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14th July 2011, 15:48 | #1 |
Love In Vein
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Labour tax policy
Key points:
* The top tax rate goes up to 39 per cent for those earning more than $150, 000 * A capital gains tax at a rate of 15 per cent * It will not apply to the family home. The main residence on a farm will be exempt but not the land * Personal use items like boats and electronic goods will be exempt as are collectables like jewelry or antiques * Withdrawals and payouts from retirement savings funds like Kiwisaver are exempt * Real estate in the Canterbury Earthquake Recovery Authority zone will be exempt for five years * Small businesses held by over 55s and held for more than 15 years will be Tax free for the first $250,000 of capital gains *The first $5000 earned is free from tax * GST will come off all fresh fruit and veg |
14th July 2011, 15:49 | #2 |
Love In Vein
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Most of it actually seems pretty decent to me, i'm not usually a huge labour fan. I'm down with the 150k tax and the gst off fruit/veg~
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14th July 2011, 15:55 | #3 | |
Pornstar
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I think the GST off fruit & veg is more troublesome than its worth. I would like to read more on the farm land tax brief as well.
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14th July 2011, 16:05 | #4 |
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GST-free particulars would be a nightmare IMO.
Rest sounds very good to me.
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14th July 2011, 16:09 | #5 |
Stunt Pants
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What is the top tax rate currently?
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14th July 2011, 16:11 | #6 |
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I like the sound of GST of Fruit & Vege, but agree it will be an interesting one. The implementation, & what defines Fruit & Vege. And if they are doing that, why not fresh meat & seafood as well?
I think they wimped out on the CGT at only 15%, but do like how they added somethings around the Small Businesses & Farms. I don't care if this takes time to build up before a money starts flowing into the government. It builds for long time gain, rather than just short term gain from selling assets |
14th July 2011, 16:12 | #7 | |
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14th July 2011, 16:19 | #8 | |
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Stay shook. No sook. |
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14th July 2011, 16:19 | #9 | |
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14th July 2011, 16:20 | #10 |
Anas Latrina
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The capital gains tax isn't retrospective (someone correct me if I'm wrong) so it won't bring in any significant amount of money for years to come, and very few people earn over $150,000 a year.
With the first $5000 income of all people tax free, Labour is basically offering tax cuts at a time when NZ has its biggest deficit in its history. I can't believe they spun this as an alternative to selling assets. Their tax policy doesn't replace selling assets to pay down debt at all, it will increase debt and take many years before the CGT catches up to their tax cuts. |
14th July 2011, 16:20 | #11 | |
get to da choppa
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What about vege smoothies like at those juice bars? You can see why excluding GST from certain items can get very messy in a legal sense. |
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14th July 2011, 16:21 | #12 | ||
get to da choppa
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14th July 2011, 16:32 | #13 |
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The GST on fruit and veg is daft, it'd be a nightmare.
15% CGT seems kind of half hearted. TD: From stuff article: The CGT will exclude the family home and is estimated to raise $78m in the first year rising to $2.27 billion by year 10. |
14th July 2011, 16:38 | #14 | |
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14th July 2011, 16:48 | #15 |
A mariachi ogre snorkel
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If having coin in circulation is so good, why not cut taxes on everything?
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14th July 2011, 17:07 | #16 | |
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14th July 2011, 17:18 | #17 | |
Love In Vein
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Last edited by cEvin : 14th July 2011 at 17:21. |
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14th July 2011, 17:21 | #18 |
talkative lurker
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Because rich people don't spend as much of that coin. Only poor people do.
Fuck the GST exemptions. Pain in the arse. So few people earn over $150k/year that that 39% bracket won't pull in much at all. Especially since many of those people will just have accountants that make all that money magically not exist and avoid the tax anyway.
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Broke my addiction! Bye bye Eve, hello Minecraft. Wait... >_< Last edited by A Corpse : 14th July 2011 at 17:22. |
14th July 2011, 17:25 | #19 | |
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The other option is to add a location to it. Supermarkets, food markets etc, yes. McDonalds selling some crappy little bag of apple slices. No. |
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14th July 2011, 17:26 | #20 |
get to da choppa
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(In reply to cevin) Problem is - what is "processed"?
Washed potatoes could be considered processed. As could strawberries in a punnet. If you disagree, then I would imagine that the vacuum sealed corn on a cob I bought the other day would be considered processed - yet it's gone through the same ordeal as the strawberries? Not having a go at you - just highlighting that when it comes to food... there is a lot of ambiguity which is hard to define in a legal aspect. |
14th July 2011, 17:28 | #21 | ||
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white island?
