Posts by DexterX
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OnPoint: Easy as 1, 2, 22.8 billion, in reply to BenWilson,
For those whom favour estate duty - then bring it back an estate Duty at 45% over the value of an estate of $450,000.
Then In the interest of being fair to everyone it should apply to everything the family home just as it applies to the family farm.
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OnPoint: Easy as 1, 2, 22.8 billion, in reply to Sacha,
How many libertarians does it take to change a light bulb?
None. If the light bulb needs to be changed, the market will take care of it.
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OnPoint: Easy as 1, 2, 22.8 billion, in reply to Steve Barnes,
Read the answer fully - re conversion and other aspects.
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OnPoint: Easy as 1, 2, 22.8 billion, in reply to Rich of Observationz,
How do you chose Rich Parents?
Estate Duty was forcing farming families off their land.
In the situation, at the time Estate Duty was zero rated, where say there was a farm valued at $600.00 owned by a widow with four children and ( two sons and two daughtes) and say you had one son inlaw and one son who were actively farming the land.
The effect of the $150,000 estate duty wold mean that the farm would be sold to pay the tax and the two farming families would effectively be forced off the land.
It was eating away at and compromising rural communities whilst also undermining the producitve base of the economy - you know agriculature.
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OnPoint: Easy as 1, 2, 22.8 billion, in reply to Steve Barnes,
The answer is again it won't - there are no outcomes there is no CGT.
With the proposal the likely only exemption is the Family home - so it will apply to assets in a trust or settling assets into a trust.
The proposal will likely be that when an assets is converted from one use to another use the CGT will apply - that iwill include settling an asets on a trust as well as a sale the CGT will apply.
The abolition of Gift duty sits alongside the "new looking through" regime.
It isn't some big "toothless hags, nest feathering, and have and have nots" conspiracy codswallop.
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OnPoint: Easy as 1, 2, 22.8 billion, in reply to 3410,
That is such a classic story - very old New Zealandy.
I hope you kept both letters and framed them.
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OnPoint: Easy as 1, 2, 22.8 billion, in reply to Steve Barnes,
You were asking about CGT when you asked:
"So, how is the abolition of Gift Tax going to affect all this come October 1st?."
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OnPoint: Easy as 1, 2, 22.8 billion, in reply to BenWilson,
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.
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OnPoint: Easy as 1, 2, 22.8 billion, in reply to Steve Barnes,
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.
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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.