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Tax Working Group to release reform options on Wednesday
The Victoria University coordinated Tax Working Group is set to release its report with various options for tax reform at 1pm on Wednesday, Treasury said. I will be attending the news conference in Wellington and reporting from the presentation of the options. I welcome any suggestions for questions and lines of inquiry from readers. Here is my piece from December 3 which was written after the Tax Working Group's final public conference in Wellington. Just a reminder on what I think might come out from the Tax Working Group, which includes various figures from government, business and academia.
I think the government will look at equalising the top income tax rate with the corporate and trust rates at 30% in the 2010 budget. The NZ$1.6 billion cost of this could be paid for by one or two smallish taxes on rental property investors such as the denying depreciation on buildings, making depreciable buildings taxable on sale, denying the offsetting of rental losses against other income or imposing a Risk Free Return Method for taxing the inflation-adjusted equity in rental properties. I'd like the government to equalise the income tax rates at 27%, increase GST to 15%, replace Working for Families with a NZ$2,000 per child semi-universal payment and impose a land tax, but that's politically too hard before the 2011 election. I'd like the government to campaign before the 2011 election for a 25% equalised income tax rate, a 0.5% land tax with a NZ$50,000 per hectare threshold and an inflation adjusted, universal Guaranteed Minimum Income to replace all benefits, including New Zealand Superannuation.
11 Comments
Sir... I'd be very impressed
Sir... I'd be very impressed with your first paragraphs wishlist - provided it was then implemented. Fingers crossed.
I think you're teasing though.
Where's Wally
oops..... "the first paragraph of
oops..... "the first paragraph of your wishlist"
Wally expects some noise from
Wally expects some noise from Key about catching Australia, (in his lifetime) and he is sure there will be a committee or three to look into the TWG ideas with a reporting date ....oh some time in early 2011. Meanwhile the stonecutters will make sure the property ponzi economy keeps them in a steady cashflow from the peasants sucked into debt.
Sir : I sincerely wish
Sir : I sincerely wish that all you predict , will come true . But given the inherent nature of politicians - I have my doubts ( Rodney H. is my first cousin , so I know ! ) . Above all else , a plain shirt & tie , please . Pollies may not have standards , but us here at " interest.co.nz " do . Cheers , big guy .
Thieving rotten ... I can't
Thieving rotten ... I can't believe this ... scummy low down ...
[Just practicing for Wednesday.]
Holy crap Bernard, those are
Holy crap Bernard, those are some great policy suggestions, at least from a non-baby boomer point of view.
Changes like that would prevent me (a new graduate facing a brutal job market) ditching NZ.
Aus or Korea are what I'm favouring at the moment.
Now that financial sector and
Now that financial sector and tradable intangibles monster realsector tradable tangibles, why wouldn't we now consider removing the GST exemption from the financial sector?
The financial sector said exempt us from GST and we will not claim depreciation on real inputs, the profits from the intangible merry money go round now far exceed any depreciation on real inputs such as pens, laptops etc, making the trade off a rude joke.
The Private Primary Bond Dealers(
The Private Primary Bond Dealers( http://www.ifsl.org.uk/output/ReportItem.aspx?NewsID=287 ) currently at the helm of the worlds credit money supply or purchases of those bonds on the secondary bond markets, will no longer accept only pledges of repayment out of only future taxes of nations as their natural resources are unlocked, as they know full well the ammount of debt issued well exceeds the boundaries of sustainable resources to ever create sufficient taxes to allow repayment, thus they have now demanded hard assets be put up as colateral before they will further monetise a nations debt and demanded that the colateral be deposited in custodian holding banks that oversee national debt management institutions to ensure the hard assets be readily available should(when) repayment default occurs. American investment bank Northern Trust is performing this custodian role in the case of NZ Debt Management Office.
My question is, why do we have to go through foreign third party intermediaries to monetise, as interest bearing debt, the means of exchange that will unlock the wealth of our own natural resources, a procees that drains offshore most of the benefit of those resources, when we can, and have in the past, benefitted so much more by monetising as non interest bearing debt the means of exchange to unlock the wealth of our own natural resources, thus exponentially increasing the benefit of our own citizens. Why the middlemen?
errr... one step at a
errr... one step at a time Ian,
softly softly catchee monkey.
A little lite reading for
A little lite reading for those wanting to know the details
http://www.dsanz.co.nz/taxation/WFDSA_Congress_Presentation.pdf
http://www.nzherald.co.nz/company-taxation/news/article.cfm?c_id=691&obj...
http://www.northerntrust.com/pws/jsp/display2.jsp?TYPE=interior&XML=page...
This country is run by who? in favour of who?
KW you cant get antibiotics into an elephant with rabies trying to use a mosquito as a hypordermac needle.
@Ian... yes indeed sir, But
@Ian... yes indeed sir,
But whilst you may be in the 'acceptance' testing phase of the nations viagra.... I have a more immediate problem.
(Suggesting you may be able to help will get me into all sorts of problems.... )
The patient needs help now. This may bring the temperature down.
The disease will still exist, and with luck you may have the cure.
smile now...