BOOM MO’FO’S!
Big Daddy Grant Robertson just blew your minds with his announcement today of a staggering $9.3billion in corporate profit tax!
Corporate profits give Grant Robertson a $9.3b surprise, as Government books inch closer to surplus
Finance Minister Grant Robertson unwrapped a $9.3 billion surprise today, revealing the Government’s books were nearly $10b closer to surplus than forecast in May, helped by a tax take that topped $100b for the first time.
The bonus was partly thanks to healthy year for corporate profits, with companies paying 26.2 per cent more in tax on their earnings than last year – an increase of $4.1b.
Workers had a good year too, as rising wages and low unemployment pushed the tax take from individuals up by 11.2 per cent, about $4.3b.
BOOM!
I say BOOM BITCHES!
All you right wing trolls be hating on my Labour Party and claiming that National and ACT (who will tax cut their way into a steep recession like Truss did) are the best managers of the economy when Grant is actually making your rich mates more money than National or ACT ever will!
Of course our corporate friends have had a fucking staggering day at the races, Grant rigged the game, handed out $60 odd billion and created the largest transfer of wealth to the richest in NZs history!
Wealthy nearly $1 trillion richer since Covid began – Hickey
An economic and political commentator says since the Covid-19 pandemic reached Aotearoa, the rich have become richer and the poor have become poorer – in part due to the Government’s policies.
That’s why the economy debate in this country is always so shallow, so fucking stupid and so dangerously self interested!
The debate is always rigged.
Like a Parliament of Landlords and property speculators.
Look at how the Real Estate market saturate news media with advertising and then turn on that media when they talk down real estate?
Look at how the farming interests saturate Talkback radio with advertising to always promote their political world view.
Look at how free market capitalism is NEVER challenged in any media.
We are not an over taxed, over regulated economy!
Our top tax rate is the 39th highest in the world behind all the Scandinavian countries plus Germany, the United Kingdom, Ireland, France and South Africa!
Australia’s top tax rate is 47cents!
Our GST rate doesn’t even get us into the top 50 and our corporate tax rate is 40th while Government spending against GDP ranks 56th!
And we are voted easiest to do business by the World Bank!
I’m not looking for socialism here folks, just basic garden variety regulated capitalism!
When I set MANA up with Matt McCarten, Hone Harawira, John Minto, Sue Bradford and the incredible Annette Sykes, there was an understanding that at the core of Left wing politics was a need to use the State to materially better everyone.
At the centre of that philosophical core was an understanding that the very tax system itself needed to be reset by taking the burden off the working poor and placing out upon the wealthy.
MANA argued for a Financial Transaction Tax that would be a base rate on all automated bank transactions, it would raise enough tax to bring GST down to 10% while allowing the first $20 000 to be tax free. The extra revenue would allow for a mass State Housing rebuild plus free public transport plus more money for education and health.
The total tax take from workers would lower while forcing the Banks, Corporates and Speculators to finally pay for their greed.
This is why the Tax debate every fucking election is such a shallow and hollow joke. Labour says blah blah blah and National scream tax cut. They are both fighting over an ever diminishing pie!
It’s the Great NZ Tax Cut Scam that never actually fixes the problem!
We need a radical means to place the yoke of taxation onto those who are causing the most economic damage and greed – the Banks, the Corporates and Speculators!
The true political division in a Capitalist Democracy is not the colour of your skin or gender identity or genital tribalism, it’s between the 1% richest, their 9% enablers and the 90% rest of us!
Labour must think big on funding universal provision of services to survive the economic downturn and the new post-Covid reality in a climate warming world!
To fund these big services we need a new tax system. A Financial Transaction Tax penalises those who are the greediest while funding the services that benefit everyone.
-Free Public Transport: Rather than welfare increases that the cruel and insidious MSD clawback, put money back into the pockets of the poorest with free public transport, while reducing climate pollution AND making roads more free for those who need to use them. Free Public Transport would make voters care.
-Free Dental Services: Our lack of free Dental is a disgraceful outcome of free market neoliberalism over public health.
