. Living off the hard work of New Zealand taxpayers are those who have corrupted the system to enrich themselves and believe that they are entitled to never pay tax.So it's not about envy it's about the Kiwi way of fair pay.
@@Peter-kk6rg 90% of all income tax is paid by the top 10% of earners. Suggesting the wealthy in NZ pay no tax is childish. Why not advocate for Churches and Iwi to pay tax instead of hiding behind out-of-date charity rules.
@@JamesClark-cg1qk Capital gains tax is a must for New Zealand so we can move forward and meet the struggles that our country will face in the future together .
I agree, up to the mid 70s, a family with young children could live on one wage/salary, rule of thumb rentals were about 25% of one take home wage, now it's around 60%, tax has increased, including the introduction of GST and part charges. Most people manage to purchase a home, that is no longer a possibility for most lower income earners so they can't afford to have children as we once did. As the bone head above stated "If you don't like it, then leave" and you should, like the other 133,000 NZ residents have in the last 12 months, left for greener pastures, because there isn't much future here for wage earners. The National government doesn't care about record numbers leaving, because they are mainly Labour, Greens and Maoridom along with immigrants, National will replace these people with immigrants and their regime carries on. Good luck.
@@dawnezone8491 corporate tax is lower in Scandinavia than NZ, and in Norway when they increased the wealth tax, many of the countries most wealthy left.
If they introduce a capital gains tax, will they decrease income tax? I think not. This is simply a way for politicians to get more of peoples money and waste it.
Good to see Labor back in the game - but taxation should not be the only option for increasing state capacity in the economy. Higher government debt to GDP is essential to undertake major capital investment in public services and infrastructure. Government deficit spending is about 50% cheaper then most PPP schemes. However, the damage that the current recession will do to productive capacity has yet to be seen and with a reduced construction sector and the continuing outflows of young skilled workers NZ may be creating some intractable long term problems for itself. The best example of a country that has followed the austerity path is the UK - 14 years of budgetary constraint that is continuing with the newly elected Labour government.
NZ already has a ‘wealth tax’ - FIF tax (Foreign Investment Fund) on most foreign investments. Rates are arguably already a wealth tax on property. Possibly the main investment with no capital gains tax or wealth tax are NZ shares - whether public or private companies.
Late Michael Cullen, 2001 brought in super funds, to invest in our pension scheme, not altogether relying on taxes , that fund through investment from apple is 75 billion dollars,labour again brought in kiwi saver, so when we get to retirement there is a nest egg, under coalition nothing .and in 2009 keys goverment stopped paying into the super fund, labour again continued funding 2o17 now that's fore sight.
While I dislike the Super Fund and kiwisaver a lot, and disagree with the investment of kiwis retirement savings, it's worked out fairly well so far under Labour governments... I only fear what will happen with National taking more risks with kiwis savings, as we have seen these schemes fail around the world many times, and lose entire generations retirement savings to some dirty actor and greedy investors
No to a wealth tax. Comprehensive CGT + gift tax + inheritance tax Almost all OECD countries have CGT. NZ has wasted $500bn bidding up land prices partly because we don’t have comprehensive CGT.
A certain amount of "inequality" is inevitable and unavoidable. People are different. Even under brutal Socialism, there is inequality. You can't tax your way to equality. What's important is equal opportunities, and that comes from good parenting, a good health system, good education, a vibrant economy that provides plenty of good jobs, and a tax system that incentivises work, saving, and investment. Taxing capital, especially unrealised capital gains, will actually punish the middles classes the most. As happened in Norway when they increased wealth taxes, record numbers of wealthy simply moved. But if the alt-Left understood all this, they wouldn't be on the Left.
