And then they came for the mega landlords??? Wait WHAT?
It is pay day for the Mega Landlords and Real Estate Pimps!
Property investors regain ability to claim interest costs
Property investors are set to regain their ability to claim home loan interest as a cost at a faster rate than had been promised.
Associate Finance Minister David Seymour said on Sunday that investors would be able to claim 80% of their interest expenses as a cost for tax purposes from April 1 this year, and 100% from April 1 next year.
…346 Megalandlords who own at least 200 properties will get a tax cut of $1.3m each over five years – the total going to that group: $464m! The total cost for the whole lot, $3 billion less in tax collected over 4 years! The Real Estate Pimps have all self-asphyxiated, died and gone to heaven! There is a class war erupting between the Landlord Class and the Renter Class and this Government who they donate to are on the Landlord’s side.
I told you the Real Estate Pimps had bought this election!
Analysis: Property industry tops political donations
An RNZ analysis of political donations since 2021 shows people involved in the property industry are giving the most – and almost all of it is going to National, ACT and NZ First.
Since 2021, people aligned with the property industry have donated more than $2.5 million to political parties.
More than half of the cash from the property industry went to the National Party (53 percent), followed by ACT (32 percent) and New Zealand First (12 percent). Labour received 2 percent.
The Real Estate Pimps have donated millions to this hard right racist climate denying beneficiary bashing Government and they have had the pay day of their lives!
Let’s remind ourselves just how vested the Landlord class is..
…there is an unspoken promise between the neoliberal State and the untaxed capital gains private landlord class that the neoliberal State never builds enough State Houses to alleviate housing desperation so that the untaxed capital gains private landlord class can exploit that housing desperation ON TOP OF getting a $1.5Billion annual subsidy in the form of the Accommodation Allowance EVERY SINGLE YEAR!
This is a $3Billion pay day for the Real Estate Pimps unseen in NZ political history.
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Oh. Silly me. I thought it was the police who millionaire Luxon and the millionaire dog handler of Iraq are gunning for. Like expediting them to Australia in return for the criminals who Australia exports here as part of a CER deal. Mitchell will be a pretty busy sort of body removing gang patches on his lonesome woof woof self.
At least the govt is tough on crime, or like saying they are tough on crime, though not doing much about ram raids yet. It’s unknown how many people, tough on crime Mitchell’s killed, because when you work security in a war zone, that’s just what happens. It’s unknown how many people, tough on crime Luxon’s killed, because when your company fixes Saudi military equipment used to kill Yemeni civilians, that’s just what happens.
The govt’s position, is that they are in tough times, challenging times, economically challenging times, very economically challenging times, fiscally challenging times, and therefore cannot afford to give police a decent pay rise, knowing that police are not legally allowed to strike. Yet can give three billion to landlords! How many new roads can three billion buy. Probably not many. That’s three with nine zeros following it. Paying police properly is not an atlas network priority. Makes you wonder how many atlas network lobbyists are now pulling the strings at parliament?
Police should have known that if they didn’t contribute with election time donations, they can’t expect favorable treatment later, like the landlords and property moguls are getting. At least the 340 moguls who will be getting over one million dollars richer, won’t be going to the foodbank. 340 already wealthy moguls to get an extra million, along with reduced brightline, and easier evicting. It sure pays to be a topfeeder.
While the rest of us pay the price for the govt’s generosity to their rich donors, at a time of high cost of living, and high mortgage repayments, and increasing private business and public sector redundancies, the govt is increasing numerous levies duties surcharges excises and fees. How I wish Jacinda would consider returning as Labour leader, because her and Chloe would put up a formidable fight at the next election. That duo would be inspiring.
Govt says it’s “tough on crime “ because that’s what people want to hear. Govt says it’s giving police tools to fight crime, but what those tools are isn’t clear.
Removing patches is apparently one, is unrealistic, and hopeless. Empowering the police to break up gang assemblies is unrealistic on numbers alone, eg at tangis. When the police were confronted by a large number of transgender extremists in Albert Park, they did zilch to help the terrorised women, and I think they actually said that they were too outnumbered. I gather that private security people got Kelly-Jay Keene out of the grounds safely, and the police, waiting at a safe distance, then took over.
