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Tax Working Group Have your say

This topic contains 6 replies, has 4 voices, and was last updated by Profile photo of jens jens > 7 days ago.

Discussions Politics Today Tax Working Group Have your say

Viewing 7 posts - 1 through 7 (of 7 total)
  • #1675882
    Profile photo of Hero42Hero42
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    Member since: July 18, 2008
    Topics: 65
    Replies: 11221
    Hero42

    For those interested in having input to the Tax Working Group here is the link.

    https://taxworkinggroup.govt.nz/

    We can also have a discussion here rather than on the Non Political threads.

    Cheers

    #1676290
    Profile photo of jensjens
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    Member since: May 3, 2006
    Topics: 22
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    jens

    From a Grey Power point of  view standing  for the  economy to become  productive and wealthy enough to  keep  good universal welfare and the NZ Super entitlement age  at  65  sustainable  despite the  ageing  population  factor  –

    my submission to the Tax Working Group  recommends  not to  reduce  Govt.  taxation revenue, but rather raise it  to  include components of higher  rates  of personal and national (retirement) wealth  ownership  creation  than what has been achieved so far.

    Grey Power has  repeatedly defeated motions on reducing and  complicating the collection of GST.

    It has  also passed motions of raising  Govt.  revenue by a  capital transactions  tax, as a possible alternative to the  complications of   capital  gains taxes. At 0.1%,  capital transactions tax  would raise the  cost  of a $500,000.- house  by only $500.-.

    Without  increasing savings  for  reserves, investments and debt repayments, the economic  welfare future of  our  youth and their  descendants is not  promising at all.

     

     

    • This reply was modified 5 months, 1 week ago by Profile photo of jens jens.
    #1676594
    Profile photo of halcyonhalcyon
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    Member since: May 4, 2014
    Topics: 9
    Replies: 4512
    halcyon

    Actually a Transaction tax would be a sound option. Those who transfer the largest sums would incur the greatest charges. And  Transaction Tax would be harder to avoid. Under the current taxation options I can withdraw money and pay the person who paints my house cash. Whether she pays tax on that money is over to her. But it is difficult to detect. If the tax is paid on the cash withdrawal then problem solved.

    Interesting enough this notion has been around since the time Vernon Cracknel won the Hobson Electorate for Social Credit.  Interesting enough, some of the current proposed policies date back to that time and have their roots in Social Credit policy.

    #1676620
    Profile photo of Hero42Hero42
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    Member since: July 18, 2008
    Topics: 65
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    Hero42

    The transaction tax is a good idea and works best on banks and financial institutions that move millions of dollars around just to get a small percentage gain on the funds. Because it applies to huge sums of money the tax rate can be low and still gather revenue without impeding the general financial markets.

    It does deter speculation though.

    Cheers 🙂

    #1676629
    Profile photo of TedETedE
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    Member since: May 6, 2006
    Topics: 4
    Replies: 2120
    TedE

    The turnover of NZ currency to other currencies far exceeds our GDP or our import export transactions. How can this discrepancy be taxed so that those using our currency for speculation at least contribute a little toward it’s maintenance?

    There is a certain amount of currency speculation where the currency rates are manipulated by large players so they can force currency values to change to their advantage. This needs to be taxed as well.

    Then there is the Banking credit creation which increases their capital situation at no cost or effort to them using the assets of those who borrow from them. This is a great source of revenue for the Banks and should be subject to tax and should be readily identifiable.

    TedE - Papakura -

    #1676638
    Profile photo of Hero42Hero42
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    Member since: July 18, 2008
    Topics: 65
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    Hero42

    TedE
    All good ideas. Let the Tax Working Group know them.

    Cheers 🙂

    #1676826
    Profile photo of jensjens
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    Member since: May 3, 2006
    Topics: 22
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    jens

    Yes  TedE and Hero42  –  but if  higher tax rates are only  for more consumption and  do not  include a substantially  increased universal national  and  personal (retirement) wealth ownership  creative savings  and investment rate, our basic  socio-economic inequality  of  Haves and Have-Nots is not likely  to be  overcome.

    In that  case, the  possible benefits  of  higher  taxation could  even become impoverishing, temporarily joy-making  “hullabaloos”.

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