Like I said, don’t get your hopes up. DPF rates Key’s Opening Statement to Parliament with a “B”. I’d give it a “C”, although I’m tempted to give it a D (i.e. fail), because Key has simply disregarded the Tax Working Group and 2025 Taskforce’s recommendations (his reactions to Capital Markets will be out next week).
Key ought to have done something about the tax status of property. That would’ve given the government better leverage to to get income, trust and corporate tax rates down (NB: I’m not totally convinced of the need for a land tax, but think LAQCs should go). Increasing GST to cut income tax was a good move, but there is little mention of cutting spending save for better enforcement of welfare rules. To do it, Key will break a promise on not increasing GST. He should’ve broken his promises on superannuation thresholds and the age of eligibility.
Bernard Hickey is saying I should get a one-way ticket to Australia because of Key’s failure to introduce a land tax. Personally I’d rather do what my parents did in the 70s and go earn the big money in Europe to save. Or join my mates in Hong Kong or Singapore. But I digress…
Back to Gotcha
Look, I understand lots of NZers depend on property income to make ends meet. That said, if you pay "a lot of tax" I'd guess that's probably company and income tax, both of which I think should be significantly reduced and flattened. That would help not just yourself, but every other business.
Of course carpets, et al depreciate. But every accounting student knows that that depreciation is a quick way to cut your tax burden on other work. That would be fine if everyone else could do it (i.e. the productive sector) but the reality is they can't.
Not heard of LAQCs being widely used in the productive sector.
You had me up until "property developers" David. Most of the property developers I know of play fast and loose with companies legislation to ensure they do not, in fact, pay tax.
So you dont think carpets, ovens etc depreciate ? LAQCs are used for all sorts of different entities and are not only legitamate but overall good for the productive sector. Hickey is a mentalist that wants investors burnt at the stake, he is myopic and had lost all credibility.
As a tradesman who works hard to feed his kiwi kids I pay a lot of tax from working for property developers who themselves pay tax on the profits they make from improving and then selling houses.
"F". Key has no intention of fixing the economy. NONE whatsoever
The GST rise equates to approximate 4.3%. Why?
GST is partnerned with the implications of Nick "Corrupt" Smith's Emissions Con.
Bottom Line: Key is simply trying to buy time until those that orchestrated Global Warming work out what to do next. The fact is, if Key had any care over NZ's interests, he'd slash the size of government and welfare. He won't. He still supports the signing of a global government/global warming treaty. Wake up and smell the distraction people
Key also signaled income tax cuts. While I don't think the package is great, or bold enough to catch Aus, I would say that it's a hell of a lot better than the alternative. And as you say, if you really want to get rid of the ETS, vote ACT.
Lowering income tax is a total waste of time. Lowering income does not provoke international interest in a dwindling, dismal, derelict economy. Neither does the expense of business transactions through GST + ETS = 4.31%
I pray Douglas gets a look in.
For better or worse, Douglas is electoral poison. It's just too easy for the leftards to score points on him to scare the sheep that most New Zealand voters are. ACT needs to rid itself of him and find someone equally brilliant (not an easy thing to do, I'll admit).
Yep, fine he is to some. To others not. Yet, I've got a calculator and indeed an abacus. I'll do it. Cameron has my phone number.
If folks want to talk some action:
Policies to discuss.
1. Moratorium on pointless government departments. Goal Slash Government spending. Cancel international debt
2. Sack Nick Smith
3. See 2.
4. See 2 and 3.
5. Moratorium on welfare
6. Moratorium on teachers. Any who fail a societally relevant test. Sacked
7. ETS. Cancelled. Srubbed. Binned.
8. Nick Smith investigated for corruption.
9. Treaty Settlements. Scrapped.
10. Work with true Maori to define and build a powerful vision. There isn't one at the moment.
11. Education – Students; All students must reach age graded standards. On reaching "18" will be entitled to either a $ bonus to start a business or hard national service in community or armed forces.
12. Criminals build infrastructure.
13. The UN held at arms length.
14. Lessons in democracy from Franky B.
15. International business – tax benefits. 5 years free for n x jobs
16. GST 5 % for the next 3 years then flat and capped at 10% for 10 years.
17. Tax 15c. Flat. all departments. That's it government departments.
18. Contracts provided to high quality outsourced providers for all non core services.
19. No political propaganda in the education system. Progress endorsed over coercion.
20. Unions. Nope.
21. Anti-Smacking youth nazi indoctrination. Nope. Cancelled.
22. Three Strikes. Nope. 1.
23. Ruthlessly tight immigration.
24. Significant reform of MP's wages. Wage reduction. Bonuses only on Publicly relevant and approved bills. You might need to contribute to society instead of raping the tax payer.
25. Judicial reform. Name suppression. Only in extreme circumstances. Sentences x 2
26. No dole unless you work, or start community work programmes and have objectives signed off.
27. Alcohol age 21.
28. Driving 19.
Much more.
John Key. This is a step change. Not a tap dance.
http://www.newstalkzb.co.nz/thisweek/hourrecs/Tue...
42:28
LAQC's are the wrong target.
Trusts, once the preserve of protecting assets no longer have this as a prime purpose. Trusts are now the ultimate in tax shelters. Why do so many have trusts and yet despite very high incomes inside the trusts pay only 19% tax on miniomal earnin g and then qualify for WFF?
They are sacred cows but are now the achilklies heel of the tax system.
Start charging 39% tax on taxable income within trusts and see how the taxable income shifts from trusts to personal income at a much lower rate.
You have all been attacking the wrong vehicle. Worse this rort has been aroiund for ever and ever with people evading thier rest home fees and their uni fees etc.
Open your minds to the real rort.
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