-Free Breakfast and lunches in all schools: Again, rather than welfare increases that the cruel and insidious MSD clawback, put money back into the pockets of the poorest with free Breakfasts and Lunches at school. With inflation and mortgage rates soaring even the children of the middle classes will benefit.
-Legalise Cannabis: FFS, it generates half a billion in revenue and justice system savings, just do it for Christ’s sakes you gutless wonders!
-50 000 State House Build: Rather than simply trying to fund flawed models of a rigged property market built for speculators, do mass State Housing builds for only State House tenants and owner occupiers with rent to own options. Build these on Golf Courses we seize back from Auckland using the Public Works Act.
-4 day working week in all public services: Build a post growth movement by adopting it in the State sector first. Employ more state servants.
-Basic Pharmaceutical Industry: The continued post Covid world of geopolitical threats demands a level of self sufficiency we are no where close to.
-Tidal Energy Production: Towards our 100% renewable energy target.
-Universal Free Internet: Available through all Churches, Marae, Libraries.
-First $20 000 Tax Free: Most people earn barely $40 000, making the first $20 000 tax free would benefit the poorest first and most.
-Vice Tax on all Gambling, Tobacco & Booze: A special super tax on top of the total tax paid for products that are a blight upon society. Why should the Gambling Booze Vape Barons peddle their harmful products with the barest of responsibility?
-Sugar Tax: The Big Sugar Drug Dealers have been allowed to sell their highly addictive drugs directly to market with no penalty for too long. Time too pay punks.
-Remove GST from fresh fruit and vegetables: Make healthier choices cheaper, works best with a sugar tax.
-30% Stake-hold in Supermarket Duopoly: The broken market is creating a million dollars additional profit each day to the Duopoly. Fuck them. A new supermarket chain will reduce cost and voters need to see that in an inflation explosion.
A Financial Transaction Tax, Sugar Tax and a taxed Cannabis Market could fund new services, old services PLUS take the tax take off the poorest and put it on the richest.
Removing the tax yoke from workers to place upon those who are benefiting from the rigged casino of under regulated capitalism is the true challenge of the Left, not appeasing the corporations with mild taxation and allowing the Right to frame that mild taxation as out of control Government spending!!!
The sooner we start seeing it as the 90% vs the 10%, the sooner we can get actual change.
The corporations made so much money we got an extra $9.3billion in taxes, folks, something is horribly wrong when we still have 27 000 on emergency housing wait lists, more kids in cars than when Labour came to power in 2017, 200 000 kids in poverty, entire generations locked out of home ownership and a million spent a day kettling beneficiaries into dangerous motels while the wealthy become more obscenely wealthy.
I don’t want to hear we can’t afford helping those on the bottom when Labour are spending a billion per year on consultants!
We, the people, suffered over Covid, the corporations did not.
We need to be kinder to individuals and far crueller to corporations.
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I agree. We have comparably lower tax rates here in New Zealand than what they have in other westernized nations.
And with ACT and National’s proposal of a 20% flat personal tax, 20% business tax and 20% GST, there is certainly room to move for this new surplus to allow for Martyn’s suggestions of tax-free fruit and vegetables and the first $20,000 tax-free.
It’s a deficit.
Plus 7 day work week for the public service except doctors nurses cops, firies.
boom indeed. ( yawn.)
Are we printing money now? Where’d the money come from? Who sold what to whom? Locally? Or over the sea’sally?
Farmers? Strike. Then let’s see what Big Booms Grant does?
The natzo/ACT trolls will never admit the basic dishonesty of their position. They enjoy their free shots on TDB at Parliamentary Labour and Greens, who yes, along with Nashnull, support the neo liberal consensus on Reserve Bank Act, State Sector Act, Aussie Bank rape and pillage etc. etc.
But the fact is National ACT will make things much worse for the NZ working class than it is already–their policies say so explicitly. Tax cuts = less social spending, repealing FPAs, closing various Ministries and reducing payments for WFF and Kiwisaver is just more robbery from taxpayers.
Tell us how the ACT and National’s proposal of a 20% flat personal tax, 20% business tax and 20% GST is dishonest?