The causes of crime, complex as they are, are what govt should be addressing. Favouring privileged persons at the expense of others is stupid, and does nothing to help stop crime. Stopping the school lunches which may at least get kids to school, is counter-productive, and warbling about “ value for money”in school lunches, while failing to consider the benefits of getting kids off the streets is pretty stupid too. Police pick up the pieces all over the place, not the sheltered legislators.
Meanwhile I am watching Luxon completely unable to answer how this part of the tax plan will cost 800mil more than they said. He can’t answer because he is a liar. He is a joke.
And of course his complete dishonesty will be spun as gotcha journalism rather than pointing out that he is full of it.
Yes, I heard that interview on RNZ it was disgusting he needs to go, he is actually embarrassing as our leader. How can he justify cutting school lunches and spending an extra 800 million on landlords who made millions for many years in capital gains. And once the brightline policy is reduced to two years these greedy people will make even more profit. All propped up by a right-wing government kicking the poor and middle-income people of our country in the guts.
Wheel Could be that Bill English did the maths. I seem to recall English doing the maths when putting the kibosh on Sue Moroney’s parental leave bill, and getting that wrong, and having to retract the next day. Clearly Luxon and Willis aren’t too good at maths if, if, if, they’re doing it all themselves. English seems to be overseeing the housing issues too.
He who pays the piper calls the tune. If Christopher Crayfish Bishop, Min of Housing, and Lusty Louise Thurston, Welfarish Min, prune the state house waiting lists cavalierly, that should ensure a steady income stream for landlords, while pollie songsters can proclaim fewer homeless. Small wonder that they are also hell bent on pruning news outlets when this shoddy scenario could spell Gotterdammerung for the government.
lol… that one’s gotta stick. until the next. classic.
Oh look I see rents are dropping 20% from today .Sorry that was a pink pig flying past
When Seymour said that rents could decrease with interest rate deductibility I was waiting for the interviewer to ask him if he still believed in the tooth fairy. Interest deduction was still available for new builds & this policy was actually working as intended which is probably the main reason it was removed. A real-world result is likely to be that landlords are prepared to pay slightly more for older houses since the interest is an expense now so rents will increase since houses cost more.
I guess we knew what a sick government this would be but to see the naked greed with no consideration for any policy that would make a better fairer society is extremely disheartening.
Naked greed is a good way to put it and the cavalier attitude towards our environment is even worse especially when we are so prone to natural disasters. Shameless Jones and our pothole minister Brown are leading the charge on destroying our environment.
A pathetic display from the 3 Amigos when taxpayer dosh is fine to be distributed to landlord spivs, but not ok to pay for emergency housing, let alone an actual public house & apartment mega build!
There is a major housing shortage in this country in case some have not noticed. Tenant churn in the mouldy overpriced dumps landlords let is no answer to anything.
Like you say we have a major housing shortage which is the natural result of high immigration levels yet all the government wants to do is support slum landlords get existing houses which will not increase the supply of houses.
https://www.nzherald.co.nz/nz/politics/labour-finds-90m-accounting-mistake-in-governments-landlord-tax-cut-numbers/57MMHCDBSFEMHEG6FXDUDYEOA4/
But then again we always knew Willis was a de facto finance minister as she was only no 48 on the party list originally and an abysmal failure up against Robertson.
Interest deductibility legislation was full of holes, where you can claim interest for new property but not for old, can claim for commercial/developers property but not for residential. It was never a well thought out policy better to bring capital gains and tax all property sold.
Not only did Luxon have no answers, we now have the “tough on crime” tossers saying no to any sort of meaningful pay raise for the police. They couldn’t look like a bigger bunch of wankers if they tried….over to Bob the first and Trevor ( TDBs Statler & Waldorf) for the perfectly reasonable explanation.
The govenment should just give that money directly to tenants.
Borrowing for consumption is like, really really bad.
Especially at the same the government’s giving landlords tax concessions that’s like double triple quadruple bad.
The cost of shelter is holding New Zealand back. I propose a PPP to build a multi level Kainga Ora apartments in Central Auckland, that will be gentrified in 25 years. A Public Works Act. Compulsory acquisition. Gangster money for the Nation. lol. Get the Sallies to run it. Close to the Mission. Get on the list.