Agree, also what he is saying if you are being targeted for wealth tax and can't leave this country for various reasons you're a sitting duck lined up to have your hard earned money plucked from your wallet,.....Now there's a reason to vote Labour !! I would rather see wages rise and less gvt spending, and a much smaller gvt. Less MP's. More productivity and economy growth so we encourage investment etc.....oh guess I'm watching the wrong interview.🙂
Note to Labour no one wants to work if they are being paid a benefit to stay at home ...paid for by oh let's say higher tax bracket earners, productivity will not lift in this country under those circumstances .talking about wealthy people.." some of my best friends are wealthy...I like them," lol but, do they like you??? Just saying...
"A certain amount of "inequality" is inevitable and unavoidable. People are different. Even under brutal Socialism, there is inequality. You can't tax your way to equality." So we should just not try to fix inequality in our tax system because inequality will always exist? This is a lazy argument, that shouldn't be taken seriously. I agree that taxing 'unrealised' gains for 'mom and pop' investors is not reasonable, but they're only proposing doing so on the ultra wealthy, who use investments as a way to avoid realising gains and being taxed. It'd be as if a working person could ask their employer to hold onto a portion of their income, and not pay taxes on it until such a time as there are favorable tax loopholes or tax holidays, then cash out at a later date that suits them... Not doing anything about capital gains is just not a reasonable position to hold, especially if you claim to want a tax system that incentivises hard work or fairness. As for your "taxing the rich will make them leave", argument r.e Norway: They increased the wealth tax rate by 0.1%, and according to news reports, a handful to a few dozen millionaires and billionaires left to Switzerland, but there are no specific individuals mentioned, or any specific numbers (Norway has over 200,000 millionaires btw)... That's NOT the middle class, and that's NOT a reasonable response to a 0.1% tax increase, especially when you're already very wealthy. That's selfishness and greed. We on the left understand this a lot better than YOU LOT seem to. We actually care about fairness, where you do not.
@@Ben-Rogue hah, the alt-Left care more about their ideology than they do about people. And if you understood anything about finance and economics, you wouldn't be on the Left.
Inflation is the invisible hand reaching into your pocket, and capital gains tax is just an extra slice of theft from the same pie. It’s like they take the first bite when your money loses value, then come back for seconds when your assets try to keep pace.
Step 1 in fixing the NZ housing market: Tax capital gains the same as income. Though, I believe a lower rate for first time home sellers would we a good thing.
Why doesnt Labour ever come up with ideas to create more wealth and increase our value in the world through innovation and education. Rather than that, Parker would just prefer to take someone elses property.
Switching our tax settings so that less tax revenue comes from productive activities (i.e. work) and more tax revenue comes from unproductive assets (i.e. housing) will incentivise work and innovation. How ironic that this supposed socialist has a better understanding of economic incentives than you two do.
Do you think the wealthy care they hoard assets? Billionaires can’t possibly spend their money so what do they do! Buy your grandparents house and rent it back to you. They run childcare centres where kiwis pay 10x more than needed, take the profit overseas and make a small few wealthy. We pay some of the most highest costs in the world. Stop being ok with it.
Create more wealth, for whom? Shareholders who don't pay taxes? What's the point of that?... Someone else's property? Oh, so you're okay with no one paying taxes then, or no? Should the system be fair, or not? Should not those that profit the most from our public investment in infrastructure, education, public safety and health, and government services that enable commerce, not pay a fair share towards its upkeep and enhancement? Or do you think rich people are somehow an exception?
@Ben-Rogue wealth for everybody. If we ecourage entrepreneurs, rather than demonise them as Parker does, NZ could be pioneering in technology and innovative farming solutions for example that could be sold worldwide, making the company millions that would be taxed and creating employment and tax.
More tax isnt going to solve inequality anyway. Its an issue of culture, education and work ethic. All humans are different, we are not equal widgets, so Parkers ideaology of playing god will fail just like all previous attempts at socialism.
All this will do is increases prices even more just like the last changes made. Eg somebody owns two rental properties at 1m each. Any additional wealth tax on their value will simply be passed on in rent/running costs = more expensive rent than what we already have...
