That is such a classic story - very old New Zealandy.
I hope you kept both letters and framed them.
You were asking about CGT when you asked:
"So, how is the abolition of Gift Tax going to affect all this come October 1st?."
Estate Duty has been zero rated for decades, It used to be 45% of the value of the estate over $450,000.
It was an incredibly harsh tax able to be avoided by succesion planning.
What was happning, on account of inflation, a modest estate of a family home or a farm was being caught by estate duty - hence the zero rating.
With regard to CGT - if it comes in it will operate as it is intended whenever it is passed into law.
As for toothless hags, nest feathering, and have and have nots - Sweet Zombie Jesus what are you on about.
It is called Gift Duty.
To answer your question "How is the abolition of Gift Tax going to affect all this come October 1st"
The CGT isn't law it won't be affected - it doesn't exist and won't exist at 1 Oct 2011.
In saying that I have to concede that you could raise a people's army and take control of the state and then pass a CGT into law via the first sitting of council of citizen's of the first republic - this is of course has about as much chane of happening as Labour winning the next election.
On asking Max Cryer
Yeah it comes from Hiram Codd, a British soft drink maker of the 1870s, who promoted drinks in a Codd-neck bottle, the terms codswallop is a derisive term for soft drinks by beer drinkers.
Wallop is an early slang for beer.
The initial derivation of he term has nothing to with a codpiece, what is kept underneath it or giving anything a walloping. If this implication is taken it is historically wrong and not what was intended.
Deborah Coddington - shit - I thought you were she, here in aspirational disguise:
> "It is long past time for people who choose to live in this country stop their servile acceptance of glibly strung-together negatives about New Zealand. Kiwi modesty is fine, but self-flagellation with nihilistic criticism is simply a waste of time.
Seems to me like a similar codswalloping going on.
I tend to agree by supporting the govt investing in the Cullen Fund. and people when they can looking at Kiwisaver - with a greater allocation of both invested in the NZ economy.
Compulsion isn't a good thing for most people at various stages of their life - particularly those parts of it when they are on or earning close to the minimum adult wage.
I can hear violins and I am getting very dizzy.
"The horrid class of property investors who prey on them during this period are quite sickening.
Elder abuse is often done by children - I wouldn’t think "the horrid class" you are imagining would get a look in.
Either that, or tell people they can have Muldoon-level super when they agree to Muldoon-level taxes.
By the way it has never been that great - try living on it.
The asset-rich-cash-poor phenomenon is widespread. To me, the solution is not to force old people out of their homes, but rather to encourage the investment of a much larger proportion of our wealth into more liquid assets.
You mean by liquid the stuff that evaporates in a downturn or crisis.
Then people can stay in the home they spent a lifetime paying off, and have the cash with which to do it..
You have got to see the "irony" here - if it took them a life time paying it off then they would be dead at the end of that term a lifetime and they wouldn't have the cash not that they would need it they are dead - I'm not sure you can get a mortgage for such a period.
Now we are speaking for what is best for the “asset rich cash poor aged”, I guess they can’t make decisions for themselves.
If they are asset rich they have choices and no doubt more than one asset.
Gosh - If only we had a Labour govt they could make decision for “us” - forgive them Michael Joseph Savage for they know not what they do. Truly, I say to you, today you will be with me in paradise for you only vote Labour or sometimes party vote Green..
My Swing Voter, why have you forsaken me?
Things certainly get fairly wiggy pretty quickly.
My sons names are Morris Oxford and Austin Cambridge.