Monday, June 25, 2007

We already have a capital gains tax, you pillocks.

Tax Houdini Cactus Kate points out something overlooked by politicians, political and business journalists, and even Reserve Bank wonks. These know-nothings "don't know what they are bloody talking about," she says, "as New Zealand does not need a special housing capital gains tax. The legislation already provides for one." She's right, you know. On all points.

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3 Comments:

Blogger ZenTiger said...

The number of times this has been pointed out, and the number of times the left plow (plough?) on regardless.

Even crazier, they think a CGT would actually stop house prices from rising. Or they think they can fool people to think that a CGT will stop house prices from rising.

Heh, next they'll be saying that they actually know what they are doing! You got a $300 million dollar bridging loan for sale? I got a Bollard looking for one.

6/25/2007 07:36:00 pm  
Blogger Cactus Kate said...

The worse part PC is that zentiger is right, its been pointed out before.

We also have gains tax on sales of shares (for the amateur investors running dealing out of their home) AND foreign currency (those evil speculators who trade off our currency) when there is intent and a pattern of trading.

The IRD are just not effectively enforcing it.

Why?

6/26/2007 12:20:00 am  
Blogger Ruth said...

The IRD can't track traders using their definition of intent.

They also make the mistake of thinking only in black/white terms, as though one must be either a "trader" an "investor". In reality there are innumerable approaches lying between these two extremes.

Fortunately people have infinitely more to chose from than the simplistic trader/investor dichotomy that the IRD uses.

6/26/2007 09:05:00 am  

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