Nicola Willis: Taxes, donations, and the super-rich | Q+A 2023
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- čas přidán 28. 04. 2023
- National Party finance spokesperson Nicola Willis joins Q+A live to discuss the research released by IRD on the tax position of New Zealand’s wealthiest families.
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Good on ya for continuously steering Nicola back to National's policies, and leaving commenting on Labour's policies, to Labour. Evasion and deflection are not helpful.
Every other first world country has a capital gains tax.
And every single one of these countries have experienced stagnated growth ever since introducing it. These first world countries experienced amazing growth while having low tax rates.
It is not a good idea to raise taxes while almost on the brink of a recession. It takes no genius to figure that out.
@@dillianwhyte443 it's taxing the super wealthy and will benefit society as a whole.
@@yesterday1396 I hope it just that. Because a lot of individuals invest in shares, property etc. I don't think they would particular like to be taxed on unrealized gains. Just remember Parker did try and tax Kiwi Saver ,which is a big thing for low and middle income earners.
@@yesterday1396 until the super wealthy decide NZ is unfriendly to investment
If you do realise your capital gain i.e sell your investment and make a real profit, why wouldn’t you pay tax?
People are acting like selling these assets and obtaining cash in hand is the only way to leverage their increase in value 🤔
Because people don’t want their homes taxed
@@Gumpmachine1 Yet in virtually every country where a CGT exists, the owner occupied home is untaxed. People need to remember that, and the political conversations I've seen have noted that the family home would always be exempt. You're being bated into anxiety by something that isn't real.
@@BanterousLemon no understand the implications of not taxing the family home and actually would support a tax on all realised capital gains.
But talking about the very wealthiest in this context just smacks of mob politics to appeal to the masses “that’s get those greedy rich people”.
Because people have risked their own after tax paid money to better their financial position and the government has had no part in the enterprise and has contributed nothing so gets nothing in return .
National: The unequal situation is because Labour did A).
Labour: So we'll reverse A).
National: No, you're not allowed to do that because it'll involve claw backs from the rich.
Labour: So, like claw backs have never been done before?
National: Claw backs are fine if done to the poor and middle class. _Not_ the rich.
If CGT is applied to realised gains then the argument relating to unrealised gains holds zero weight
Whammo. How did she make it sound so complicated 😂
@@cameronlabone6050hemrage, ignorance.
By by skills and accrumin
Argument 1: we’ve never done it that way before.
Argument 2: even though you can borrow on increased asset value, we don’t count it as income
Argument 3: it can only be implemented to negatively affect middle income investors.
😂😂😂
Super rich people influenced politicians in protecting their interest. Election is coming and politician needs their campaign funds.
@12:15, the problem here is the last council/rating valuations are somewhat overinflated when no additional value was added (except maybe time/age?)... And what now of council/rating values for the northeast post cyclone... Even higher over the next decade because stuff and things need rebuilding/repair...?
If there were two houses in a town, each with a CV of 100, they would each pay half the total rates of the town. If the CV's were upped to 1000, they would still only pay half the total rates for the town each. CV's only mater relative to each other. The absolute values don't mater. But yes rates will likely increase to pay for infrastructure over the next decade.
Good questions from Jack here. The nats are never going to say rich need to pay more tax. At present, our tax system is fundamentally unfair. Let's get a CGT or wealth tax done!
Jack Lame is nothing more than government mouthpiece or as some would say a left leaning parasite.
Why? The "Rich" as you call them pay most of the tax in NZ. A third of households pay none. And will you include the family home in CGT and wealth tax and why not include it? It is still an investment that increases in value along with a rental property. And what is wealthy? According to the Greens a million dollars. Tax 1% for anything over a million every year, which was included in their previous plan, regardless of having no income from it.