What a beautiful man. He is so beautifully spoken. It is such a breath of fresh air to listen to intelligent politicians, like other Labour Party members. It is barely comprehensible how the present coalition MP's are so defective - in intelligence, experience, integrity, strength, and in care of the people. I have never felt before that I was governed by such incapable corrupt people- lots of them.
Inequality always existed. Capital has already been taxed and indeed at vastly greater amounts than middle income earners. Clark in effect supports asset price escalation which is the accompaniment of inflation. He has no economic appreciation. CGT has NOT surpressed house prices anywhere on earth.
He's missing the fundamental point that neither the super-wealthy nor many mainstream tax payers trust the current Labour party to focus the extra tax revenue on people and projects that have their support. The last Labour government's spending was profligate, relied too heavily on highly-paid consultants to produce reports and recommendations that supported their ideologies, taking advantage of an outright majority that many felt had abused their trust. Higher taxes for the super-wealthy might be more popular IF and only IF it really was used to help more people buy their first property and actually put more money in the pockets of education and front-line service workers...not managers, and not administrators. The interviewer should have dug deeper into what a Labour government would ACTUALLY spend the money on. Having blown the trust of the voters that put them in power, they are going to need to work hard to get it back. Hipkins' recent interview with Jack Tame was entirely unconvincing in this regard.
Why are we even discussing taxing the wealthy when low-wage workers and middle income earners are already paying higher percentage of tax compared to these wealthy people? Sure there will be inefficiences but pointing it as a reason to delay taxing the wealthy is capitalistic and unfair for the rest of low-middle income wage earners.
This is just repeating Luxon's talking points; government agencies require administration. Endless crowing about waste on public servants & the systems they work within is simply subterfuge and obfuscation to avoid admitting that policies have administrators in order to function. If you don't want administration this is just simply saying you don't support government action at all so completely bad faith argument being posed here. Previous governments spending was deeply conservative and debt is still very low considering the necessary spending that occurred during the course of a pandemic & no significant increases in tax revenue happened during its tenure. At base, taxing capital is about fairness not garnering the opinion of the super wealthy - they are, as has been said, a very small number of people who have a disproportionate impact on how the economy is run and in whose interests it is run. The money will be spent on infrastructure which has historically been run down by conservatives; water, education, health care, public transport, roads, energy. All of the things you likely voted against.
What a benign heading. No one "likes" inequality but we realise it is inevitable. Davids comment could also be perceived that he doesnt like other people succeeding so he wishes to curtial it. That is equity.
Not inevitable, some things are policy impacts. National do nothing to help entrepreneurs only people already wealthy. Used to get small business loans from msd before Shipley.
Labour collected a record amount of tax during its tenure, but had record amount of waste, no targets or outcomes going backwards. Why would anyone support more tax when its wasted by govt? Why not leave it in the hands of the people that earned it to spend it as they see fit? What makes Parker so qualified and righteous to better spend other peoples money?
Labour also had multiple extreme weather events, a massacre and Covid where the bulk of aforesaid tax went; all countries suffered. National has had none of those, have slashed public services and still wasting money and giving tax breaks to their rich mates
@tommcg7564 yes there were huge weather events that damaged infrastructure. Covid initial lockdown was valid, but later Auckland lockdown for a couple of cases once people were faxxed was way over the top. This stopped productivity for 1m people while the govt paid thru subsidy scheme. When you pump currency in but noones producing then prices rise. The massacre had no economic consequence, only virtue signally opportunity for Ardern to control speech and guns. All countries have had the same economic outcomes that had the same policy inputs. It wasnt a paranormal phenomenon as Robbo would have you believe. If you pump more currency into ecomomy than it can absorb, because youve locked down worjers from peoducing), then prices will rise. This is a natural consequence of govt creTed inflation. RBNZs antidote is then to create a recession thru raising OCR, putting economy on rollercoaster ride. Nats definately doing ghe right thing cutting size of govt that got bloated under Labour. Currently a massive transfer of wealth from productive sector, creating and exporting to govt which just spends taxpayer money. Govts goal should be to tax less and free up economy, not to tax more. Labours punative high tax nanny state policies are the wrong ethos. NZ needs to be aspirational and innovative, not a welfare socialist state.
