Mathew: I think that people arguing here for a change in the law to tax most capital gains as income - saying we shouldn't advocate it should be income because it's currently not taxed that way sort of defeats any discussion about changing the law.
Pointing out the NZ is out of step with the rest of the first world in its treatment of taxation of capital gains is a perfectly good way of pointing out that what we do is odd. As it is in NZ some capital gains are taxable and some are not apparently due to the "intent" of what you are doing - that's just plain weird.
If a farmer works his or her entire life expecting that mostly they are going to earn capital gains when they quit that does sound a lot like income to me. If I spend my whole life building a wonderful machine and sell it at the end for a lot of money how is that any different than building up a farm and then selling it? I think more it's a legal tax fiddle for on of National's core constituencies.
I have no problem with genuine tax losses being carried forward year to year (for a limited time, even for capital gains).
OMG! I’m sure I’ve seen that Airstream in Barbadoes St!
I bet you thought it was a pie-cart when really it was recording everything anyone in the city was saying on their phones
I have to keep reminding people we have comparably low taxes in NZ for the rich, I lived in California for 20 years, I paid a 10% higher marginal rate than I do here in NZ (43% including state tax). Australia's top marginal tax rate is 45% (plus ~5% state payroll tax). In comparison our top tax rate is 33% we also don't pay tax on capital gains.
The rich have it good here, don't believe them when they whine
Capital gains are already taxed in a large number of jurisdictions, including the UK, the US and Australia.
yes NZ’s pretty unusual as a 1st world country that doesn’t tax capital gains.
For example in the US all capital gains are taxed by default at you marginal tax rate, just like any other income. They do have a “capital gains tax” but what that is is a LOWER tax rate for some capital gains (in particular capital gains that are held long term, you have to register the holding with the IRS).
(and an exemption for certain capital gains on a family home)
Yeah, nah the list of Governors and GGs doesn’t bear out your argument. In fact, it’s only since Holyoake in 1977 that we moved away from former military figures.
To be fair that's also the point where we moved away from importing English GGs
Bruce Schneier’s latest indirectly points out the folly of having a secret GCSB in charge of our countries network security.
It’s made particularly pertinent by last month’s events – the NSA knew about the Heartbleed bug and was actively exploiting it – as a result of 5-eyes the GCSB must have known about it too …. and despite them being charged with our nation’s cyber security they did nothing – they have an obvious conflict of interest here and have put their allies’ interests ahead of our citizens’ all hidden behind their cloak of secrecy
Probably it’s time to declare them irrelevant and not useful and take charge of our own security ….. except of course for that pesky new Telecommunications act …….
Yes! It was hilarious! I’ve been trying to understand what it means about the way he presents himself…
Over on The Standard they're claiming it's his tell, how you can tell he's lying (I figure more likely it has something to do with his lips moving) - I guess you have to have seen him behave like more than once.
And that's the fundamental problem with secret agencies: the secrecy necessary for them to do their jobs effectively also protects their mistakes and abuses of power.
Yes it implies that should have extra, independent oversight, rather than less - organisations like this need to have whistle blowers standing there looking over their shoulders, whistles to their lips
Here’s a direct link to the 3news report so you don’t have to look at Kiwiblog
Key's little tick at 9:30 as he's leaving needs to be looped .....