It’s out there for left and right and undecided to critique?
A democracy is about a frank and honest sharing of ideas and we are willing to concede there is room to move with Grant Robertson’s new surplus to allowing for tax-free fruit and vegetables and the first $20,000 tax-free.
a and d…what would really help is a tax exempt allowance for those at the bottom of the heap say the 1st 5-10 grand or whatever instead of the cumbersome shit fight of ‘working for families’
” The corporations made so much money we got an extra $9.3billion in taxes, folks, something is horribly wrong when we still have 27 000 on emergency housing wait lists, more kids in cars than when Labour came to power in 2017, 200 000 kids in poverty, entire generations locked out of home ownership and a million spent a day kittling beneficiaries into dangerous motels while the wealthy become more obscenely wealthy ”
Imagine how much more would be available with the financial transaction tax adding it on to the corporate tax take ? we would have no excuses on dealing with the severity of destitution and funding not CUTTING public services and actually improving and incentivising Kiwi Saver so it delivers better for future retiree’s and reverse Key and English’s theft of the scheme and provides a huge savings fund similar to other sensible countries along with Cullen’s fund which is what he intended it to be for in 2007.
“something is horribly wrong ”
Yeah Bomber like the following realities you have mentioned.
The total tax take from workers would lower while forcing the Banks, Corporates and Speculators to finally pay for their greed.
The debate is always rigged.
Like a Parliament of Landlords and property speculators.
Grant rigged the game, handed out $60 odd billion and created the largest transfer of wealth to the richest in NZs history!
It’s the Great NZ Tax Cut Scam that never actually fixes the problem!
We need a radical means to place the yoke of taxation onto those who are causing the most economic damage and greed – the Banks, the Corporates and Speculators!
The true political division in a Capitalist Democracy is not the colour of your skin or gender identity or genital tribalism, it’s between the 1% richest, their 9% enablers and the 90% rest of us!
He hasn’t destroyed the Nat/ACT narrative of course. They’ll keep rabbiting on and their brain dead supporters will deny reality.
Crime, poverty, co-governence and Three Waters will dominate and how Ardern is ruthlessly destroying democracy.
Stuff as ethereal as actual figures are beyond them.
Actual figures, facts and evidence, Peter. I have yet to see any by these brain dead right wing supporters offer anything meaningful other than ugg Labour bad, ugg, Nact good, ugg.
NSC
Gosh desperate stuff.
But not without merit Bob. Haven’t heard really from Luxon how he would fund tax cuts, probably because he doesn’t want to acknowledge what he would cut to pay for it. Wanks on about inflation and then suggests giving more money through a tax cut is the way to go but then called the government hardship payment to those earning under 70k inflationary! Riddle me that!
Economics not your strong suit Wheel.
Well it may not be Bob but Wheel is till ten times more knowledgeable on the economy and politics than you can ever dream to be. One liners Bob does not an intellect make.
Using many words when a few will do.
Doesn’t have to be my strong suit Bob. I can still work out that he contradicts himself. . Actually to be fair he has probably walked some of these statements back to be consistent with his performance to date. Giving money to “lower”income people will be called inflationary but when he talks about tax cuts he’ll probably then argue the inflation is largely imported. Best he lets Nicola take the wheel. He’s used to sitting in the back seat (especially when crossing the road)
Actually Wheel, I haven’t heard anything substantial from Bob, his reply, the point in question.
Folly to argue with a fool.
And a fool you are Bobby.
Beyond who?
Meanwhile no houses have been built for the 27,000+ people locked up in motels and precarious workers paying secondary tax for every other hour of work in their 2nd and 3rd job.
349,000 people left out to stave on a benefit that just gets to cover their debt for living in a motel.
So Boom back at yah!
LINO needs to Go! Ho! Ho! Ho!
Oh! And BOOM! Thats after he did a sneaky with the ACC Account and the NZ KiwiSaver Account(s). More than $80b added to the Crown Accounts! This lowers the Deficit percentage on paper! BOOM!
Where’s yer proof Tane/Male/Man, not Female/Woman/Thinker
Proof! You don’t need proof on this site. Just read any of bullshit Bob the first posts.
