Over a fifth of National’s tax-cutting plan in serious doubt
National Finance Spokesperson Nicola Willis has defended the $2.96 billion worth of tax receipts assumed from a foreign buyers’ tax, saying the forecasts, apparently reliant on a massive increase in both the number of sales over $2 million and the share of foreign buyers, were realistic. She also defended the tax’s legal status against some experts’ criticism that it would clash with either trade or double taxation agreements.
Bernard Hickey isn’t the only economist and commentator pouring scorn on National’s math, it turns out National only got international tax advice AFTER they released the policy!
Nagging questions about National’s tax plan persisted into the weekend, four days after its announcement. It became clear that the party had sought advice from trade experts about the legality of its plan to tax foreign buyers 15 per cent on the sale of homes priced over $2 million. However, it had not sought advice from tax experts until after the policy was announced.
It’s a scam that won’t work, but it masks two things:
1 – National are removing the Foreign Buyers Ban which will cripple Kiwi’s trying to buy a house.
2 – The obscenity of funding these tax cuts to rich Landlords by robbing 2 year olds, mutilating Public Transport and literally stealing from climate change budgets.
Here’s what will happen, National will remove the Foreign Buyers Ban for their Real Estate Pimp mates that will leave a permanent scar on NZ society and it won’t raise anything near enough which will justify National cutting public services.
The predictability with which the voters of NZ are being played is remarkable.
Increasingly having independent opinion in a mainstream media environment which mostly echo one another has become more important than ever, so if you value having an independent voice – please donate here.
If you can’t contribute but want to help, please always feel free to share our blogs on social media
Do kiwis buying there first home shoot over 2 million?
It’s amazing how news stories use a funding cut to money gong to an agenda they disagree with.
It’s like saying I want to save money by making work coffee instead of buying from a barrister.
A journalist would change this to “removing drug funding which now creates self harm”.
Many ultra-high-networth-individuals fear a republic/democratic New Zealand out of the belief that the simple existence of such a society and their ideals would cause the plebs to rise up and collapse their system.
And, well they have a point; we don’t see many of the old aristocracies around anymore, do we?
Agree 100 percent
So who says what is worth 2mil? People seem to be ignoring the vey likely scenario where anything north of 1.5 million could be listed at 2 mil.
Also why was it not only for new builds? It’s for all housing right?
The other factor is that even if there is no issue with treaties, Chinese buyers have been going through Singapore to get around the ban. Clearly not all will do this but it once again raises questions over their revenue projections
Face it this is all being done for stakeholders other than the “squeezed middle”.
You need to go back to school if you can’t figure out the correlation of raising the price of one group of housing has on the group below. I assume estate means you are probably in that business. Not know for the greatest IQ.
So China has been identified as our biggest security risk, but 7 Houses Luxon is determined to sell them our homes?
Am I missing something here, or does this look like nothing more than NatCCP satisfying a sector of their core donors.
Looks like NatCCP would rather put our security at risk above financial gains.
It could also be seen as treason
Just carrying on where Johnny Key left off or as National’s Re-election ad says Getting Back on Track pretty much sums up National in a nutshell!
It will be a laugh if National gets NZ booted from 5E’s and P2 gets ripped up in their faces lol?
So someone on the minimum wage will get a paltry $7 a week from the tax cuts but will have their bus fares doubled and have to pay for their prescriptions, Nationals tax policy is a guise to re-introduce foreign buyers and give landlords and property investors back their tax loopholes and if their costings for this policy is so “rock solid” why do they refuse to release them. Hipkins has at least released their costings to the media.
Sadly people are actually voting against Labour, not for National.
National are getting support by default, not for policies.
What an incredulous tax collecting policy. Any purchase of OUR HOUSES by off shore buyers is generally totally unsupported by most New Zealand born New Zealanders. We’ve been saying so for several decades now and now, again, it falls on deaf eared politicians with their own agendas for NZ. Solution? Wake up Kiwis do not sell New Zealand property to overseas buyers at any price !
Comments are closed.