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14th July 2011, 17:32 | #22 | |
Love In Vein
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more than 1 ingredient - no good. packaging - doesn't matter. food that has been cleaned - fine/normal. refined food - might start to get difficult with this, but mostly no good (can't think offhand of something acceptable but there probably is). |
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14th July 2011, 17:45 | #23 | |
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14th July 2011, 18:01 | #24 |
Love In Vein
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fruit and vegetables
maybe potato flakes or something like that, but surely they're have additional ingredients. Last edited by cEvin : 14th July 2011 at 18:03. |
14th July 2011, 18:05 | #25 |
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iirc
79% of tax collected in NZ is payed by the top 10% of income owners.....this will push it even higher. Some say that's fair, some say that's not fair at all. Think about it.....the truely rich people in the 150k++++ tax bracket do not even pay 33% after all the creative accounting is done and still they're paying 79% of tax in the country. It's all about owning a business and or being in a partnership/firm of some sort. The only people that's going to get taxed more are people like high level specialist doctors in our public heath system that are given more incentive to bugger off overseas and get paid $$$ more for their skills. How do you tax Multinational companies local CEOs when they're paid overseas and in stock options to a Cayman Island bank account? Hey atleast the PM and half the MPs will have to pay the higher tax LOL....that's about the only funny thing about hiking the upper tax bracket Last edited by Furry Crew : 14th July 2011 at 18:06. |
14th July 2011, 18:10 | #26 |
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As for no GST on fruits and veggies how about this.
I Open a fish and chip shop....I advertise as selling raw potatoes but if you buy more than $3 worth I cook and prepare it for free....I've just dodged GST on buying fried chips. Or how about this. I open my orchard up for people to come pick fruit and sell @ X $$$. Now I run a promotion that if you bring X number of buckets to the counter of the fruit you just pick, you can pay for the fruit (without paying GST) but I'll swap you for some home made jam! Yet again I've dodged GST. Exception just create loophole like that for all sort of people to abuse. |
14th July 2011, 18:47 | #27 | |
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the gst thing is a fucking stupid idea designed to appeal to stupid people. look at aussie if youwant to see why selective GST is a horrible mess, its all lobby group bullshit and at the end of the day its small businesses that end up getting the fuck in the ass. no thanks.
as has been said the top tax rate hike is only going to affect people like doctors, as if any CEO pays much in tax anyway. again, pandering to the "damn them rich fuckers takin all ur munnay!" when THEY are the ones who fund the country, not slack jaw mcgraw on 20k a year whos contribution is sweet fuck all in comparison. oh, and Quote:
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14th July 2011, 18:47 | #28 |
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Lead: protecting early retirees?
there go ya cheap vehicles
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Later Boltz! Last edited by Rocket : 14th July 2011 at 18:49. |
14th July 2011, 19:12 | #29 |
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About fucking time. Closing loop holes is also vital, no point in raising the tax on the rich if they already paying far below that rate anyway (which most will be).
The attitude of the rich is that taxes are for the poor (which includes the middle class most certainly). Last edited by JP : 14th July 2011 at 19:14. |
14th July 2011, 19:22 | #30 | |
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14th July 2011, 19:31 | #31 |
Love, Actuary
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It's sad to realise that there are people who suppose that the removal of GST will result in lower prices.
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14th July 2011, 20:18 | #32 | |
Objection!
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The GST free veges idea? Retarded and pointlessly adds complexity to the ONE tax that's almost impossible to dodge. First $5,000 tax free? Another stupid idea when there's a huge budget deficit and zero plan to reduce it. Both parties need to get off the bandwagon of using reduction of tax as a carrot to fool people that the pie which never grows will actually get bigger. The reason why we don't have money to spend is because this country earns shit fuck all. Do something about that instead. The capital gains tax? Good idea in theory but absolutely doesn't go far enough. Why exempt small businesses and why specifically protect babyboomers' assets? Also, why not specifically target the residntial property wetdream for some socking to direct money to, for example, the capital markets instead? Still, at least someone is waking up to the fact that we need a CGT. Credit to Labour there. Increases in income tax? I support it in theory but Labour has shown zero ability to close tax loopholes in the past. Look for the accountants and lawyers to be busy at work -- very few people will pay at the top rate. More show than anything else. All in all, the policies are a big, fat fail. |
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14th July 2011, 21:29 | #33 | |||
Always itchy
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The reason they won't touch small businesses or baby boomers assets is surely the same reason nothing of any use will change in the next 20 years - the baby boomers control the votes. Do too much to upset them and you don't have a shot at anything. Quote:
Also fwiw, the anti-removing-GST brigade here has managed to persuade me that that's a stupid idea. Good work on your rational arguments
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14th July 2011, 21:38 | #34 | |
Anas Latrina
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14th July 2011, 22:21 | #35 |
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Yep their CGT does lack a bit of bight (moar taxes please lol) but if the BERL projections are correct then it will balance the Govts books without having to 'partially' sell assets. (& if the theory is right there will be movement away from property investment)
Half the revenue from the new taxes will fund the new tax cuts so that's no biggie though I would like to see Labour release how they're gonna close tax loopholes as they've gone on about tax avoidance and evasion in the past. Capital Gains Tax vs Asset Sales oversimplifies things but it'll probably play out in public (general) like this before the election.
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14th July 2011, 23:04 | #36 | |
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14th July 2011, 23:05 | #37 | |
A mariachi ogre snorkel
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15th July 2011, 01:31 | #38 |
A mariachi ogre snorkel
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And again from the "looking after your core constituents" department...
Income from gambling is exempt. |
15th July 2011, 09:32 | #39 |
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CGT sob story #1
http://www.nzherald.co.nz/business/n...ectid=10738564 Millionaire disgusted by nasty tax!!!!!! |
15th July 2011, 11:25 | #40 | |
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