The chant of the schoolyard.
Dulwich school?
BOOM! “Using the new debt indicator which brings New Zealand closer in line with other countries, net debt is at 18 percent of GDP compared with a forecast of 16.7 percent of GDP.
“As I noted when we announced the new debt indicator, the inclusion of a wide range of government assets such as the New Zealand Superannuation Fund is likely to add more volatility to the level of net debt in the near term. In this case, the difference is mainly due to market conditions affecting the NZ Super Fund’s investment portfolio,” Grant Robertson said.
“Under the old debt measure, which looks through the variability created by the inclusion of the NZ Super Fund, net core Crown debt stood at 37.5 percent of GDP, $1.13 billion above forecast.”
The NZ Superfund is what I meant.
In the 2021-2022 Budget.
ACC:$50.3b
15% of GDP
NZ Superfund: 59.8b or 18% of GDP.
BOOM!
Well spotted Tane
Not the Kiwisaver accounts. They belong to individuals.
It is the NZ Superannuation Fund, which is intended as a long term offset against the predicted cost of NZ Superannuation. Hence the reason why it is Crown owned. It is an offset against future government expenditure.
Yep, it’s like the housing catastrophe doesn’t exist but there’s a surplus to be proud of!
Tell that to the lost of Fenton St, Grant!
The lost on Fenton Street pay 25% of their benefits for the slum accommodation provided by the state. But its ok, Its our kind government hat moonlights as slum landlord.
and because all of that is so ‘boom awesome supa dupa’
the reserve banks raises the
“The Reserve Bank considered delivering a radical 75 basis point hike, to get ahead of inflation, but stuck with another 50-point hike to the Official Cash Rate today.
It is the fifth 50 basis point hike in a row – an unprecedented run – and takes the OCR from 3 per cent to 3.5 per cent.”
snip………….
The Committee noted the recent fall in the kiwi dollar.
“Higher global interest rates and increased risk aversion in global markets have placed downward pressure on the New Zealand dollar,” it said. “However, a lower New Zealand dollar, if sustained, poses further upside risk to inflation over the forecast horizon.”
https://www.nzherald.co.nz/business/official-cash-rate-rbnz-delivers-hawkish-statement-considered-75bp-hike/HWA2UMOWRWU4S73ETB3ZLCKE6I/
I get being needy. I get wanting a quick fix. But there ain’t no quick fix. And Robertson, in the end, got nothing.
Buckle in for a hard ride.
Yes but Labour needs something to celebrate so why tell the truth behind the numbers?
Meanwhile back in Fenton Street.
Yes Bob, when will you ever tell the truth?
Back in Fenton Street is real it’s not a soap opera it’s a result of a Labour Government bereft of ideas.
Now they dress up and celebrate a dreadful financial result.
Meanwhile back in Fenton Street.
Fenton Street has become a metaphor for a large percentage of New Zealanders.
Well that was a load of nonsense, stick to your one liners!
So why isn’t that extra $9.3billion in corporate taxes being spent to solve those problems?
Is it because Robbo is now gun-shy, having pissed billions against the wall for no or worse results than the Nats?
Won’t stop the foreigners and your right wing mates from voting NACT though, Martyn. Sad. True.
Thanks corporate New Zealand you’ve come to our rescue yet again,well done.
They have been allowed to be profitable.
Thanks Grant Robertson, you’ve come to our rescue yet again, well done.
Yes I agree Grant has to rely on the coporates.
Please don’t comment on issues you have no understanding of.
So Bob that implies that the business environment can’t be too bad /constricted if corporates have generated this. Sure it’s generalising (across all sectors), but we are told lots of negative stories about regulations, wage costs etc. impeding business and yet this increased taxed take is all on the back of higher profits (on which that tax is levied). The 26%, year on year, increase may be on a base that was challenging, but at least directionally it indicates strength.
I take your point.
Refer Tom Hunter below.