I can't think of any situation where income from capital is not taxed. (Excluding CG) Whether it's rent from a building or a cow growing, it's taxed. Can someone please enlighten me? Genuine question.
Capital gain is driven buy scarcity ie regulation and credit ie currency supply through RBNZ OCR and inflation. What is the point of taxing outcome of govt policy that created it? May as well print currency directly from RBNZ to Treasury and cut out IRD. Eg the asset bubble of 2020 was caused by govt policy, whats to stop them doing it again to generate tax? And how would people pay 30% tax on a paper gain?
@foobarf8766 RBNZ dropped OCR and did QE and special bank lending program during covid. This fueled the housing bubble. Very little went into business as govt was locking down country so business had little cashflow, so banks disproportionately lent to homebuyers. As well as this council building consents were bottle necked because housing plans specified gib etc and there was none available, driving prices higher.
@@andrewking9435 Labour wanted Banks to provide loans to first home buyers but banks had other ideas they put profits above average nzers as always and over 90% of new loans where issued to large corporate realestate investment firms or investors with a sizeable realestate portfolio that they could leverage to buy up more properties and because they were able to get more sizeable loans they would bid above the estimate to win every auction or put in offers that the sellers couldn't ignore.
Spoken like someone who gets paid by a government. Where does he think wealth comes from? Capital investment. Without capital investment there is no government or salaries…
Basically he is heading towards socialism. He doesn’t like inequality, well I don’t like people who don’t try & leach off others efforts which is another form of inequality. Being a capitalist with a social conscience I believe in helping others but the more a government does for you the more they will take until you have nothing for the sake of remaining in power.
For asset owners only - the tax base cannot fall on income earners and consumption alone - it's distortionary and deeply unfair. Income earned from the realization of a capital gain should be taxed the same as any other income - if not more since no actual effort is involved in the gain. Something like 40% of the population are renters including many elderly people and families with fixed incomes. Extracting rent from people who have no choice about renting is predatory and morally questionable. It's also a completely un-productive economic activity and yet as taxpayers we contribute $2 billion a year in rental subsidies to ensure landlords aren't impacted in any way by the poverty of their tenants.
How can you tax capital gains without accepting a claim for capital losses? Immediately a lot of wealth would move offshore,and maybe also the owners of that wealth
Capital Gains tax would make me vote Labour.
the envy must run deep in you...
. Living off the hard work of New Zealand taxpayers are those who have corrupted the system to enrich themselves and believe that they are
entitled to never pay tax.So it's not about envy it's about the Kiwi way of fair pay.
@@JamesClark-cg1qk I think you don't understand who these big players are.
@@Peter-kk6rg 90% of all income tax is paid by the top 10% of earners. Suggesting the wealthy in NZ pay no tax is childish. Why not advocate for Churches and Iwi to pay tax instead of hiding behind out-of-date charity rules.
@@JamesClark-cg1qk Capital gains tax is a must for New Zealand so we can move forward and meet the struggles that our country will face in the future together .
I have never felt more inequity until I came to nz after 21 years I’m on the bones of my ASS !
YOU DONT HAVE TO STAY HERE
I agree, up to the mid 70s, a family with young children could live on one wage/salary, rule of thumb rentals were about 25% of one take home wage, now it's around 60%, tax has increased, including the introduction of GST and part charges. Most people manage to purchase a home, that is no longer a possibility for most lower income earners so they can't afford to have children as we once did. As the bone head above stated "If you don't like it, then leave" and you should, like the other 133,000 NZ residents have in the last 12 months, left for greener pastures, because there isn't much future here for wage earners. The National government doesn't care about record numbers leaving, because they are mainly Labour, Greens and Maoridom along with immigrants, National will replace these people with immigrants and their regime carries on. Good luck.
