
That’s what you can take out of the Labour NZ First rejection of a Capital Gains Tax in any shape or form.
Jacinda Ardern has ruled it out as long as she is leader.
So housing will remain expensive.
GST of course will remain an unfair tax on low income earners as a higher percentage of their income goes in this tax
Any one who thought that this coalition government might be a progressive and transformative one has a right to feel bitterly disappointed tonight.
Prior to the election now Prime Minister Ardern said “neoliberalism has failed” Lots of us cheered!
Tonight The Prime Minister and her Deputy have proved the Zombie economics of trickle down theory is still stalking the corridors of power in Wellington.
Well I”m sorry but I’m really sick of it . Labour has truly forgotten what its name stands for- to represent the interests of working folk not the interests of capital.
Well, I for one cannot just sit here and watch the gap between the rich and the poor in our country grow ever wider knowing the impact these twin decisions will have on our nation’s children who will increasingly suffer a rise in all the diseases associated with poverty.
No one in our country should be unable to afford a warm dry place place to call home.
No one should have to beg for the medication they need to stay alive
And no one should have to go into debt for years and years to pay for an education that would improve not only their lives but improve the quality of our society for everyone.
We desperately need to end neoliberalism in our country .
Stay tuned!
Bryan Bruce is one of NZs most respected documentary makers and public intellectuals who has tirelessly exposed NZs neoliberal economic settings as the main cause for social issues.



The coalition government now has a lot of hard work to do and they better be spending up in the next May budget otherwise it will be a case of see you later aligator at the next election and they better deliver for our maori people who put labour back in power or they will be gone burgers I didn’t stand on the side of the road (one day before the election) with my sign saying vote for change for nothing I expect to see the change we were promised. Not half pie shit.
The year of delivery is certainly off to a bad start. I personally think this wellbeing budget is going to go down like a cup of cold sick with middle NZ, especially from what I am hearing. Kiwis are not interested in measures like community happiness and connection with culture. What they want to see is a vision they can buy into.
I voted for TOP and ALCP, they didn’t make it to parliament but at least I retained my dignity as an elector.
@MOSA
‘We have not had a real Labour government since Kirk 1972’ True.
In the article linked below Paul Embery cites a respose to a statement he made about Labour’s betrayal of traditional working class people:
“‘Traditional working-class’ jesus fucking christ Paul, just say ‘white’ with ya whole chest.”
https://www.fort-russ.com/2019/04/why-does-the-left-sneer-at-the-traditional-working-class-labour-alienates-this-integral-element-at-its-peril/
It’s a good article but the horse has long since bolted. There was a bit of a chance with the Internet Party but I remember that the Left, the Right et al united like a many headed hydra to crush this out of existence.
We are stuck in Plato’s cave with designer shadow optics. Burning cathedrals, Madonna of the rocks with a hijab, gilets jaunes. All that is happening is that the chains in the cave are tightening. Soon vocal chords will be outlawed.
Everything has to be rethought and those who cannot rethink have to be left gazing at the shadows.
CGT is not a property prices “Fairy God Mother”. No waving CGT like a magic wand to make property prices magically drop. Property in most major cities in Australia remains expensive and they have CGT.
At the end of the day its just another tax. If they want more money to spend on sensible solutions like state housing and pre fab housing try making the corporate sector pay their share.
Agreed. The problem with house prices didn’t start because a few people had investment properties or bought a few houses and tarted them up then sold them.
These things have been happening for years. They were happening in the 70s and 80s and we didn’t have insane house prices then.
The issue is one that the previous government is responsible for and it is called “opening the gates and encouraging thousands of non-resident investors into the country and allowing them to buy up houses, properties, businesses, farms, stations and more with their foreign bottomless pockets and forcing house prices up due to previously unseen sheer demand”.
This won’t be fixed by CGT, it won’t be fixed by LVR restrictions, it won’t be fixed by building more houses or the so-called ‘affordable houses’.
I have a suggestion but I can’t print it here because it would be seen as racist or xenophobic and probably wouldn’t go down well with a certain country with which NZ trades on a large scale.
Well if you wont mention it , – I will.
Non resident CHINESE FOREIGN INVESTMENT.
And that goes for ALL foreign investors who think they can come here , buy up lands and chattels , make a fat profit , – and in doing so , – screw New Zealanders who were BORN here out of our birthrights !!!