SME got the same support Bob and some big corporates actually paid the money back (sure some not so willingly). So are you now actually saying corporate NZ didn’t come to our rescue and they are just bludging and getting an unfair advantage ? That’s what Toms comment could be taken as. Were you being sarcastic in your support for corporate nz?
Corporate NZ will always save us.
Who else will?
Oh good! Another billion to spend on consulting. The big four will be locking their chops. We’ll done the finance minister. He earned his free pie.
Of course getting consultants in is a waste of money. They should sit in the caucus room and around the cabinet table and make decisions on the knowledge and expertise in the room.
And then when things go awry mental midgets who were saying they shouldn’t use consultants would say “What didn’t they use consultants, get expert advice?”
the problem with ‘consultants’ is they were all educated in and subscribe to a failed economic theory(you know the one) and have been for the last 40yrs, if we’re gonna have ’em we need a wider spread of viewpoints not just mail order MBAs.
of course their main function is the avoidance of responsibility by pollies ‘it isn’t my fault mum he told me to do it’ at which point my mum would reply ‘if he told you to put your hand in the fire, would you?’ it’s a shame our media aren’t more like my mum.
Sounds like my late mum.
Don’t think that will change under Nat/Act. There will be a big song and dance, they will cut some services and then before you know it hire third parties to do what government FTE were doing. Corporate types like Luxon/Luxoff grew up in companies like Unilever with consultants on speed dial.
Labour are keeping all this money so next year they can dish out a lolly scramble just before the election.
They could give tax relieve now to off set the mortgage rate increases but they will not.
free transport good idea but not enough buses or drivers to handle what we have and Auckland will be a OT case for the next 3 years with work on rail link
Not enough dentists now They are 18 months behind on child care and you wait for a least a month on full cost
Free food in school good idea
Legalise cannabis?
50000 houses not enough trades
4 day week some department give the impression they only work 2 days now Immegration especially and Oranga Tamariki
vice tax and sugar tax good idea
remove GST ON fresh fruit would be expensive and of no real value ask businesses in Australia
Keep State out of business they cannot run them well
So Labour gives Big Corporate tens of billions of dollars because of lockdown, focuses on shutting down small business competitors – and gets back $15.3 billion in tax.
And this works for you? Maybe we should repeat the exercise every year.
You have to give Grant his dues. It’s a good result in that it could have been worse. Yes you have to ask why hasn’t more been spent on poverty and health. I suggest that could just be being careful and now gives them room for handouts of printed money. Those here that bang on about tax cuts obviously haven’t got mortgages with high and rising interest rates. I doubt those people will think it’s a bad idea. As for rich pricks getting tax cuts. It always looks bad to those whining on the left but like Luxon alluded to we need to stay competitive at the top end as we need specialists and Engineers and all sorts. We haven’t got enough of them here and our pay rates to rich pricks are low on world standards. Even though you lot will never see it rich pricks benefit the country.
Yes benefit to our country.
How so?
I hope fester has learned the lesson from rupture truss and kami-khazi that trickle down doesn’t work and is electoral suicide…red meat for the swivel eyed nutters of the right is an affront to everyone else.
Awesome Grant, with the Weimar rate of inflation about to hit I will be able to buy a head of broccoli and a small block of cheese for 9 billion. Maybe start eating politicians to get our protein?
LOL! The moronic stupidity of it all!
Easy to juice the economy if you’ve printed and borrowed more money in the history of NZ.
Now ever more foreigners have a claim on our future thanks to fuckwits like you.
Honestly, how can anyone be so fucking stupid as you are?
Boom. Thank heavens!
So now we can obviously expect to see the ship righted and party polling return to the sane levels of 2020? Jacinda’s third term is clearly in the bag!
$9billion. Please Grant dont pay down debt, instead squander it on 18,000 new State House revenue earning assets. Which should keep at bay the recession the rest of the world is suffering.
How to sell a Financial Transaction Tax and win an election. Its simply a tax reallocation stupid – your better off and the tax on the finance industry is so minimal they’ll hardly notice. And whats in it for everyone?
Gst off food and vege.
First $25,000 earnings tax free for the poor.
Income tax rate cut for the middle class (really it would only compensate for bracket creep).
