To justify their capital gains tax, they point across the ditch.
This is true but one does not cause the other. Two things.
1. Australia is not rich because it has a capital gains tax. Australia is rich because it has a larger economy, with greater economies of scale, and mainly, because unlike us, they extract minerals and fossil fuels from the earth for the rest of the world to burn and/or make steel.
Their top export earners are iron ore, oil and gas, coal mining, LNG, and then farming.
Guess where those young people are going when they leave motel city, otherwise known as Rotorua? Probably a mining job Labour wouldn't leave them have here.
2. This is about how the tax is applied, because Labour NZ's tax is treated very differently.
Labour NZ is making no allowance for inflation. So, you'd pay the capital gains tax on a nominal profit, not a real one.
Which very unfair. The Aussies give you a deduction to take into account inflation.
So, Labour's NZ 's capital gains tax is, in some, senses harsher than the one across the Tasman.
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.
6 comments:
Hey Labour - we would be richer like Australia if you would let us develop our oil and gas, and mineral industries, and didn't hold the whole country back to appease the cultural sensitivities of Maori.
Rough estimate of accessible NZ mineral wealth, gold, bituminous coking coal, iron sands etc, according to Chat GPT analysis, is NZ$50 billion. Not much really, it would pay for a years social security and welfare budget, but the xtra jobs would be nice.
NZ’s real comparative advantage lies in its untapped reserves of South Island Hydro, and North Island Geothermal power. But we’d better not chase that in case it upsets the ooga booga Tree frog, or someone’s grandma’s grave.
Anon 8:46, Maori opposition to mining really hasn't got anything to do with cultural sensitivity. It's all about using "cultural sensitivity " as a way to extract more MONEY from anyone who wants to develop a business that uses natural resources. That includes mining for basic materials like iron copper coal and use of rivers to create electricity. Maoriare veryhappy to withdraw their "cultural sensitivity " objections in exchange for lots of $$$. The usual bullshit from our oh so "spiritual" first settlers.
It’s staggering that people would actually consider voting for anyone or any party that would increase taxes!!
Mind blowing!
It’s like they think if the government taxes kiwis more that more money or services will somehow flow their way….but it doesn’t work like that- all that happens is the government of the day borrows and or spends more on delivering what it already delivers- the services don’t improve or anything like that….labour have already proven that spending more doesn’t work - healthcare education police justice etc all got massive boosts under labour and all delivered even less than they were previously.
Reduce taxes and force the public sector to do more with less - same as the private sector- and you get automation, productivity boosts, and income improvements across the board - why is it so hard for the lefties to see this is how it actually works?
Gosh, I recall the Muldoon Govt and the "Think Big" projects -
- Natural gas . oh how many people went for that, the industries that appeared in the Naki (plus employment), the laying of pipelines across NZ (another employment domain), the boost to those in the Plumbing Industry/ inserting gas into NZ homes - no runing out as the Greens "will not allow, will oppose any further drilling".
- Marsden Point - yup was to be the domain that would ensure continuity of petrol/diesel plus to/across NZ, you go research why that area was under demolition orders
- electricity - the development of using water from new power stations - the thoughts (at time) NZ was growing, we would need power.
So for those, having read Ryan's article and the comments that follow, think of where we "would be today" IF we did not have "idiots" oppose developing wealth from mineral and/or other sources.
Oh and on a final note - if you think the NZ Green Party are "nasties" you should d go research what the Green Party (West Germany) were like from 1950's even up to now.
Oh and that Party had a 'wonderful cohort of the Gay Population' as either -
- its Politicians
- and amid their supporters.
Such Happy Days.
Hey Labour, instead of taxing more, you need to shut down all the rubbish unproductive PMC crap you want to fund. Just look at the money they wasted last time - billions on mental health, polytechnic reform, juicing the housing market during covid, funding thousands of extra public servants with no productivity gains, etc etc. All waste just to fund the lanyard wearing class of do-nothings. Before you reach for more pathetic taxes, cut all this unnecessary spending.
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