I have a lifestyle property near Auckland. I have not been overseas for over 30 years and have not had a holiday even in NZ for 22 years. I have had just one day in the last 12 years where I have not worked at least four hours of the day. That day I did three and went fishing at the beach. I have sacrificed a lot to own what I have and, as an aside, it is worth far less than a three bedroom property in a reasonable suburb in Auckland on half a section. But it is now mine. Now I am being warned of a possible land tax, a wealth tax and CGT. I would be subject to CGT because I rent out the house on it and I live in a 15m2 contained room at the end of an old shed with an outside shower and "long drop" in the stable. I have gone out for dinner at a restaurant just twice in the last ten years. A cafe for breakfast and coffee three times and a lunch with friends at a bar twice. I drive a 15 year old car. All this to pay off a mortgage and to get ahead. I am happy with the decision I have made to get what I now have but suddenly I am supposed to feel guilty for owning a property and so should pay the Govt extra for my hard work , not their hard work, my hard work. Have you made those same sacrifices yourself to get ahead or do just want to take my 45 years of hard work and effort off me and give it to yourself?
@@peterdykzeul3074 really none? We pay tax on everything. Everything is taxed to hell.
Labour and national upper middle class and above have been avoiding capital gains tax my whole life. both full of it, thats why we aruge over everything like race, religion, red vs blue teams etc etc but actual financial class isnt often mentioned
@@purefoldnz3070 Sorry but uncertain what the "Really none" refers to. We are taxed on everything and if it was not so blatantly wasted everywhere by this current Govt. I would be OK with it. As David Seymour pointed out in an interview that included Chloe Swarbruck, health expenditure has gone up 70% in five years not including the Covid costs and there is nothing to show for it.
why? there are not captions😅
You only create a larger lower class by continuously taking more from middle class which is exactly what's happening now because wages only increase around 3% and inflation is 7%.That arithmetic tells you sooner or later there will be no middle ground just upper and lower
Good point! Inflation shift does this. One must think,why is there inflation? It is due to the owners of resources increasing prices (which the market is willing to pay). Why do they do this?
It's been happening in Canada and the US for along time. As a result, the poor/lowest class is growing rapidly, the middle class is shrinking, and the rich are becoming wealthier than the imagination can allow for. The US is an extreme example, Canada's on its way there, and I hate to see NZ go the same way.
How can people who are wealthy help NZ in hard economic times?
This is the only New Zealand news channel that allows comments, why do all the big news channels ban comments
Because of their shift towards ideology, they no longer want debate...
New Zealand media is funded by taxpayer's money given to them by the Labour government on the basis that the media support the Labour government . Comments would have many anti Labour government statements hence no comments allowed .
Because they have to moderate them. Sometimes they just forget to turn them off. Other times they moderate them. Other times they don't have the resources to moderate them so they just turn them off.
She is savvy and smart, on the other hand he seems tight and intense when debating …
The value of the assets allow them to buy more assets. The rate of price increase of rentals can be attributed to this loop hole behavior that first home buyers are victim to. She is so disingenuous... capitol gains should be taxed! She even manipulates mom & pop small businesses with the the blackmail of being effected by the capitol gains tax. Awful manner she puts across here 🤨
What is income? In general, it could be said income is a result of effort or work. If the value of your business increases, it is due to effort. So, the definition of income is not exact .
"I reject the premise of the question"
Now where have I heard that before?
Even just the tax bracket adjustment to be more inline with the inflation would be a start
The National party removed the depreciation deductible for rental properties. Did that increase rents?
The real question is, are they only going to introduce new tax on those 300 super wealthy or everyone who has asset?
Nicola: You can trust me because of what we are focused on
Jack: Like not raising tax for the wealthiest 300 New Zealanders?
Tall poppy tax
@@Gumpmachine1 those poppies will be laughing all the way to the bank at your naivety 😄
@@jtonline99 I’m sure you think so
@@jtonline99 envy tax
@@Gumpmachine1 if I had a quarter of a billion in assets, I’d definitely be laughing at you 😂
What ever the case maybe. Parker has his eyes on those who pay 50% tax or more. If you own something and sell it please be prepared to pay 30% on that sale whatever it maybe.
