Tax rates, cuts, capital gains: Labour's David Parker on inequality | RICH | RNZ

[Peter-kkrg]

Capital Gains tax would make me vote Labour.

[Yaackov]

I have never felt more inequity until I came to nz after 21 years I’m on the bones of my ASS !

[dawnezone]

Many wealthy in other countries don't complain about paying extra tax because they see it benefits everyone.

[TrevorCunningham-oy]

Who does Parker think he is Robin Hood?

[afmedwards]

NZ already has a ‘wealth tax’ - FIF tax (Foreign Investment Fund) on most foreign investments. Rates are arguably already a wealth tax on property. Possibly the main investment with no capital gains tax or wealth tax are NZ shares - whether public or private companies.

[peterbradley]

Good to see Labor back in the game - but taxation should not be the only option for increasing state capacity in the economy. Higher government debt to GDP is essential to undertake major capital investment in public services and infrastructure. Government deficit spending is about 50% cheaper then most PPP schemes. However, the damage that the current recession will do to productive capacity has yet to be seen and with a reduced construction sector and the continuing outflows of young skilled workers NZ may be creating some intractable long term problems for itself. The best example of a country that has followed the austerity path is the UK - 14 years of budgetary constraint that is continuing with the newly elected Labour government.

[johndoe]

What about the inequality of effort? You also can't tax your way to prosperity

[drh]

If they introduce a capital gains tax, will they decrease income tax? I think not. This is simply a way for politicians to get more of peoples money and waste it.

[andreatodd]

How about Mr Parker share his wages with the people he feels need it,

[joseslatter]

Bring it on. Such a pity Labour baulked last time.

[Jackson-lr]

Inflation is the invisible hand reaching into your pocket, and capital gains tax is just an extra slice of theft from the same pie. It’s like they take the first bite when your money loses value, then come back for seconds when your assets try to keep pace.

[ooo-vcxl]

No to a wealth tax. Comprehensive CGT + gift tax + inheritance tax
Almost all OECD countries have CGT.
NZ has wasted $500bn bidding up land prices partly because we don’t have comprehensive CGT.

[paulchristensen]

Late Michael Cullen, 2001 brought in super funds, to invest in our pension scheme, not altogether relying on taxes , that fund through investment from apple is 75 billion dollars, labour again brought in kiwi saver, so when we get to retirement there is a nest egg, under coalition nothing .and in 2009 keys goverment stopped paying into the super fund, labour again continued funding 2o17 now that's fore sight.

[gary]

New Zealand has a Capitol Gains Tax called the Brightline Tax

[Ben-Rogue]

Step 1 in fixing the NZ housing market: Tax capital gains the same as income.
Though, I believe a lower rate for first time home sellers would we a good thing.

[petermichael]

Raging inequality??? What country is he in ??

[marinclay]

David is classic communist. ‘I don’t like inequality’. Life like that mate. We can’t all be the same .

[JamesClark-cgqk]

A certain amount of "inequality" is inevitable and unavoidable. People are different. Even under brutal Socialism, there is inequality. You can't tax your way to equality. What's important is equal opportunities, and that comes from good parenting, a good health system, good education, a vibrant economy that provides plenty of good jobs, and a tax system that incentivises work, saving, and investment. Taxing capital, especially unrealised capital gains, will actually punish the middles classes the most. As happened in Norway when they increased wealth taxes, record numbers of wealthy simply moved. But if the alt-Left understood all this, they wouldn't be on the Left.

[andrewking]

Why doesnt Labour ever come up with ideas to create more wealth and increase our value in the world through innovation and education.
Rather than that, Parker would just prefer to take someone elses property.

[andrewking]

More tax isnt going to solve inequality anyway.
Its an issue of culture, education and work ethic.
All humans are different, we are not equal widgets, so Parkers ideaology of playing god will fail just like all previous attempts at socialism.