Addressing supply will bring down house prices and there are other measures that can be introduced to tackle speculation and tax inequality, the govt already banned non resident foreign property speculators and extended the bright line test, both of which are having an impact. Short sighted article, rather diappointing.The CGT was only one part of a much larger range of recommendations, just because the CGT has been ruled out doesn’t mean its all over. I think some people arent seeing the bigger picture here.
+ 100 LOUIS
Change the record Louis. There are currently something like 270,000+ people with open work permits or getting residency in NZ per year!! Then there is the 4 million tourists on top of that.
So address supply is meaningless because DEMAND is driving up the prices. How many houses do you think are going to be built to combat those figures and are they going to be aimed at people on low wages and benefits which is where NZ is heading?
Nope, most houses around Auckland are aimed at McMansion market aka the 250,000 new people with money coming to NZ to buy residency here. They know that the local market is tapped already and their wages are in decline as is their ability to own their own home so their business model is based on new money coming to NZ and getting taxpayer money to subsidise them to build ‘affordable’ homes.
Who and how NZ is going to pay for the infrastructure and pollution and hospitals and schools the aforementioned figures also needs addressing when the majority are now negatively effected by government policy.
At present I don’t see anyone paying $50k per year for the costs that each open work permit probably costs the country in new infrastructure, ACC, pollution, hospitals and schools and prisons and frauds… instead of getting better social welfare for all the government struggles to keep up with the increasing demand.
Then there are the frauds happening around all these businesses that people are setting up in NZ from Meth and cigarette smuggling, labour and food frauds. Clearly good behaviour assessments are out the window!
Some of today’s news …
‘EMA Bakery and Espresso Limited director Chhieng Mean Hok required Pavneet Singh to return part of his weekly wages in return for getting the job and support for his work visa applications.”
“Singh worked as a baker from 2011 till February 2017, when he left the job. About four months later, Singh was arrested in Henderson on three charges of assault and one charge of a threat to kill.
A psychiatric assessment revealed Singh was a regular user of methamphetamine and had experienced a psychotic episode. Singh also served a sentenced of ten weeks in prison.”
Also today’s news
Latest example, https://www.newshub.co.nz/home/new-zealand/2019/04/honey-retailer-admits-to-adding-synthetic-chemicals-to-its-product.html?fbclid=IwAR3uGu-AAfiVC5cHb3o6yGqENJWPMYdKkyqXRH6YOf0Mphkq4Jp6F4ZpeMM
and this a few months ago…
https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12077932
The problem with this type of behaviour is that it increases the cost of compliance for other small businesses in NZ, drives up rents and prices, demoralises local workers and drives out smaller players. This then ensures only large players can survive and creates an ongoing monopoly which controls industry in NZ which is increasingly owned by overseas based big business.
AKA for honey, a farmer who relies on a living and waiting the 7 years for full production of Manuka then might find that they are left penniless because with so many frauds, the costs rise, smaller people go out of business and the bigger players flourish.
I hear iwi up north are trying their hands at honey so things like this have the ability to create major issues going forward for poorer groups trying to get ahead and farming for honey or food production in general, is a long term plan…
At the same time, consumers become concerned, lose confidence and buy less products and only from the bigger players who can market authenticity better than small producers.
So it’s not just housing that is an issue with poverty in NZ. There is simply zero risk management going on in NZ or protection for people here and government has little interest in protecting the local SME businesses in NZ such as bakeries, lifestyle blocks, iwi business, construction https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12171615 and farms from becoming collateral damage for frauds that just keep being uncovered.
Wow…..A lot of decent insights on offer here. Hopefully the pro CGT crowd will get the message but who knows…..
You could equally say ‘addressing demand’ to sort out the housing sector, i.e. high immigration, and many immigrants also wanting and needing housing.
It was not just the overseas buyers and ‘speculators’ that help push up house and apartment prices, it was higher demand.
So get the local labour issues resolved, pay those in the health sector, elder care sector, in horticulture, seasonal work more, and also train more to work in construction, rather than have so many go into professional and whatsoever jobs, dreaming of a ‘better lifestyle’, leaving the more difficult and less savoury work for low paid immigrants to do.
But that is in the ‘too hard basket’, I suppose.
We can’t expect Kiwis do real labour and trades jobs, can we???
… ‘ the govt already banned non resident foreign property speculators and extended the bright line test ‘ ….
Which may be the case, the problem being is the massive damage during the Key years,… Labour has inherited that tapeworms irresponsible immigration settings and grabastic foreign investors distortion of NZ ‘s domestic housing stock.