CGT/CWT are both mundane facts of life in most developed countries. Greatest period of economic growth ever seen was when USA imposed a 90% tax bracket for the highest earners. Public revenues poured into economic development and public services. Finland higher tax rates, competitive economy happiest people.
Come to Queenstown they said, work hard they said, be a good tenent they said, vote National they said, no fault eviction they said, live in a tent they said, winter is coming.
Finland also has largely an homogenous population that has natural proclivity to be industrious.
Let’s face it NZ can’t say the same
And now all the manufacturing is done in China and The West is a hollow shell .
My gut feeling is that pouring money onto problems doesn't produce much in the way of results here these days , particularly here with all the dysfunction we have to deal with .
@@andrewcampbell2903 Things are broken, and it takes longer to fix them than break them. National had 9 years, and only the GFC and ChCh Earthquake, but they had a plan, spend no more than tax revenues while international gets constrained by global recession, slash public services, drive hospitals into massive debt, cut schools, training incentives,
@@andrewcampbell2903 your gut feeling is probably correct.
We just had a unprecedented public health emergency where the government had a blank cheque book to spend money on health so you’d expect we’d at least have a world class health system…..but we don’t.
Pouring more money into things doesn’t automatically make them better
You have to get all those people in that country of the benefit who rely on it and don’t use it how it should be used as a temporary help to get you back your feet. Wealthy should pay more in tax but remember they do work hard to get that money. If you don’t earn much you probably didn’t study or learn anything of value therefore you don’t contribute as much so you don’t get paid as much…
If my house goes down in value, will I get a tax refund?? Something tells me I won't...
Capital losses can usually be used as a deduction and carried forward to future tax years. However the family home would likely be excluded for any tax, gain or loss.
Capital Gains is not on family home or business but is on investment homes. I paid it in UK. A tax on profit . No problem
We I have no suggestions till see the index.
Indeed wealth folks don’t pay tax
& funds political campaigns.
My brother was a Tax officer in Australia sometimes I look at his clients files . He say that to me don’t . Clients files are confidential.
Labour is overshadowing their health, education, crime, and transportation non actions.
Iam average earner why would I won't to pay more tax I'm taxed on my wages ,gst so two lots of tax. National will never ever do anything for me or the average wage earner on adult minimum wages.
The will and have but you wouldn’t recognise it
I agree with Gump Groot. They have and will do a lot for the average wage earner. They will halt all this Govt. waste for a start and put that money where it is needed.
You can trust me when I say not a dam thing will change in NZ. Over 30 years Labor and National have wrecked the place and now Labor has divided the nation making it a lot worse. Australia is the future, the rich will continue to get richer in NZ and you will continue to be a slave. Governments always wait knowing a major local or international event comes and it's very easy for them to break a promise based on such events. You have believed in both parties for 30 years and look where it got you. Both parties will look after the wealthy at the end of the day, both won't tax, NZ is one of the few countries in the world to not tax capital gains, it's a crime.
This pretty much sums it up.ALL "rights" have had to be fought for.From the right to vote....which no longer means much.
The super rich are calling the shots as in most countries....they own the media,indirectly and the police...Just look at Arderns father,former senior police and Freemason....he gets set up as some sort of ambassador in the Pacific Islands....retirement on full pay on a tropical island.So the politicians are looked after by paying them ridiculous salaries....theres no incentive for rocking the boat.Peters for example is a multimillionaire thats why he keeps hanging around blowing smoke and achieves nothing.
Ardern was purportedly enriched by a $20,000,000 payoff.Keep in mind Ardern once worked for Britains most hated man,Tony Bliar and thus is connected to the deep government....