@@tommcg7564carm down, no need to shout.
Who does Parker think he is Robin Hood?
Many wealthy in other countries don't complain about paying extra tax because they see it benefits everyone.
thats because their poopulation and economies are able to produce and support more wealth and more wealthy people overall
which countries..?
@@JamesClark-cg1qk Sweden. Switzerland and there are others. Google will give you the list
@@dawnezone8491 corporate tax is lower in Scandinavia than NZ, and in Norway when they increased the wealth tax, many of the countries most wealthy left.
@@JamesClark-cg1qk I better do more research
Yep bring it on David.
What about the inequality of effort? You also can't tax your way to prosperity
Love this ❤
If they introduce a capital gains tax, will they decrease income tax? I think not. This is simply a way for politicians to get more of peoples money and waste it.
Good to see Labor back in the game - but taxation should not be the only option for increasing state capacity in the economy. Higher government debt to GDP is essential to undertake major capital investment in public services and infrastructure. Government deficit spending is about 50% cheaper then most PPP schemes. However, the damage that the current recession will do to productive capacity has yet to be seen and with a reduced construction sector and the continuing outflows of young skilled workers NZ may be creating some intractable long term problems for itself. The best example of a country that has followed the austerity path is the UK - 14 years of budgetary constraint that is continuing with the newly elected Labour government.
NZ already has a ‘wealth tax’ - FIF tax (Foreign Investment Fund) on most foreign investments. Rates are arguably already a wealth tax on property. Possibly the main investment with no capital gains tax or wealth tax are NZ shares - whether public or private companies.
Different thing
Late Michael Cullen, 2001 brought in super funds, to invest in our pension scheme, not altogether relying on taxes , that fund through investment from apple is 75 billion dollars,labour again brought in kiwi saver, so when we get to retirement there is a nest egg, under coalition nothing .and in 2009 keys goverment stopped paying into the super fund, labour again continued funding 2o17 now that's fore sight.
@@paulchristensen2573 Cullen definitely the best minister of finance of my lifetime. Under his watch: kiwisaver, superfund, Kiwibank
While I dislike the Super Fund and kiwisaver a lot, and disagree with the investment of kiwis retirement savings, it's worked out fairly well so far under Labour governments... I only fear what will happen with National taking more risks with kiwis savings, as we have seen these schemes fail around the world many times, and lose entire generations retirement savings to some dirty actor and greedy investors
New Zealand has a Capitol Gains Tax called the Brightline Tax
Only applies to property, not capital markets, so not a CGT by any stretch of the definition.
It’s about time!
How about Mr Parker share his wages with the people he feels need it,
His capital gains will be taxed too, so esentially he will be
Bring it on. Such a pity Labour baulked last time.
No to a wealth tax. Comprehensive CGT + gift tax + inheritance tax
Almost all OECD countries have CGT.
NZ has wasted $500bn bidding up land prices partly because we don’t have comprehensive CGT.
A certain amount of "inequality" is inevitable and unavoidable. People are different. Even under brutal Socialism, there is inequality. You can't tax your way to equality. What's important is equal opportunities, and that comes from good parenting, a good health system, good education, a vibrant economy that provides plenty of good jobs, and a tax system that incentivises work, saving, and investment. Taxing capital, especially unrealised capital gains, will actually punish the middles classes the most. As happened in Norway when they increased wealth taxes, record numbers of wealthy simply moved. But if the alt-Left understood all this, they wouldn't be on the Left.
Agree, also what he is saying if you are being targeted for wealth tax and can't leave this country for various reasons you're a sitting duck lined up to have your hard earned money plucked from your wallet,.....Now there's a reason to vote Labour !!