Personally ? ,… I’m hoping for a few more tricks to come out of the hat, however, at some point, some ‘political capital’ needs to be burnt. That’s just grim reality.
But if nothing happens, the prospects in the next few years will be looker grimmer and grimmer,…. for Labour.
Absolutely agree Louis
The main affront to voters is that Labour appear to have no news ideas to fill the vacuum left by the dead-on-arrival CGT recommendations.
Will Labour try to appoint another Tax Work Group, perhaps by a different name?
Solutions:
Inheritance Tax
Land Tax / Vacant Land Tax
Increased Rates
Rental Stamp Duties
Financial Transaction Tax
Progressive Consumption Tax
LOWER Personal Tax Rates for income under 50k
Great, can I have Michael Cullen’s salary now? In-fact, if National adopted my recommendations, they would likely win the next general election.
the CGT was to be offset by reductions in other tax, mainly income tax but I would have hoped for a reduction in GST, so that the net result was to be fiscally neutral. This should have been the major selling point of this tax but the CGT was never marketed at all. The tax cuts should have been announced with the CGT as a package that highlighted the purpose of the exercise was a more fair way of collecting tax not a way of increasing the overall tax burden that we face
Whatever tax is proposed the government must convince the people that the “family home” should be included. It seems inefectual, not to mention unfair, to tax landlords etc while homeowners get off scott free.
The idea that dealing with poverty and inequality hinged on the CGT is absurd. There is simply no evidence that it would have made a substantial difference to either. As many pro-CGT people observed, we are one of the few OECD countries not to have one, which also means that countries that have issues around poverty and inequality also have a CGT. Clearly then it’s not a magic bullet to deal with poverty.
That NZ needs to raise more revenue is clear, but even on that front a CGT would not have raised much in the short term. There was certainly one very good reason to have a CGT, and that is to steer investment away from property and into the productive sector. But that would require having a CGT on the family home, and the government ruled that out as it would have been political suicide. So any CGT we might have had was useless on that front anyway.
I suggest some on the Left need to calm down. The failure to get enough coalition and public support for a CGT does not mean Labour have given up on dealing with poverty. A CGT was, at best, merely one policy for attempting that, but hardly the only one. Let’s see what the next two budgets deliver, and what Labour campaigns on at the next election.
Shawn, there are definitely some on the left who need “calming down”. and they come across at times as extreme as those on the rabid right. There are also nutters from the right here and other blogs posing as lefties to stir up dissent. it’s just the nature of the blogasphere. It’s relatively easy to pick them by the language they use.
Then there are those that play “devils advocate”……
I agree Shawn
Some extracts from New Zealand’s Neo Liberal Drift , authored by BRANKO MARCETIC .
New Zealand’s Neoliberal Drift – Jacobin
https://www.jacobinmag.com/…/new-zealand-neoliberalism-inequality-welfare-state-ta…
——————————
‘By 1949, the International Labor Organization (ILO) claimed the Social Security Act had “deeply influenced the course of legislation in other countries.” English prime-minister-to-be Clement Atlee praised New Zealand as “a laboratory of social experiment.” In 1944, Labour prime minister Walter Nash wrote that the country offered a “practical example” of what “may well become typical of most democracies tomorrow.”
While Labour’s time in power ended in 1949, its policies of government intervention in New Zealand endured. The country remained a highly controlled economy with an extensive welfare state and widespread state ownership in various sectors through the 1970s. Government-guaranteed full employment enjoyed bipartisan support. Even Robert Muldoon, who served as the right-wing National Party’s prime minister from 1975 to 1984, once joked that he knew all seventy unemployed New Zealanders by name.
Weird Science
—————-
This all changed in the mid-1980s. As in the Depression years, a crisis sparked a political sea change. New Zealand lost a major trading partner with the United Kingdom’s turn to Europe in 1973, while a series of oil shocks through the 1970s plunged the country into recession. In 1965, New Zealand ranked as the SIXTH wealthiest country per capita; fifteen years later, it fell to nineteenth.
Through the 1980s and 1990s — first under Labour, then under National Party rule — New Zealand ushered in neoliberal reform on an unprecedented scale. Controls on wages, prices, rents, interest rates, and more were scrapped. Finance markets were deregulated, and restrictions on foreign investment were removed or relaxed. Based on the belief that welfare helped create unemployment by encouraging dependency, the system was overhauled in ways that the government’s own official encyclopedia describes as “particularly swift and severe.”