During the Depression in America thousands of people died...killed by agents of the government....very little mention is made of this...because the oligarchy wants the public to believe they live in a democracy....laughable!.....we have "rights"....infact your "rights" are soley determined by your bank balance OR your "case" is heavily publicised.
The internet has revolutionised the publics access to information so it has thrown a spanner in the works....bullshit is more easily exposed.
There is huge trouble ahead....war.This is how the bankers have worked things in the past....and theyll do it again.
As many people have said....these mega rich scumbags do not give a f**k about the public....as long as they keep money.
Remember...THEY own the media.
The Windsors are worth at least 10 billion pounds....the media says 2 infact it is probably over 100,000,000.So dont trust the media including the insufferable Tame.
National's position is unconscionable. Every other developed country has a capital gains tax.
So then what is Labour’s excuse? Ardern said she’d never implement one under her watch and Hipkins has given such a meek response that he too seems scared to want to implement one either.
Looking at other countries that have CGT, they too share similar problems with housing and helping people in need.
Not on unrealised gains they dont, which is what Parker is proposing
Cgt isnt helping people overseas with the ability to buy housing... We need land tax not cgt
NZ population won’t vote for them so it’s our fault
Well , Labour can't manage it even if they want to do it . I think it is only fair to remember that middle New Zealanders make capital gains on a second home only to have it sucked up when they enter a rest home . Other people who have not had the same gumption don't pay anything . The state finally claws it back .
Has anyone mentioned how much those rich families paid in tax? I mean how many dollars does their 8% or whatever come to? To say they pay less tax is simply wrong. Lower percentage is not the same as less tax.
You can only pay tax on what you make not what you've got as for how much money these rich families make you could most probably look it up and work out the tax from that.
Thanks Tame also young families are dropping. But we are getting scraps for our meat
The whole presentation by Labour is flawed. They said that the richest people paid only some 10 percent in tax and the majority paid over 20%. They used the unearned gain of the increase in value of their assets. If the same data was also used on someone who owned a house in Auckland and earned $90000 a year and their house increased in value $150000 in 2021-2022 they would have paid less than 9%. No mention of that as it does not suit their agenda.
And why should the family home be exempt from Capital Gains? If one choses to invest in other forms of assets (shares, rental property etc.) why should they be subject to a capital gain tax and the family house in Auckland that increased many times more pay none. If I am to pay tax on the profit of shares I may sell and then I sell more at a loss as would be the case if I sold now would I be given a cash refund. Like hell I would!
Put CGT on the family home and then see how popular this Labour agenda is then.
Well it isn't on the family home - so there!
@@harmonyadams7577 Why should it not be? Give me intelligent reasons why instead of just saying"it isn't - so there!". If you demand a fair taxation system, according to this Govt, then all capital gains should be taxed. The profit on shares, interest earned on bank deposits, the capital gains on rental and investment property would all be included. Then so should the family home. No exemptions. You cannot have it both ways. The total capital gain on family homes I imagine would far outweigh the increased value of the rental market. It is being selective solely to get more votes and not upset their own voting base. Why should one person with a $750,000 family home and a $750,000 investment property pay CGT on the investment property when, at the same time, someone with a 1.5 million dollar family home pays nothing on its increased value. Not really a great incentive to better one's self. You then just keep buying bigger and more expensive homes to get the capital gains and also avoid the CGT which is now very prevalent in Australia. You de-invest in the NZ share market and invest in the Australian share market where a non citizen pays no CGT.
i would prefer paying the tax to help others
look at logistics
icorrect
National spoke person reminds me of Ruth Richardson. People should look back at how Ruth R. spoke.
Remember nats give tax reductions from top down,not bottom up!
I want to know what tangible things are any of these people going to do to keep us in NZ?
I did 85 hours last week, payed well over 600 in PAYE.
I'm still driving on the same potholes, the hospital waiting lists are third world and we are barely making headway, after paying for kids shoes, food etc.
