmint gets the hell out of the way, and lets you decide how to spend your own wealth.

KW

What happens when the rich get wind of the fact that NZ wants to implement wealth taxes?
https://www.theguardian.com/world/2023/apr/06/new-zealand-loses-appeal-to-rich-foreigners-as-investor-visa-numbers-plunge

NZ is literally giving away permanent residency to rich people and still no one wants to take it.  The New Zealanders currently living here will also vote with their feet.
Don't drink and buy shares in a downtrend, you bloody idiot.

Waltzing

interesting comments from all above.. but Chippie and his side kick  albert (minister for the olympics) arnt listening ...


Waltzing

and the verdict is in....

they arnt coming south...

 thanks fir the posting ...

Basil


Waltzing

Sent that to Jordon at TPU.

BlackPeter

Quote from: Basil on Apr 29, 2023, 10:53 AMWealthy client sent this to me this morning.
https://www.youtube.com/embed/BomQxCG5VG4?rel=0&autoplay=1

Nice clip, but still wondering whether your wealthy client really would prefer to leave NZ and pay for the CGT in Australia or in the UK or in most other European countries instead. What about the inheritance tax in the US? He loves that?

It is so hard to find a country with good education, healthcare for all and an adequate standard of security with lower taxes than here ... I guess, sure, everybody rich could go to Bermuda, but isn't this the place where funny stuff happens and ships, planes and people disappear?

It's nice to live in a good country where democracy still works (well, compared to many other places), social tensions are still manageable, the health system is not too bad considering the cost and even the education system manages to crank out literates as long as parents and teachers work together. And you don't even need to pay a personal army to guarantee your safety, either. Talk with people coming from SA to understand what I mean ...

Actually - if people think that the tax is too high to live here, than I think they just should go. No need for funny clips or further discussion ... and I am sure plenty of capable, skilled and hard working people from (e.g.) Ukraine, India and China  are more than happy to come instead and work and pay the taxes as they are due.

This is not the time to whinge ...

KW

Quote from: BlackPeter on Apr 29, 2023, 05:40 PMNice clip, but still wondering whether your wealthy client really would prefer to leave NZ and pay for the CGT in Australia or in the UK or in most other European countries instead.

Yes.  I view not having to pay CGT or wealth taxes as compensation to those of us who still choose to live here.  If the tax situation was the same everywhere I can think of no reason to stay in NZ.  You could choose to live anywhere in Europe and live a life filled with culture, art, architecture, museums etc and be a short plane/train ride away from incredible islands and beaches.  You can move to Australia if you like warm weather, or Canada if you like to ski.  Even the lifestyle on offer in Asia is better for the wealthy - everyone has live in domestic help and drivers for instance. 

Pretty much the only thing stopping me from moving to a Gold Coast apartment with an ocean view and an infinity pool is the taxes.  Change that, and I'll be gone.  The younger generation is almost all grown up now, I'm probably likely to see more of them having the attraction of the Gold Coast on offer than I would if I stayed in NZ.  I'm probably likely to see more of them in Australia as I don't see NZ offering them much either, so they will probably emigrate too.  Hopefully to Queensland lol
Don't drink and buy shares in a downtrend, you bloody idiot.

Waltzing

Not sure why people think there is no CGT here as there are CGT taxes here already.

 Then  there is the discount NZD to the Dixie and the Euro or Pound..



 
 

Waltzing

Economists and there fixation with asset prices equating  to Income... and the lack of multi demensional structures in ...  oh the real point is well constructed here...

take that you lying bastard parker and the communists...

https://www.stuff.co.nz/opinion/131896834/damien-grant-we-should-be-celebrating-the-rich-not-hitting-them-with-more-taxes

BlackPeter

Quote from: KW on Apr 30, 2023, 02:55 PMYes.  I view not having to pay CGT or wealth taxes as compensation to those of us who still choose to live here.  If the tax situation was the same everywhere I can think of no reason to stay in NZ.  You could choose to live anywhere in Europe and live a life filled with culture, art, architecture, museums etc and be a short plane/train ride away from incredible islands and beaches.  You can move to Australia if you like warm weather, or Canada if you like to ski.  Even the lifestyle on offer in Asia is better for the wealthy - everyone has live in domestic help and drivers for instance. 

Pretty much the only thing stopping me from moving to a Gold Coast apartment with an ocean view and an infinity pool is the taxes.  Change that, and I'll be gone.  The younger generation is almost all grown up now, I'm probably likely to see more of them having the attraction of the Gold Coast on offer than I would if I stayed in NZ.  I'm probably likely to see more of them in Australia as I don't see NZ offering them much either, so they will probably emigrate too.  Hopefully to Queensland lol

That's sad.

Look, personally we could stay in NZ (and yes, we do like the place, we have family here and there are still amazing nature experiences, even if we find it difficult to get used to the Kiwi habit of first building a 6 ft fence to keep the neighbourhood out instead of enjoying life with them), we could live in Singapore - and hey, they do have an amazing cultural life, nice weather, amazing food ... and so many great places only a wee hop away (Malaysia, Indonesia, Vietnam), and yes, we do have family there.
We could move (back) to Europe - and yes, the food is cheaper as well as better over there and yes, culture over there is not just talked over, it exists) ... and we have family there as well)

But hey, I am sure we will end up doing one of these things (i.e. NZ, Singapore, Europe) ... but whatever it is, it will have nothing to do with the tax rate in NZ or the respective country we might move to.

Life is too short to worry about this non sense. Are you really prepared to miss out on the things you really want to have for some measly pieces of silver? Maybe this explains why Kiwis try to keep the neighbours as far from each other than any possible?

KW

Quote from: BlackPeter on Apr 30, 2023, 05:43 PMLife is too short to worry about this non sense. Are you really prepared to miss out on the things you really want to have for some measly pieces of silver? Maybe this explains why Kiwis try to keep the neighbours as far from each other than any possible?

When I moved back from Australia I didnt think I was missing out on a lot.  And but for Jacinda Ardern and Co I probably would be pretty happy still. But the country has gone to hell over the last 3 years, and now I do realise what I am missing out on. Like a functioning health system for starters.  And not having to drive everywhere at 30 kmph.   And not being rorted an arm and a leg everytime I want to get on an airplane and go somewhere.  And the crime is so bad its like living in Detroit.  And I miss being an English speaking country instead of the bizarre pidgen version people seem to speak these days.  I've been looking at real estate in Queensland and its just reminded me of how much nicer everything is over there. 

The taxes are a huge factor for me because almost all my income is capital gains.  So I prefer not to surrender 30%+ of it to the Govt.  But if that changes, then I will be choosing my next place of residence based on lifestyle factors not tax ones.  And I don't think I will be the only one. 

I'm still young enough to go back to Australia and funnel everything through a self managed super fund for the next 10-15 years and avoid paying taxes that way.  CGT within a super fund is only 10% for assets held longer than a year.  The Australian tax system is quite complicated, but it has a lot of tax minimisation opportunities that are not available in NZ.  This is probably what a Govt as financially illiiterate as Labour won't understand - in places like Australia, nobody pays the full tax rate.  You have salary sacrificing, super concessions, self managed super funds, tax rebates, tax credits, negative gearing against personal income ......  Even the middle class will be better off organising their tax affairs in Australia than staying in NZ, without even factoring in the higher incomes. 
Don't drink and buy shares in a downtrend, you bloody idiot.