1% off the top income tax rate for the wealthy to dampen their anti-FTT media action (but what goes down inevitably goes up.)
Plus it shoul recoup a big bunch of additional money for other essential govt. projects
The poor don’t pay tax, never have and never will.
If you earn less than $60K then whatever tax you pay is most likely to be less than the benefits you accrue from the Government.
Obviously if you have no children, then this figure will be lower and if you have a tribe then this figure will be higher.
Oh dear, define poor?
Economic ideology is wrong; it is not science based. Govt deficit is a measure of public equity, a govt surplus is a deficit for the public. The public must avoid negative equity. The Govt because it is the real backer of the currency is able, exclusively, to continue with a negative equity. The public must balance their books, the govt does not need to. When the USA achieved a big surplus they created a big depression. Orthodox economics is a dangerous delusion. Economics is like a religion not a science. Look at those supply/demand and the cost of production graphs of economics and try to find empirical data that could produce those plots! Economics is the most dangerous misinformation being pedaled to the public because economists make the policies.
nice comment pb
QE = Money Printing= Inflation.
Numbers bigger same buying power.
We’ve all been fleeced.
Martyn, will you ever pick up on economic reality. TAX DOES NOT FUND GOVERNMENT SPENDING.
Taxation is about conditioning the economy – improving fairness, supporting or sanctioning certain activities/businesses, taking any heat (potential for inflation) out. So, whilst we can all applaud such things as increasing taxes on the rich, and a financial transaction tax, these do not prevent government spending to sort out all New Zealand’s massive problems. Deficits are generally for the good of an economy, and most countries with sovereign currencies have been in public debt for ever. A government surplus mean private debt, to the detriment of the economy.
Please lean something about macroeconomics and central bank, treasury accounts and their uses.
“Our priority … is investing in public services and investing in infrastructure and supporting New Zealanders by getting ourselves back to surplus. That is a much higher priority for me than tax cuts. I’m not considering tax cuts in this term.”
Well there you have it Bomber. Building a surplus is more important than addressing the huge social deficit or making banks for example contribute some of their obscene profit back to the countries finances.
Any remaining doubt that this government is a Labour one has been extinguished with that statement. This is the left in Aotearoa New Zealand.
Surpluses are great when you don’t have a massive social deficit and destitution that is being tolerated by Grant , Jacinda and the others.
Will we on the real left ever have a voice ?
An historic MMP majority again squandered and is why we need a counterweight to LINO and the Nasty Natz who represent the rich with their tax cut plan at the expense of many thousands of poor working people who have to pay for the hard up rich to be a little more comfortable.
“Our priority … is investing in public services and investing in infrastructure and supporting New Zealanders by getting ourselves back to surplus. That is a much higher priority for me than tax cuts. I’m not considering tax cuts in this term.”
Well there you have it Bomber. Building a surplus is more important than addressing the huge social deficit or making banks for example contribute some of their obscene profit back to the countries finances.
Any remaining doubt that this government is a Labour one has been extinguished with that statement. This is the left in Aotearoa New Zealand.
Surpluses are great when you don’t have a massive social deficit and destitution that is being tolerated by Grant , Jacinda and the others.
Will we on the real left ever have a voice ?
An historic MMP majority again squandered and is why we need a counterweight to LINO and the Nasty Natz who represent the rich with their tax cut plan at the expense of many thousands of poor working people who have to pay for the hard up rich to be a little more comfortable.
https://www.rnz.co.nz/news/political/476167/finance-minister-grant-robertson-says-national-s-top-tax-rate-cut-does-not-add-up
” The Reserve Bank is digging deeper into taxpayers pockets to increase the profits of investors and commercial bank shareholders with today’s lifting of the Official Cash Rate ”
https://thedailyblog.co.nz/2022/10/06/reserve-bank-picks-taxpayers-pockets-to-boost-commercial-bank-profits-social-credit/
WW Yes.
Please don’t comment on issues you have no understanding of.
Imitation the ultimate in flattery.
Thanks Gus my old friend.
Totally agree.
Answering oneself is, well, very odd.
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