I'm at the point of selling the house and not bothering working at all. Whats the point, the winter power bills haven't even started yet.
Lol I paid 87k in tax last year, I don't get magic roads you don't, life is what it is.
@@snigie1 I suppose ya don't need to worry about roads when you can afford a helicopter. 😉
@@fraserwood3314 God I wish... I'm on 275 thanks to unions that everyone else ran away from amusingly, nurses only have 35% joined and teachers unions are a bunch of women fighting, love to see it.
I did 96 hours but I got $7500!
Just $600. I have no kids so get no family tax credit. When working I pay circa $100K in tax to support dole bludgers and other entitled people. These are the minority usually brown skinned whingers
Didn't these guys say they were going to get rid of the 39% tax rate?
They did
@@Gumpmachine1 didn't they then backtrack?
@@snigie1 inflation and runaway government spending tend to have that effect.
@@Gumpmachine1 bugger, I was hoping for a nice pay rise!
@@snigie1 you might get one through adjustments to the tax brackets. They’re well overdue
Nz only 1 of 3 countries in the oced that have no tax on capital gains!
Hopkins has said no to any more taxes on his watch.. That's pretty clear. This is dirty politics
Jack: Do you have any advice/evidence regarding your policy plans?
Nicola: No
You were never interested in listening to her answer regardless of what she said. Keep your head the sand there Jez.
@@tommym6515 on the contrary I listened to every word she said. I heard finger pointing, spin (when Jack didn’t stop her) and hypocrisy.
She tried to compare wealthy and middle income tax rates 3 times, every time he cut her off or talked loudly over her... did you miss that?
Nicola Willis says she wants to support people who work for money. What about the battlers that work for no money but are the life blood of communities? So many unanswered questions Nicola.
The super rich hemrage capital off shore.
The homeless make it for them.
The tokenisum has presedance over the efforts and tangabile.
Oh yeah “climate change funds”, says it all 😂😂
Jack can't see the impact of a government undermining house values and an inability to build, and the huge interest rate rises.
Just pull out of the Paris accords an do the country a favor as that money is needed in NZ not outside NZ.
Good on her for fronting up. Same old tho. Except with threats and no frills. A vote for red vs blue is certainly a wasted vote. Not trust worthy at all. love how she gave Cindy the nod "I reject the premise" 😂 but then again id never vote for red vs blue based on their last 15years and the cake theyve baked tastes bleak and depressing, rising crime resulting from poor education because of no opportunities except exploitation/unaffordability of necessities/over population for infrastructure resulting in pollution etc. Remember that human warrant of fitness their party supported by omission...Anyway let's forget about the track record and focus on the future...
Folk trying to keep the monopoly game that has already been won going for another round in a less toxic way isn't the worst thing... think of new growth...your rules are stagnant and becoming patronizing, tweak them a little itll be more fun. Let new growth occur for a change if your all so smart and not just greedy you will keep winning... Go for another round... see what happens! Or why dont you run away like wusses like she said they would do 😂 or maybe that'd be great, new businesses will fill the vacuum they leave behind.
" i reject the premise of your question..."
Deja vu all over again!
Housing: If a person buys a rental property it is a want rather than a need. The ability to borrow enables funds to be available which can lead to higher prices to statisfy a want. So the motivation to buy rental homes is different to buying your own home.
The poorest do pay tax. 17.5 percent plus gst.
Jack the Giant eagle 🦅 the prime Minister Chris Halper
If your life isn't how you want it to be-no politician, government or policy will change that for you. 1% of your problems will be fixed by voting red or blue. 99% will be fixed by taking real responsibility.
Why is Jack so fixated on knocking National. It does feel like he always has an agenda, favouring the left.
It’s because Jack is left, typical leftist media. He couldn’t be more left if he was spun anti clockwise
10:12 HAAAAAAA😂😂😂😂
Don't beieve a word she's saying nats claiming they'ii give Utopia to all us!