In 1986, Labour slashed the tax rate for high-income earners and introduced a goods-and-services tax. This change effectively hiked taxes on low- and middle-income earners, given that they spend a larger proportion of their earnings on consumption. (Douglas even tried to institute a flat tax, which turned out to be a step too far for Labour. Legislation in 1991 ( Ruth Richardson’s Employment Contracts Act ) eliminated hard-fought reforms like compulsory union membership, compulsory employer-employee bargaining, and unions’ special place in this process.
Most state-owned assets were fully or partially sold off, including three banks, the Tower insurance company, shipping companies, the national airline and the country’s main airport, and various energy companies, among many others. In some cases, the results were disastrous, as when National sold off the country’s highly profitable national rail network to a consortium of financial companies, who soon ran it into the ground, forcing a government buyback. It wasn’t the only privatized asset the government later had to rescue’….
——————————
And that’s only party of the article by BRANKO MARCETIC.
I apologize in advance for the length of this, but often people do not read links, and yet in order to understand neo liberalism and WHY there is no forward movement , we have to understand the causes in order to rectify it. Otherwise all we do is go round in circles beating the air.
I have often stated that in the mid to late 1960’s we were the SIXTH wealthiest country globally. Behind Denmark , actually. There was no need for neo liberalism even by 1984 , – in fact , – at any time.
As we shall see…
—————————-
‘Government disinvestment from public services abandoned the most vulnerable citizens. Nearly all psychiatric hospitals closed down by the 1990s, their responsibilities passing on to nongovernmental organizations. University tuition fees shot up by nearly 1,000 percent in 1990 and have climbed steadily ever since. The price of attending college in New Zealand now ranks as the industrial world’s fourth highest. The abrupt end of farm subsidies and protectionist policies hit farmers hard, plunging them into debt and leading to a spate of suicides. One prominent Kiwi recalled seeing a beggar on the streets of New Zealand for the first time in his mid-fifties, an experience he described as “like being kicked in the stomach.”
All of this happened at a dizzying pace. And it had to because the reforms were hugely unpopular.
“It is uncertainty, not speed, that endangers the success of structural reform programs,” wrote Roger Douglas in 1993. “Speed is an essential ingredient in keeping uncertainty down to the lowest possible level.” Douglas would later reportedly advise foreign leaders to keep their equivalent programs hidden from the public and to implement them as quickly as possible to bypass opposition’.
——————————
From there , feel free to read the full article, I just provided the foundation , … however ,… to see who and how the neo liberals did it, – and the group calling themselves the Mont Pelerin Society that devised these measure… read the next link, which I’ve posted often.
Both are incredibly readable and designed that way to avoid the jargonism and labyrinth of terminology of accountants and economists, – which usually is only there to deliberately confuse the layman and convince him he is dealing with issues way beyond his reckoning or ability to understand the complexities.
REMEMBER ,- many of Labour’s early MP’s were common workers and laborers , – yet it was they who ushered in some of the most lasting egalitarian reforms in history.
New Right Fight – Who are the New Right?
http://www.newrightfight.co.nz/pageA.html
^^^^
This one is EXTREMELY important to read.
It will blow apart the myths of the neo liberal false narrative New Zealanders were fed. And the large scale theft that occurred of the public’s wealth.
And are still being fed today.
I have a soft spot for the working classes, being one most of my life, – despite managing to obtain a Dip Sc and Technology, Hort and Painting /dec and Security certificates which enable me ( if I wanted to technically ) to be Head of Security.
I would encourage all the working people to accustom themselves with these sites, learn it , and pass it on.We need to support the Trade Union movement, – why ? – because NO major social change EVER happened from the top. If you find yourself reeling from the govt’s latest rejection of a CGT , – you will now understand why.
Some have said it is a tactical political maneuver , they could be right, – BUT IF, however, you see no real movement towards loosening the grip of neo liberal economic practice , you will now first know :
A ) You are dealing with a neo liberal govt that has NO INTENTION WHATSOEVER to to effectively dismantle the neo liberalism of the last 35 and ,…
B ) You will also recognize the neo liberals within Labour and even the Greens , that are retarding deliberately ,… the process of restoration. You will also recognize the con job that was put over us by groups like the Business Roundtable , – who , – now benignly call themselves ‘The New Zealand Initiative’.
Remember the latter group in particular. They will appear repeatedly time and again in news articles and reviews. When you see that , you know it is coming from an anti worker , anti middle class, and indeed,- anti New Zealand point of view.
