The Greens wealth tax

[SueDonim]

I think the important point is to remember too, that we didn't always have this yawning great gap between rich & poor; that was delivered courtesy of Neo Liberalism - imposed very swiftly & without warning, we're now suffering the consequences of it.

We know therefore that we can do far better & desperately need to do so as fast as possible.

There isn't really a yawning gap between rich and poor. Like everything else, everyone is on a continuum between two extremes. A few people are in real poverty and need more help. Many think they are living badly but could do a lot better under their own steam. Most people are somewhere in the middle ground, and the problem with the Green tax proposal is that it captures too many of those as being "rich" when really they are not. And it would drag them backwards. And if they go backwards, so does everyone on the downwards side of that. Lower and middle income NZers need some tax breaks, but taking it from exactly that group doesn't make sense, yet that's what this proposal does. And most of the rest of the take under this proposal would come from those who are providing food and essential services, creating a flow down that again hits the poorest the hardest.

We don't want to be one of those countries where all the wealthy leave. We don't want to be one of those countries where only the super rich get to own property. We have a great economy now where the average "Mum and Dad" can own a home and get themselves into a reasonable investment to look after themselves in retirement. If we make that too hard/expensive then they end up being poor. It is hardly fair to take from those who have lived frugally to ensure a reasonable retirement just to give it to those who are wasteful and therefore have nothing.

There are postings above from people who know. And there are comments from people who just don't have a clue how anyone except themselves lives. People need to listen to those who actually know about the subject under discussion, like accountants and others who work for people across all walks of life and are in a position to see life's realities first hand.

I also saw CGT mentioned as usual. Why is it so difficult to understand that we don't need CGT, or silly "bright line" rules, because we have income tax? We have a law that claims income tax on anything that is bought with an intention to sell. Whether it is a $2 trinket on TM, or a house. If you bought it with an intention to onsell you need to pay income tax on the profit (whilst accounting for expenses). We don't need more legislation when it is already covered and just needs IRD to do its job. That would go a long way towards balancing the country's books.