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Labour to campaign on narrow capital gains tax, no wealth tax (www.rnz.co.nz)

submitted 2 months ago by Auth@lemmy.world to c/newzealand@lemmy.nz

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Glad they are finally doing it and this should hopefully get much needed funding for our healthcare system. Whats shocking to me is that even with all the controversial bits taken out its still unpopular. I swear nz has the most hardheaded people out there.

RNZ-Reid Research poll last month found 43 percent in support of a CGT on investment properties

What is left for people to whine about?

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[–] TagMeInSkipIGotThis@lemmy.nz 2 points 2 months ago (1 children)

That's where a wealth tax works better. Because this tax only applies if you sell, if you have enough assets and lenders are confident they'll continue to grow in value you can just keep buying more and then borrowing against them to cover your expenses year on year.

[–] Dave@lemmy.nz 1 points 2 months ago (1 children)

Yeah, so a wealth tax would be that every year you have to declare your net worth and pay a percentage of that as tax?

I wonder what the administration and enforcement cost of that would be. This very narrow CGT has on benefit in that there isn't really much extra admin since most of the relevant parts are already done in one way or another.

[–] TagMeInSkipIGotThis@lemmy.nz 2 points 2 months ago

Yep CGT is a simpler system to apply I think, but doesn't address the real problem which is that once a certain amount of wealth has accumulated wealth begets wealth and the vast disparity ends up with a small class of people fully insulated from the problems their horading causes.