It seems bizarre to say the least, that any one would vote for higher taxes but that’s what the Labour Party is advocating.
The topic of tax, especially capital gains tax, has brought out the usual crowd of tall poppy haters, envy promoters and those who would love to see people get taxed- that is until they are the ones who get taxed.
The whole question of tax is an aberration which is hard to believe. I am sure in a 100 years from now people will look back and wonder if we were all a little touched in the head.
Here we are paying tax on everything, even the air we breathe, giving the money to the politicians, who then bribe us with our own money to vote for them.
Not to forget that all the while these same politicians are being paid by us ( plus perks) so they can continue taking our money to bribe us over and over again.
Hardly any of them have ever had a real job, a job where if you don’t work you get no money. Few if any, know what it feels like to be unable to pay for today’s groceries.
It is surprising how some die-hard capitalists even advocate more tax especially when most of them have made a killing tax free out of the very market they now want to punish.
I have noticed that trait often with the super rich or those whole control vast sums of cash. Politicians are particularly prone to this as they deal with millions and billions of dollars. Much like the captains of the failed finance companies that collapsed in the recent past . In the end they start to believe that other peoples money is theirs to do with as they like.
I call it the “arrogance of wealth” a disease all too prevalent in today’s society.
Wealthy may get double hit from Labour
VERNON SMALL Dominion Post 13.7 11
The wealthy could get socked twice when Labour unveils its tax package tomorrow, with a new top tax rate in the pipeline as well as a broad capital gains tax that will raise more than $2.3 billion.
The new top rate is expected to hit income above $120,000, but Labour has refused to say what rate will be applied.
The current top rate of 33 per cent cuts in on income above $70,000.
The capital gains tax will be set at 15 per cent, but the family home and personal assets up to a set threshold are expected to be exempt.
It is likely to apply only after the law is passed, so Labour is expected to forecast only modest income in the first few years. But revenue would ramp up to more than $2.3b over the next decade.
Leader Phil Goff will sell the package as an alternative to National’s partial asset sales plan, which is forecast to raise $5b to $7b over the next three years.
Labour also needs to generate extra revenue to pay for its promise to introduce a tax-free threshold at $5000 and remove GST from fresh fruit and vegetables at a total cost of about $1.6b.
Party sources said Labour’s forecast debt reduction programme would be slower than National’s but in the long run would take debt lower, aided by the continued dividend stream from assets National would sell.http://www.stuff.co.nz/dominion-post/comment/columnists/vernon-small/5249586/Game-on-as-Labour-prepares-to-sell-capital-gains-tax-plan.