The view in fact , … of the Mont Pelerin Society of London’s ‘ Square Mile’.
Do not be deceived any longer.
https://www.jacobinmag.com/2017/03/new-zealand-neoliberalism-inequality-welfare-state-tax-haven/
Soz, here’s possibly a better link.
Good link wild Katipo
…’ In 1965, New Zealand ranked as the SIXTH wealthiest country per capita; fifteen years later, it fell to nineteenth’…
I would also like to cut off at the knee any neo liberal apologists who try to claim Rogernomic’s / neo liberalism was then the right course by adding that during John Keys corrupt and immoral tenure , – NZ slipped from the 19th wealthiest position to 32nd, – behind Mexico.
Do you all remember the fiasco with New Zealanders being labelled as ‘Mexicans with cellphones ?’…
That came from the John Key era…
Nice read Katipo, the whole thing from a historic perspective is rather like the Bolshevik revolution where a small clique drives furiously. Except this time it is those with the power and money.
It always makes me laugh when people justify arguments about freedom with the names Popper and Hayek. It’s an amazing feeling being free when you have no cash nor roof, neither of those bastards nor any Mont Pelerin person ever tried it.
As to the next crisis it will be the descent from peak bloody everything, watch for the ultra rich to lay claim to every cave they can find so that they can rent them out.
Hah, I am not at all surprised about this decision by the ‘coalition government’, supported by the Greens.
If any person had seriously thought they would introduce a complete and wide ranging CGT, they would have been dreaming.
The media presented examples of individuals who own an ‘investment property’, who run small businesses and so forth, also farms. And those persons were not at all happy about a CGT to be levied on the sale of their property or business, once they wanted to cash up, e.g. for retirement, or moving into a new situation in their life cycle.
Those who worked their lives and invested in such ways, they are not necessarily the rich pricks that former Finance Minister Cullen may have talked about, they consider themselves ‘ordinary’ working people, with a small investment, which though is their life and soul.
Taxing them extra when selling an business or property makes them feel being robbed of their life time work and so.
And hence there has been some public pressure on the government. Add Winston and NZ First, who consider themselves the advocate of small business operators and others, and there was opposition coming from them, against such a tax.
Implementing a CGT would have been a nightmare, I suppose, given so many exemptions that would need to be made and processed.
I had thought a higher tax rate, for incomes generally, at around 45 or 50 percent, for high income earners (over 80k or at least 100k per annum) would have been a better way of raising a bit more tax.
As for going against ‘neoliberalism’, the talk is cheap, to actually do this, it would mean changing the system we have so much, we would have to renegotiate many trade agreements and opt out of some international agreements also, to do that effectively.
This government is one made up of three parties, with still somewhat different priorities, their main goal was to get and keep Nats out of government, which they achieved. But to actually agree enough on major policies, that necessitates compromises that some, like for instance NZ First, are simply not prepared to make.
St Jacinda (rightly lauded for her response to the Chch massacre), is all mouth and no trousers when it comes to democracy, sensible economics ( eg MMT), and social progressiveness. Yes, she is Tony Blair in drag.
If the truly downtrodden in NZ Inc had the GUTS, they would assemble and STORM Parliament and the offices of the high up elite, to force revolutionary change.
But we have NO Kiwis that have any guts.
Instead a nasty Aussie immigrant narcissist and somewhat racist, anti Muslim murderer kills about 50 people in Christchurch, leading to mass hysteria and sobbing.
So the status quo is maintained, Jacinda and her cowardly government chose a day before the long Easter Weekend to announce ‘no GST’, and most people are too busy to digest it, they are as per usual heading off into holidays, with the kids or not so.
Gutlessness rules in Aotearoa NZ.
The CGT was a dog and was NOT designed to address the difference between rich and poor because it was designed to be tax neutral and the way it was looking was going to make the poor poorer and rich richer and the middle class poorer, than doing nothing.
Under those circumstances, doing nothing is better than making things worse for everybody apart from the 0.1 who only pay a very small percentage (if any) of taxes already due to various loopholes and people who operate in cash who can avoid taxable income.
The sad thing, is that many respected commentators are not very good at understanding how government policy would play out practically which seemed to have the honest local tax payers paying the highest capital gains taxes in the world, while those who changed their tax domicile status offshore (or were already there) would have benefited and taken out more honest people from businesses in NZ. Not a win for the poor, making things worse!
