Wealth Taxes

[BlackPeter]

That could be sold as a feature and not a bug.  It also means that we are nowhere near the fallout zone of a nuclear war, nor likely to be invaded by a foreign nation.    
Just think of the amount of building and operating private airports and hangars for private planes that will be required. Jobs for all.

Didn't say its a bug ... but its clearly something which makes any recommendation for NZ to follow the Monaco model sort of questionable.

But never mind ... they say as well that custard can be an excellent model for the human brain ... and hey - sometimes they are right ;

[Waltzing]

Honestly there is only one path for NZ and it back to the days of socalism... lenin could even make a come back ...

https://www.telegraph.co.uk/business/2023/05/19/sir-keir-starmer-labour-party-wealth-tax/

[Waltzing]

Another point of view ... if the UK thinks its full of  lefties they should check out NZ...

https://www.telegraph.co.uk/news/2023/05/20/the-conservative-coalition-is-falling-apart-too-many-tories/

[BlackPeter]

Another point of view ... if the UK thinks its full of  lefties they should check out NZ...

https://www.telegraph.co.uk/news/2023/05/20/the-conservative-coalition-is-falling-apart-too-many-tories/

I guess given how hard the Tories worked to destroy the British economy (and hey, they did have some success, didn't they?) - what alternatives do the poor British people have?

If Britain turns left, than only one party is to blame - the Tories stopped thinking decades ago and destroyed with featuring selfishness of the rich and putting egomaniacs and liars as leaders what once was a "United" Kingdom and a "Great" Britain.

Only crumbles left of both. Really - who would care who is running in future Little England?

[Waltzing]

Western europen needs a strong UK ; a strong europe is critical for the future of us all....

Cant just leave it to the Southern irish to show the way forward... or the french...

Italy cant be relied on for anything other than opera and pasta...wine some lovely wines ...

Oh they are very fussy about certain cheeses apparently.

[Stoploss]

Western europen needs a strong UK ; a strong europe is critical for the future of us all....

Cant just leave it to the Southern irish to show the way forward... or the french...

Italy cant be relied on for anything other than opera and pasta...wine some lovely wines ...

Oh they are very fussy about certain cheeses apparently.

Waltzing , most people would would be quite happy with a shiny red Ferrari in the garage .

[Waltzing]

OH GOSH!

ill let the great man speak for the car...

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https://www.youtube.com/watch?v=KGb6NsE6AX8

[KW]

Wealth tax backfiring in Norway as well.  I expect they'll drop it soon
https://www.theguardian.com/world/2023/apr/10/super-rich-abandoning-norway-at-record-rate-as-wealth-tax-rises-slightly

[KW]

Someone please explain to Chloe the concept of a Real Estate Investment Trust. 
https://www.nzherald.co.nz/nz/politics/greens-promise-wealth-tax-as-research-reveals-rich-stash-470b-in-trusts/5NGLCR7UV5B35M4DZDGOYVYOKI/

And farm trusts.  And family trusts.  And estate trusts.  And Company Director trusts.  Not everyone is "hiding assets" for the purpose of tax evasion. 

[Waltzing]

Classic! !!  actually shes on anti depress tab's and see a clinical head spacer every week... Politics is keeping her sane with something to do.....

and of course she secretly wants everyone to share vegie gardens ...  traditional tribal gathering huts are bg on her list from IKEA...

only never seen one in sweden ...

[Shareguy]

Wealth tax backfiring in Norway as well.  I expect they'll drop it soon
https://www.theguardian.com/world/2023/apr/10/super-rich-abandoning-norway-at-record-rate-as-wealth-tax-rises-slightly

Interesting. I think a wealth tax is coming to NZ, Just a question of timing.

[Waltzing]

This is where you wait and hope ACT gets power.. Trust taxs are reduced to the same as companies and your transfer any losses in portfolios from your holding companies to your trusts.

DISC: Accounting Society research Paper re "Advanced Management of Trusts" 1995.

Yes people could actually think back then and multiple dimensional data structures existed in software for the last 35 years for consolidating reporting of multi entities into Tax Models.

We call them Journal Entity Modelling software Solutions.

[KW]

Interesting. I think a wealth tax is coming to NZ, Just a question of timing.

Most likely, since the Labour Govt now has a solid established track record of implementing legislation that does the exact opposite of what it was intended to do.  

If one comes in, I will be leaving.  Not just because I don't want to pay tax on my assets (being income poor and asset rich I would take a hammering) but because everyone else will leave too.  I shudder to think what NZ would look like if the 2% who pay 25% of all the tax, up sticks and take themselves, their businesses, their companies, their trusts, and their investments offshore.  We are poor now, NZ cant afford to lose any more of the tax base to Australia or Singapore.  The only option would then be to tax everyone left twice as much (bearing in mind that 50% of NZ households don't actually pay any net tax). 

[Shareguy]

I agree KW. I think a lot of people will look at moving if this comes in.

John Key was also talking about this.

Greens have just released their tax policy

https://i.stuff.co.nz/national/politics/132289369/greens-promise-tax-cuts-for-salaries-under-125000-and-385-per-week-income-guarantee?cid=app-iPhone&fbclid=IwAR07FxHTkC9tfcYPM--aQSrmjv6uiXyEoo_z9VDboDUCgvUFYOaNpE4Fkjo_aem_th_AXp3uMvZbgLvKn0YyTCiXzh_5MhWYg29mVNkxL7NPQAfdl_hvuHLtJ4oGU4itF3N7Y4

[Basil]

https://www.nzherald.co.nz/nz/politics/wealth-tax-hikes-will-pay-for-income-tax-cuts-and-welfare-overhaul-greens/FCRYI5THFVECPNUS2IB2N7REWA/

Hard to comment further without knowing what's excluded from their envy tax.
What I will say is this, I have seen farms that make less than a net 2.5% return on their market value when all costs are taken into account.  So where does the farmer with a $10m farm get his $250,000 from to pay this envy tax?

These guys appear to want to create some form of utopia where we basically all live in a commune sharing our resources, a place where we pay people to breed and reward them whether they work or not.

1.5% tax on all assets in a Trust...gosh that's going ruffle more than a few feathers.