Listening to a Libertarian on tax is like listening to cancer on chemotherapy…
Damien Grant: What Labour’s wealth tax plan tells us about our leaders
The idea was that by taxing the wealth of the rich, the working poor could get a tax-break. It sounds wonderful, but you do not need a 37-page Treasury report to tell you that taxing wealth will have perverse economic impacts that will, in short order, mean that there will be fewer jobs available for the working poor.
The report is punchy. If a wealth tax was introduced, “expect some reduction in investment in entrepreneurship and innovation”; and on the risks of human flight, “there is a real risk that the number of people who leave is higher than estimated, resulting in less revenue collected from the wealth tax than we have forecast and larger economic costs”.
..I’ll see your Damien Grant and raise you a Max Harris…
The denial of how rigged the system is for the rich is because the rich see you won’t take it anymore. Hilariously Damien claims the following…
It does not matter that, as the Treasury report makes clear, a wealth tax will erode the tax base, impose negative impacts on social cohesion, have a very high compliance cost, and drive the wealthy and innovative offshore.
…oh really? You don’t think the social cohesion will fall over because the poor won’t put up with the rich extending their privilege?
This claim the rich will flee is bullshit – WHERE THE FUCK WILL THEY FLEE TO?
On a burning planet – where will they flee to?
The hilarity is that the climate change the right have denied for decades reshapes everything.
Tax. The. Rich.
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Rich will go to Monaco, UK and Waiheke island. Where they will get upset paying over priced ferry’s and demand helicopter pads.
Without the rich how will all us battlers get any Trickle down economics.
There are lots of places the rich can flee to. Canada, the Scandinavian countries, UK, Ireland. All the supposed “negative” Climate Change impacts are positives there! Longer growing seasons, warmer winters, hotter summers.
Taxation is driving the wealthy out of the Nordic countries.
Where will the rich flee to? The money is apparently already gone. Unless you count a few small hotels and doomsday bunkers in the mountains, there is insufficient investment all round — the economy looks totally decrepit and backward. And there isn’t enough being paid out in salaries to sustain luxury retail or high-end real estate either.
An underpopulated country with terrible infrastructure and few economic opportunities is attractive to nobody. It likely cannot change without dumping globalism, and choosing to put the development of domestic infant industries first.
Worry more about where the skills are going to right now!
There is a mass exodus of both OAPS with money and the under 30’s, particularly those with a qualification and/or 2 – 5 years experience. If we dont make NZ better, then companies will all leave here because they cant get the staff.
This will ensure a constant merry go round of NZers and immigrants. Ultimately fewer born and bred NZers living in NZ = More cultural dislocation. Labour did a great job with the immigrants it brought in – Eli R and Shaneel Lal to name a few. Yes, cultural dislocation and myriads more agendas and seekers of power with no real belief in or ties to NZ (Some immigrants, absolutely not all). And where is your advantage to corporates then Mr Grant?
Look at Norway and France. It doesn’t work. NZ has a spending problem, not a revenue problem.
The Guardian… https://www.theguardian.com/world/2023/apr/10/super-rich-abandoning-norway-at-record-rate-as-wealth-tax-rises-slightly
https://www.theguardian.com/world/2014/dec/31/france-drops-75percent-supertax
Clearly obvious that Damien Grant resents every single cent of money being spent on social services, expecially when the poor benefits from them.
Declare the beehive a principality like Monaco. Let Grant institute a UBI on Stewart Island. And hope Winston doesn’t get over 5%. Commentors are giving the example of wealth tax causing wealth flight in Norway, but I give the oposite example of what you end up with when you cut taxes too far – the united states. After WW2 the top progressive tax rate in the US was over 70%, and remained this high until Reaganomics. I don’t remember any talk of wealthy americans emmigrating to Monaco, because they wanted to stay where they became wealthy. After 1980’s brought in Reaganomics and lower taxes, the homeless population and working poor has exploded in the US. And just what does Kojak make of Gloriavale? With seven houses, two teslas, and a black mercedes, why isn’t he in Monaco too, or maybe he is, and with the help of AI, he is only pretending to be in NZ, while actually wintering in Hawaii, but saying he’s in Te Puke, but it turns out he was in Monaco all along. It all makes sense now!
There is no point in raising company tax rates as all that does is leave less money to be reinvested to grow the company. When a company pays a dividend it is taxed at recipients marginal tax rate anyway. Thus this would be a counterproductive strategy for NZ. There is ample evidence that lowering of company tax rates leads to all sorts of economic benefits.
No, it just leads to more profits for shareholders. Businesses have slashed wages and conditions over the past 30 years and laughed all the way to the bank.
Mean while, National closed scores of schools and hopitals.
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