I would rather see wages rise and less gvt spending, and a much smaller gvt. Less MP's. More productivity and economy growth so we encourage investment etc.....oh guess I'm watching the wrong interview.🙂
Note to Labour no one wants to work if they are being paid a benefit to stay at home ...paid for by oh let's say higher tax bracket earners, productivity will not lift in this country under those circumstances .talking about wealthy people.." some of my best friends are wealthy...I like them," lol but, do they like you??? Just saying...
Taxed when realised. Another know-nothing commentator to down-vote.
"A certain amount of "inequality" is inevitable and unavoidable. People are different. Even under brutal Socialism, there is inequality. You can't tax your way to equality."
So we should just not try to fix inequality in our tax system because inequality will always exist? This is a lazy argument, that shouldn't be taken seriously.
I agree that taxing 'unrealised' gains for 'mom and pop' investors is not reasonable, but they're only proposing doing so on the ultra wealthy, who use investments as a way to avoid realising gains and being taxed. It'd be as if a working person could ask their employer to hold onto a portion of their income, and not pay taxes on it until such a time as there are favorable tax loopholes or tax holidays, then cash out at a later date that suits them... Not doing anything about capital gains is just not a reasonable position to hold, especially if you claim to want a tax system that incentivises hard work or fairness.
As for your "taxing the rich will make them leave", argument r.e Norway: They increased the wealth tax rate by 0.1%, and according to news reports, a handful to a few dozen millionaires and billionaires left to Switzerland, but there are no specific individuals mentioned, or any specific numbers (Norway has over 200,000 millionaires btw)... That's NOT the middle class, and that's NOT a reasonable response to a 0.1% tax increase, especially when you're already very wealthy. That's selfishness and greed.
We on the left understand this a lot better than YOU LOT seem to. We actually care about fairness, where you do not.
@@Ben-Rogue hah, the alt-Left care more about their ideology than they do about people. And if you understood anything about finance and economics, you wouldn't be on the Left.
Inflation is the invisible hand reaching into your pocket, and capital gains tax is just an extra slice of theft from the same pie. It’s like they take the first bite when your money loses value, then come back for seconds when your assets try to keep pace.
Step 1 in fixing the NZ housing market: Tax capital gains the same as income.
Though, I believe a lower rate for first time home sellers would we a good thing.
David is classic communist. ‘I don’t like inequality’. Life like that mate. We can’t all be the same .
Ah yes, the old; Taxing rich people is communism... Clown
Raging inequality??? What country is he in ??
Why doesnt Labour ever come up with ideas to create more wealth and increase our value in the world through innovation and education.
Rather than that, Parker would just prefer to take someone elses property.
He’s a socialist at heart. That thought has never crossed his mind 😂
Switching our tax settings so that less tax revenue comes from productive activities (i.e. work) and more tax revenue comes from unproductive assets (i.e. housing) will incentivise work and innovation.
How ironic that this supposed socialist has a better understanding of economic incentives than you two do.
Do you think the wealthy care they hoard assets? Billionaires can’t possibly spend their money so what do they do! Buy your grandparents house and rent it back to you. They run childcare centres where kiwis pay 10x more than needed, take the profit overseas and make a small few wealthy. We pay some of the most highest costs in the world. Stop being ok with it.
Create more wealth, for whom? Shareholders who don't pay taxes? What's the point of that?... Someone else's property? Oh, so you're okay with no one paying taxes then, or no? Should the system be fair, or not? Should not those that profit the most from our public investment in infrastructure, education, public safety and health, and government services that enable commerce, not pay a fair share towards its upkeep and enhancement? Or do you think rich people are somehow an exception?
@Ben-Rogue wealth for everybody. If we ecourage entrepreneurs, rather than demonise them as Parker does, NZ could be pioneering in technology and innovative farming solutions for example that could be sold worldwide, making the company millions that would be taxed and creating employment and tax.
More tax isnt going to solve inequality anyway.
Its an issue of culture, education and work ethic.