Once Nicola Willis has had more media coaching she'll probably be more relatable, however at the moment she's like Myra Hindly with the voice of a Levin hairdresser.
I will vote for fair and evidence based policy that takes us forward that invests in services and infrastructure. Nicola your National party does not offer that, you will take us backwards.
As you should but ask yourself - have we been going forwards or backwards in the last 6 years? The evidence says backwards.
Definitely backwards.
All this tax discussion is nonsense. Term " wealth" means different things to different people. People shouldn't be taxed for success.
Did she declare a disclaimer on her wealth holdings at the start of this programme....?
Jack is a rather immature " points scorer " .
So basiclly national wont tax their multi millionaire donors at least we know who they bend the knee to.
The fairest tax is a simple transaction tax of lots less than 1 percent. Means that low income/ low spenders pay almost nothing: big income/ big spenders pay quite a bit. No complicated B/S taxes... GST, income, fringe, fuel, rates, etc ad nauseum, : no politicians with the power to make or break people with different targeted taxes so I guess it will never happen. Fair tax and no political interference in the economy is simply not a happening thing.
I can tell you from experience living in many countries that have CGT - the tax is built into the cost of selling so it contributes towards pushing prices up. The tax raised has absolutely zero impact on all indicators (health, education ect). Once implemented, it’s spent forward by 50 years by government policy and the policy goes looking for another stop gap. It’s also the wrong language to use percentages when comparing higher net worth people’s tax - I may pay (hypothetical) 27% tax vs the “average” of 33% but I may be paying $200k in actual dollars vs. an average of $23k. Ironically, those higher earners contribute significantly more contributions tax, more real tax dollars and consume zero tax spend outside essential services.
Hmm Jack Jack Jack
Please clarify your comment that the “poorest Kiwi’s” don’t pay tax.
I am no expert, however I was under the impression that poor kiwis do pay tax
I would be interested to know where you found your data , to back up this claim
Mike
Jack is a good old fashion rich leftie!
As a net they don't pay tax e.g. the money they receive from a benefit is greater than the tax they pay.
He's talking about effective tax rate. So yes poor pay tax, but often get more back in benefits (i.e. tax credits) than they pay.
True. You even pay tax on MSD benefits
@@HunkyMan777 therefore Jack T was being dishonest during the interview. Peddling disinformation . He should be held accountable for that. I hope someone challengers Jack for public record. IMO
No matter what happened next month Or maybe 🤔 us know if you too far away from home
Yes youre right. That money go into your bank account and Luxon if national win.
If he win an still gets paid after they lose how does that work the tax payers keeps him Lol😊
If we have a CGT, then what? Does Labour give people on the low end a tax break? Don't kid yourself.
It is the Iwi who are the richest, and pay no or reduced tax
Dipkins or Luxy?...Both the same...crooked!
I'm just a simple guy but surely we need business entrepreneurs in NZ. They take a big risk and deserve a big return. I can't see NZ getting far by increasing the number of people working for the Government and dis-incentivizing private companies / startups. I worked all my life for a private company in which the owner took incredible risks (how do these people sleep at night?) to keep the company going and luckily it took off after 10 years and did very well.
As you said you are a simple guy
CGT isn't an asset tax, it strictly applies to the capital gained from the investment. If you look around the world and at how different countries have implemented a CGT, you'll notice a trend. Canada, for instance, has a $1mil threshold for farmers and fisheries before a marginal cgt is applied. There are also different threshold holds for businesses, investments and, of course, housing. The purpose of the CGT is not to stifle business, and around the world you can see that it absolutely has not. The purpose is simply to apply a fair and evidence based method of ensuring all income is treated fairly. If income is treated unfairly, it distorts markets in ways that are tax favourable. The business leader who took a risk has to fight against people who have already established themselves in areas where they have access to capital which goes tax free. Housing is a clear example, where due to the risks involved, it would always be favourable to invest (therefore adding demand to the market, increasing costs for basic shelter) instead of investing in the risk taking entrepreneurs business. Businesses could receive more investment as a result, it could also lead to more efficient markets which allow competent entrepreneurs to compete based on their productive output, instead of where their capital exists.
