An inheritance tax is about the cruellest thing a state can impose on a grieving family. 33% when mum or dad dies. You've got to then take out a loan from the bank, congratulations bank and pay the government. Or sell the shares or property or whatever. Then pay the state. Congratulations state.
The idea is that somehow, this act of forced goodwill, taxing assets your family's worked hard to acquire, using money that's already been taxed, earning income that is already taxed, will somewhere, somehow materially change the livers of others is absolute BS.
I've just been in France where they have exactly this system. They have high personal income tax rates. And they're swinging far right.
And this plan includes a wealth tax on everything from shares to companies, which only a handful of countries around the world bother doing because you may have asset, but it doesn't mean you've got cash to pay a tax on it.
Just a reminder. This is not how a country gets rich. This is not how you create more jobs and industry. It's not how you grow an economy.
And if you're not doing that. You're standing still or going backwards.
We've been doing that in this country for too long.
Ideas like this, may be appealing on paper, in reality almost never deliver the things the politicians espousing them promise on the hustings.
You don't hear this said often but thank god for Labour completely ruling this thing out.
Ryan Bridge is a New Zealand broadcaster who has worked on many current affairs television and radio shows. He currently hosts Newstalk ZB's Early Edition - where this article was sourced.
12 comments:
When it comes to crazy tax ideology, if the political winds are in favour no banana republic, la la land tax would be off the table.
They are like Meth. Not once, never!
They will get their 11-13pc support vote from the idealogues, the envious and those who say I have nowt so stuff you. Same with TOP which might well get 5pc plus....a potential result that changes thengovt. The Maori Party will support much of it as those who identify as Maori will probably be exempt
I heard Chloe from the " Green " party babble on yesterday about her brilliant cunning plan to save NZ from capitalism by fully establishing communism - but, and here is the big but, she didn't say a single word that reflected her Green philosophy.
Absolutely the Watermelon Party in every sense.
Also, she needs to take advice from her Russian controllers about taxing rich oligarchs.
No problem then, given to current rate of pakeha discovering their maori ancestry, (or at least that their granny once passed a maori in the street so that’s good enough - isn’t it?) we’ll all be maori by approx 2045.
The greens are looking for the average home owner vote by increasing the wealth tax limit to $10 million. Why however, are no journalists asking the greens about their Hoki Whenua mai policy which means land back including private land. As per their website, they would increase the powers of tbe waitangi tribunal.
Britain does it - and look at the mess they’re in!! The greens are really just a party of stupid people spending other peoples money
Labour will adopt it quick smart if they ever formed a govt with the Greens, they will just say it was part of the "coalition agreement"..
One day the apathetic sheeple will have to face a choice: react or be cancelled. This day is fast approaching.
Do you recall not long back when Chloe proudly told us that she owned nothing more than a couch and her clothes ?
In not so many words she was telling us that she expected other people to provide her with everything else she needed in life !
That's about as communist as they come.
Has anyone actually used the Green Party online calculator to see how it affects them? I did. I only have $25 million assets so I’m not affected. Whew!
Wealth taxes don"t work. They tax unrealised gains, are too easy to avoid, rely on valuations that are often dodgy but most of all, they break the first rule of taxation that is tax should follow the money. A wealth tax often forces a sale of the asset to raise the cash to pay the tax. It is therefore a destroyer of wealth which is precisely what the Greens want to do. And thats why a realised capital gains tax is a much more logical way to go since the tax is paid out of the cash proceeds of the sale. Never forget New Zealand abolished its wealth taxes years ago because they cost more to administer than they brought in by way of revenue. There is no reason to suppose anything has changed.
About time those who got rich off the backs of regular folks like us started paying their way. Anyone who thinks this is a bad policy is either wealthy beyond normality, or a rich guy sycophant like Smithers from The Simpsons.
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