How can respected commentators be hailing a system that actually makes some people saving with Kiwisaver poorer!
Already there is major irregularities coming out about people who are buying houses under the SHA rules, where the driveway for example is not included in the price so that the dog of the undemocratically pushed through SHA can pretend to be met.
As the people in the construction industry work around the rules to maximise profits the rest of the population are left with hours of extra time in their cars as poorly rammed through housing that is not affordable creates mountains of congestion around them, making people poorer, have less time to spend with their families as they waste an extra hours a week in traffic and pay for that with higher petrol taxes, As well as communities are less healthy from the air pollution, poor planning is creating. No wonder we have escaping mental health issues in NZ!
Commentators who want to end inequality in the global economy, need to concentrate on taxes OUTSIDE of taxable income, such as consumption taxes, financial taxes, user taxes and so forth and making sure that they are able to be collected at point of sale or transaction before the accountants can shuffle the profits into losses.
The also need to develop strategies to measure social costs of doing things. For example creating expensive housing with no public transport and expecting the locals to just ‘wear it’ so that a developer can make more profits or some fast food multinational outfit can sell more unhealthy fast food franchises and have thousands of cheaper workers desperate for a job (not for living on) but for residency into NZ, and that is considered good under the current economic measures while socially it is driving huge poverty.
Our whole economy has now been skewed by a consumption driven economy, not from increased productivity, but from migration, asset sales and debt, which is not sustainable and actually destroying he communities and work and living opportunities for others, especially the poor.
The same respected commentators that thought unitary plan would drop house prices (while not being at all concerned about NZ third highest world immigration drive per capita) and Kiwibuild (no criticism about that from Renters unite or poverty groups) when state houses are being demolished and the land effectively given away to the private sector.
People need to start looking deeper at government policy and critiquing that rather than just going with the headline marketing such as Kiwibuild, CGT or unitary plan and thinking the policy will meet what the marketers are selling.
Increasingly in NZ it does the opposite.
Just like bringing in student loans and fees were supposed to make poorer people go to university. Ahhh, yep nope didn’t work and everyone knew it wouldn’t!
Now we have this weird situation where people who took out student loans in the 1990’s and were paying 10% compounding daily and had to pay off massive loans or still have them, while the government policy has now changed and someone who just arrived into NZ within a few years with residency here gets the first tertiary year free.
That is how globalism is working and it is not fair or equitable for education, taxes or anything else!
People are at the mercy of government policy and whims of ideology and there’s collateral damage everywhere!
Just wait till the shit fight with superannuation where people retire and we start facing Maxwell type situations where people’s Kiwisavers may be empty or the private sector has stolen or lost it and we also have to fund millions of new residents pensions and health care from the state who have hardly worked here or paid any taxes!
For chrissake we already have an effective CGT. Its called the Brightline test, where you have to pay income tax on residential properties bought & sold within a certain period. The brightline was a National Govt law which they denied was a CGT. Google it.
The “Brightline” test is a useful but limited instrument and it is currently poorly enforced.
If you can sit on your investment property portfolio for 5 years and 1 day – Congratulations on your tax-free windfall!
Easy. Extend the Brightline time limit. Just divide the gain by the number of years and pay income tax on the divided profit…$100,000 0ver one financial year, pay tax on $100,000. $100,000 over ten years. Pay tax on $10,000..over 20 years pay tax on $5,000 and so on.
Inherited property etc is still exempt but strengthen enforcement procedures. Leave farmers and business entrepreneurs alone.
There is one class of person who, it could be claimed, should be taxed on any capital gain when they sell their property – namely, the “family home” owner. These property owners have been living rent free during the period of their occupancy, so the CGT could have been, in their case, regarded simply as a payment for that benefit.
But waddya know. Capital gains on “family homes” would have been exempt. This would have made the tax, as constructed by the ninnies who dreamed it up, doubly unfair.
What a fiasco.
Black Sabbath – Sabbath Bloody Sabbath Remastered – YouTube
https://www.youtube.com/watch?v=yuVmjv22Nqc
Where are the pro CGT protestors? Are they as many as did that poorly organised ‘extinction rebellion’ protest at Mission Bay in Auckland?
You will not change anything with that kind of street theatre, making most laugh or weep.
Nothing changes in Downunder Land Aotearoa NZ Inc, the neolibs Prebble, Douglas et al brought in changes that are damned hard to undo or reverse now.
I get nightmares every night now, about our future, there is NO future, if things continue as they do, NO future.
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