Absolutely great read from Bernard Hickey on Hipkins’ wealth tax announcement and the treasury report released yesterday:
That’s it. It will now be almost impossible for a wealth or capital gains tax to be implemented within the next decade or two.
The future of Aotearoa’s political economy will now remain frozen in its stagnant, unequal, unjust, unproductive and unhealthy state for the forseeable future. That’s what our leaders, and ultimately the only voters that matter, have decided. Those hoping to change that frozen landscape should now look after themselves and their families, and/or hope and work for an electoral miracle that gives parties who want such taxes dominant positions in any post-election negotiation.
When I earn money I pay taxes on it. When I spend that money the business takes money that I already paid taxes on and also pays taxes on top. Apparently there is nothing wrong with double taxation.
Those are two separate transactions, of course they are treated differently.
They pay taxes on the profit, unless you’re talking about GST.
Just like inheritance.
That too. Let’s put that in the mix.