Posts by mark taslov
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Speaker: An Open Letter To David Cunliffe, in reply to Jack Harrison,
They’d certainly be in keeping with New Zealand’s anglophile climate, with a heck of a lot more soul than what goes on here. As you mentioned earlier, if mega-city is what they want they certainly need to get cracking on something pronto.
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Speaker: An Open Letter To David Cunliffe, in reply to Jack Harrison,
Surely its got to the point of rort that would involve a real removal of capital initiative from multiple home owners. This is the real political correctness. You are not allowed to say to the multiple property investor that their investment is a risk.
I couldn’t agree more, and this trend is further exacerbated by the deductables on rental income:
The following expenses can be deducted from your rental income:
rates and insurance
interest paid on money borrowed to finance your property
agents fees and commission
repairs and maintenance (except if they substantially improve the property)
motor vehicle and travel expenses
legal fees for arranging the mortgage or finance to buy the property
from the 2010 income year and beyond, legal fees for buying and selling a property can be deducted provided your total legal expenses for the income year, including the fees associated with buying and selling a property, are equal to or less than $10,000. Before the 2010 income year, legal fees for buying and selling a property are not deductible.
mortgage repayment insurance
accounting fees for the preparation of accounts
depreciationMotor vehicle and travel expenses? WTF is that？How does this benefit New Zealand?
The cost of travelling from home to work is not a tax-deductible expense.
It’s a rort as you say. But the CGT does very little to address the long term Land Barons, Counts and Marquis. This also does very little to discourage speculative practices:
legal fees for arranging the mortgage or finance to buy the property
from the 2010 income year and beyond, legal fees for buying and selling a property can be deducted provided your total legal expenses for the income year, including the fees associated with buying and selling a property, are equal to or less than $10,000. Before the 2010 income year, legal fees for buying and selling a property are not deductible. -
Speaker: An Open Letter To David Cunliffe, in reply to Jack Harrison,
What policy would you write?
With only a few minutes to do so:
As well as increasing the top income tax rate, I’d go with something similar to one of those CGTs above that are multiplied with the individual’s marginal tax rate as per SA, Can, Mol.
Ideally in conjunction with the implementation of a reasonable marginal tax-free threshold, say $10,000.In the likelihood of no income tax-free threshold, I’d introduce a reasonably generous exemption, probably somewhere between Ireland’s and the UK’s, designed specifically to handle the inheritance issue.
It’s time this rort was stopped for the hard reality of renting in Auckland and the obvious generational social reasons.
Yes, One issue I can see without an exemption is that say a family member dies and leaves the house to her 3 children. Say 1 child already owns their own home, they’re not going to want to sell the inherited property and lose that taxed portion of the gain if they can help it, they’ll want to rent the property out, though the other 2 may wish to sell, again this may result in the 1st child getting a mortgage to take it off their hands and still renting it out.
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almost of the income of the very wealthy comes from capital gains
In the interests of aiming that weapon more squarely at the very wealthy:
(Capital gain x 50.00%) x marginal tax rate = capital gain tax
Ireland
every person has an exempt band of €1,270 per year.
Lithuania:
These tax exemptions will cease to be valid on 1 January 2014 for annual gains of over 10,000 LTL.
Moldova:
The applicable rate is half (1/2) of the income tax rate
South Africa:
For legal persons in South Africa, 66.6% of their net profit will attract CGT and for natural persons 33.3%. This portion of the net gain will be taxed at their marginal tax rate.
The UK
All individuals are exempt from tax up to a specified amount of capital gains per year. For the 2014/15 tax year this “annual exemption” is £11,000
Another flat-rate tax for the New Zealand population, why would you feel the need?
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Speaker: An Open Letter To David Cunliffe, in reply to giovanni tiso,
Found it, giving the benefit of the doubt, Russel may have felt Kyle Church had answered, not an ideal exit strategy, but given the platform it’s deft enough, I obviously don’t agree with Ross Sélavy Brighton that it’s “meaningless”, though it could for all intents and purposes be construed that way, or either way for that matter. When the dialogue boils down to the difference between nothing and something, to be sure, we’re already deep in the shadow.
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Speaker: An Open Letter To David Cunliffe, in reply to Kumara Republic,
the Broken Window Fallacy, or a form of the Shock Doctrine.
Thanks Deepred, The East Cape economic miracle.
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Speaker: An Open Letter To David Cunliffe, in reply to giovanni tiso,
it was a distinct turn to the right to abandon or scale back the measure.
Yes Gio, there’s no question in my mind that the whole spectrum is on a starboard course. On this tack, under MMP, where minor parties can promise the world, compromises like the Greens made may be enough to sneak the legislation in – adjustable later. At least that’s what my last dregs of optimism can muster.
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Speaker: An Open Letter To David Cunliffe, in reply to Jack Harrison,
the obvious strategy of a small island run by a government bereft of ideas.
Perhaps this is being too cynical. but when SH 2 was blocked around the Devil's Elbow in 2012, it occurred to me that rather than making a genuine effort to permanently remedy this ongoing issue, the Government may have done a cost analysis, and reached the conclusion that intermittently requiring the occupants of fifty cars to pay for accommodation in Napier not only offset the cost of the MOW call out but offered tangible employment and economic benefits to the region.
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Speaker: An Open Letter To David Cunliffe, in reply to giovanni tiso,
It is significant as a monetary figure, but Labour’s reduction from $5000 to 0 is arguably more so, at least wrt to the political philosophy of the party. Implementing a $2000 tax free threshold appears more realisable in an MMP Government. Any money at all is more than I can shake a stick at.
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Speaker: An Open Letter To David Cunliffe, in reply to giovanni tiso,
Didn’t the Greens reduce the tax free threshold to $2,000 in the end?
I can’t find a specific figure here Gio, I don’t have the luxury of being in a position to turn my nose up at any tax free threshold whatsoever, so that number may mean more to some than others, for me the reduction from $5000 to $2000 would still mean the difference between paying 5% or 10% of my 4k income, on top of GST and any CGT that might come my way. the consideration alone speaks volumes.