All humans are different, we are not equal widgets, so Parkers ideaology of playing god will fail just like all previous attempts at socialism.
All this will do is increases prices even more just like the last changes made. Eg somebody owns two rental properties at 1m each. Any additional wealth tax on their value will simply be passed on in rent/running costs = more expensive rent than what we already have...
What a beautiful man. He is so beautifully spoken.
It is such a breath of fresh air to listen to intelligent politicians, like other Labour Party members.
It is barely comprehensible how the present coalition MP's are so defective - in intelligence, experience, integrity, strength, and in care of the people.
I have never felt before that I was governed by such incapable corrupt people- lots of them.
Inequality always existed. Capital has already been taxed and indeed at vastly greater amounts than middle income earners. Clark in effect supports asset price escalation which is the accompaniment of inflation. He has no economic appreciation. CGT has NOT surpressed house prices anywhere on earth.
Yes it has. Read some IMF report instead of being a clown 🤡
He's missing the fundamental point that neither the super-wealthy nor many mainstream tax payers trust the current Labour party to focus the extra tax revenue on people and projects that have their support. The last Labour government's spending was profligate, relied too heavily on highly-paid consultants to produce reports and recommendations that supported their ideologies, taking advantage of an outright majority that many felt had abused their trust. Higher taxes for the super-wealthy might be more popular IF and only IF it really was used to help more people buy their first property and actually put more money in the pockets of education and front-line service workers...not managers, and not administrators. The interviewer should have dug deeper into what a Labour government would ACTUALLY spend the money on. Having blown the trust of the voters that put them in power, they are going to need to work hard to get it back. Hipkins' recent interview with Jack Tame was entirely unconvincing in this regard.
Why are we even discussing taxing the wealthy when low-wage workers and middle income earners are already paying higher percentage of tax compared to these wealthy people? Sure there will be inefficiences but pointing it as a reason to delay taxing the wealthy is capitalistic and unfair for the rest of low-middle income wage earners.
This is just repeating Luxon's talking points; government agencies require administration. Endless crowing about waste on public servants & the systems they work within is simply subterfuge and obfuscation to avoid admitting that policies have administrators in order to function. If you don't want administration this is just simply saying you don't support government action at all so completely bad faith argument being posed here. Previous governments spending was deeply conservative and debt is still very low considering the necessary spending that occurred during the course of a pandemic & no significant increases in tax revenue happened during its tenure. At base, taxing capital is about fairness not garnering the opinion of the super wealthy - they are, as has been said, a very small number of people who have a disproportionate impact on how the economy is run and in whose interests it is run. The money will be spent on infrastructure which has historically been run down by conservatives; water, education, health care, public transport, roads, energy. All of the things you likely voted against.
What a benign heading. No one "likes" inequality but we realise it is inevitable. Davids comment could also be perceived that he doesnt like other people succeeding so he wishes to curtial it. That is equity.
Yea but if we get used to inequality we will start looking like India.
Not inevitable, some things are policy impacts. National do nothing to help entrepreneurs only people already wealthy. Used to get small business loans from msd before Shipley.
@@saregama-r8td Start?
Labour collected a record amount of tax during its tenure, but had record amount of waste, no targets or outcomes going backwards.
Why would anyone support more tax when its wasted by govt?
Why not leave it in the hands of the people that earned it to spend it as they see fit?
What makes Parker so qualified and righteous to better spend other peoples money?
Labour also had multiple extreme weather events, a massacre and Covid where the bulk of aforesaid tax went; all countries suffered. National has had none of those, have slashed public services and still wasting money and giving tax breaks to their rich mates
@tommcg7564 yes there were huge weather events that damaged infrastructure. Covid initial lockdown was valid, but later Auckland lockdown for a couple of cases once people were faxxed was way over the top. This stopped productivity for 1m people while the govt paid thru subsidy scheme. When you pump currency in but noones producing then prices rise. The massacre had no economic consequence, only virtue signally opportunity for Ardern to control speech and guns.