@@BanterousLemon Labour are proposing to tax unrealised capital gains .
@@BanterousLemon Thank-you for your points / logic. Your comments seem to be well thought out and add constructively to this discussion. A bit better than 'Ian Way's ' reply above (ha - he does not know why my Masters degree is in and it might surprise him just a little).😄
@@stewatparkpark2933 Labour haven't announced their tax policy for the next election yet. The study was on unrealised gains as an answer to the question 'what if these were realised?', it does not mean unrealised gains would be taxed. That's very unlikely.
Just wait if nats win they'll scream bad books and retract all promises -guaranteed
And 26 billion on roads a national party obsession???
perhaps if jack shut up after the question and let her answer we would be somewhat wiser.
'Poorest kiwi's' being beneficiaries and superannuants do pay tax at 17.5% let the country's rich only pay 9-10% on their net 'realised' wealth.
It seems that National is becoming more 'wishy washy' in what they that are going to do especially since the Revenue Minister publicly released the IRD report on the tax position of New Zealand’s wealthiest families, to gauge the voters reaction to a CGT/Wealth tax concept, catching National and ACT off guard.
Yes but this is tax on money received from the government, so while on surface level, yes they do pay tax, it nets out if that makes sense? So hypothetically, if they get $100 from the government and pay $17.50 in tax, $17.50 of the remaining money allows them to break even, leaving them with an additional $65.00 surplus beyond what they have paid in tax - btw - not bene bashing, just explaining what he meant 😅
I think you mean superannuants. Yes the lowest tax rate is 17.5%, however poorer people in society effectively pay less tax as they're entitled to get more back in benefits
@@jtonline99 - Rubbish. Spoken like a true NACT supporter bashing superannuants and beneficiaries. Have you lived on any benefit?
Beneficiaries , superannuants and public servants pay zero tax . Their " tax " is just an accounting entry . Nobody has sent any money into the Inland Revenue Department on their behalf .
@@stewatparkpark2933 - Are you sure. If that is the case I should be get the full rate but I am not. By the way, my tax does go to IRD then back in the Governments's current account. electronically.
capital gains tax and wealth tax needs to come in
obviously you have plenty of money and trying to protect it
If jack tame owns a home and the government ask for a percentage of any theoretical market value increase even though he hasn't sold his property, maybe then he will understand what taxing an unrealized capital gain is.
David Parker didn't explain how people get to spend the capital gain on their house without selling it either.
We need more scientifically conclusive discussion in nz media not fallacious click bait.
Yeah, and not talk over Nicola when she tries to discuss it
Absolutely . I don't care if it is done overseas . To introduce a tax on unrealised income , to my mind , would be to reduce faith in our tax system to zero . I say this , and I am not wealthy . We can talk about the apparent success of Scandinavian countries in the past blah , blah . I don't know where the economic miracles are happening today , can anyone tell me ?
Interesting how misinformation was a theme and big challenge for the government during covid and now they’ve weaponised it to put out headlines like “effective tax rate” and “economic income” which the average person can’t even comprehend. Dirty politics
Almost all capital gains taxes around the world are on realised gains. No political parties have announced their tax policies for this election. If there is a CGT, it'd more than likely be only on realised gains, and probably over a fairly high threshold. We'll know soon.
Literally the whole world pays tax on capital gains except us, what a crook Nicola
The whole world does not tax capital gains except us.
Jack was careful to cut her off twice as she tried to say middle income earners pay 18% tax. He did not want that comparison mentioned on his show so he talked over her
It is 17.5% and 33%. Where did you get 18% from?
@@chrismckellar9350 It's the effective tax rate. Your tax is paid for each rate up to the threshold. That means if you earn $1 over the 10.5% threshold for example, your effective tax rate is practically still 10.5%, even though your income is in the 17.5% band. It only increases slightly with each dollar over. As the majority is still only taxed at 10.5%, while the bit over is taxed higher at 17.5% for example.
So many people over all once they have their tax calculated for the year end up paying 18% of their income in tax. This is their effective tax rate.
That's twice the rate that the people worth 250 million pay. Because the bulk of their wealth is untaxed when their assets are sold that have made money for them, there's no tax for them.
National: Defend the rich, Defend the rich!! Defend them at whatever cost. They're all we really care about. NO NO NO Don't tax them more!! Those poor poor mega-wealthy families....oh, and everything Labour does is bad. Vote for us!! :) :) :)
In fact, we've talked about removing that 39% tax on the mega wealthy. That's what we'd LOVE to do!!! Tax CUTS for the rich!!!
Tall poppy tax. It’s low brow mob politics by Labour that sends a message to the world to not come to NZ if you plan on being successful and enriching the economy
Like to get this year c19 right now because this video has been busy with the staff of approximately
enough said your greedy chao
Last year c19 right now because this week may be better if I am not happy about new Zealand our Lord Jesus Christ of latter-day Saints
Don’t tax capital gains, and just tax income. Keep it as is. This is about setting the stage for capital gains tax on all people, not just the rich.
It's not. Only taxing income misses the most wealthy people, because their income is mostly from capital gain, not income as a wage or salary
No it's not. That's the message the super wealthy are pumping out.
People, the Average nz is not poor. Most nz are poor. Remember 2% of people are rich. Capital gains does not hurt the rich. Because they do not sell assets.
We do want Winston back so get thinking on that Nicola
I don’t know a lot about overall Tax, except when we work a lot of over time at work we get taxed heavily that is the only tax I’m interested in that needs to go down the other thing I know is that NZ politicians are just copying what is going on in the USA this is just another distraction from the real issues I know that cause I keep a close watch on what’s happening there in USA is already here, all I want and I’m sure a-lot of hard working NZ’s want the same is stop taxing too much hard working middle class families, get inflation down get crime down get our health system up to scratch and the government to get out of family and parents business when it comes to our kids with this transgender ideology!!!
1:18 Does Nicola think we’re stupid. No. Wealthy do not pay 30% tax on income. They pay zero tax. Most are on a surplus. Making money from our tax kitty.
What she needed to say is Labour is coming for anyone who has a house
Rubbish
Even she knows that's unlikely.
She is absolutely right - follow/vote for Labour and every NZ 'property' owner should be paying more tax.
Labour - next step is to assess 'everything' you personally own, and if it becomes more valuable over time ie check your wedding ring increased value, Labour will take some of the $ even though you may never take that ring off
What a load of bollocks.
Only the Greens proposed such a policy with their wealth tax last election. Labour have not announced their tax policy for this election yet, none of the parities have. If you look at the taxes in Canada, the UK, Australia and the US, none of them tax wealth. They tax realised capital gains. NZ would most likely copy them.
I'm Sorry but the richer getting richer shows that the wealth is being concentrated at the top. Suggesting that $75 per week will help families with costs like energy, food, housing, transport, child care.....is a lie. it is a token gesture that does not meet the current inflation in each area. My parents were brought up in a world where most families were single income and everyone prospered, today we are a double income country where most on a double income struggle. Why? because there are too many bottom feeders requiring lots of money along with their respective taxes, these identities did not exist in the past.
It's amateur hour, starring Nicola Willis
Evil lier.
she pretudes as a liar
She not only no charge for me is that one last time in between God and the family
Liar
stop talkign lies , and be protudutive
Don't tell me that Nicola is going to start rejecting the premise of the question.... Surely that is Labour's brainchild.😢