All countries have had the same economic outcomes that had the same policy inputs. It wasnt a paranormal phenomenon as Robbo would have you believe. If you pump more currency into ecomomy than it can absorb, because youve locked down worjers from peoducing), then prices will rise. This is a natural consequence of govt creTed inflation. RBNZs antidote is then to create a recession thru raising OCR, putting economy on rollercoaster ride.
Nats definately doing ghe right thing cutting size of govt that got bloated under Labour. Currently a massive transfer of wealth from productive sector, creating and exporting to govt which just spends taxpayer money.
Govts goal should be to tax less and free up economy, not to tax more. Labours punative high tax nanny state policies are the wrong ethos. NZ needs to be aspirational and innovative, not a welfare socialist state.
I can't think of any situation where income from capital is not taxed. (Excluding CG) Whether it's rent from a building or a cow growing, it's taxed. Can someone please enlighten me? Genuine question.
Houses
@@jameslittlewood7821 If you make profit from rent you pay tax.
You even pay a tax on the value of foreign shares - deemed rate of return - so a wealth tax basically …
@@everythingtrenchlessnz correct, that’s income tax
Parker thinks asset owners use a flexi overdraft against asset, like reverse mortgage to buy groceries and luxuries
Capital gain is driven buy scarcity ie regulation and credit ie currency supply through RBNZ OCR and inflation.
What is the point of taxing outcome of govt policy that created it?
May as well print currency directly from RBNZ to Treasury and cut out IRD.
Eg the asset bubble of 2020 was caused by govt policy, whats to stop them doing it again to generate tax? And how would people pay 30% tax on a paper gain?
You really think NZ Labour caused an asset bubble with small business loans max $5k at a go? 🤡
@foobarf8766 RBNZ dropped OCR and did QE and special bank lending program during covid. This fueled the housing bubble. Very little went into business as govt was locking down country so business had little cashflow, so banks disproportionately lent to homebuyers. As well as this council building consents were bottle necked because housing plans specified gib etc and there was none available, driving prices higher.
@@andrewking9435 Labour wanted Banks to provide loans to first home buyers but banks had other ideas they put profits above average nzers as always and over 90% of new loans where issued to large corporate realestate investment firms or investors with a sizeable realestate portfolio that they could leverage to buy up more properties and because they were able to get more sizeable loans they would bid above the estimate to win every auction or put in offers that the sellers couldn't ignore.
Spoken like someone who gets paid by a government. Where does he think wealth comes from? Capital investment. Without capital investment there is no government or salaries…
Basically he is heading towards socialism. He doesn’t like inequality, well I don’t like people who don’t try & leach off others efforts which is another form of inequality. Being a capitalist with a social conscience I believe in helping others but the more a government does for you the more they will take until you have nothing for the sake of remaining in power.
I don't like the idea of having a capital gains tax. 😅 It's what makes this country nice to be in. 😂
For asset owners only - the tax base cannot fall on income earners and consumption alone - it's distortionary and deeply unfair. Income earned from the realization of a capital gain should be taxed the same as any other income - if not more since no actual effort is involved in the gain. Something like 40% of the population are renters including many elderly people and families with fixed incomes. Extracting rent from people who have no choice about renting is predatory and morally questionable. It's also a completely un-productive economic activity and yet as taxpayers we contribute $2 billion a year in rental subsidies to ensure landlords aren't impacted in any way by the poverty of their tenants.
I think he's wrong about CGT its wealth tax that'll encourage hidden assets, got that one backwards.
How can you tax capital gains without accepting a claim for capital losses?
Immediately a lot of wealth would move offshore,and maybe also the owners of that wealth
Oh so they're going to move all their houses and the land under them overseas are they ? 😂😂😂😂😂
@@raywheeler3135 Don’t be ridicules,wealth is very transportable around the globe
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