Written By:
Anthony R0bins - Date published:
7:06 am, July 13th, 2011 - 98 comments
Categories: capital gains, john key, tax -
Tags: capital gains tax, hysterical nonsense
John Key is getting shriller and shriller on the topic of capital gains tax (CGT). How’s this for starters:
Key: Tax system envy of the world
New Zealand’s tax system is the envy of the world and does not need Labour’s capital gains tax which would prove to be “a dagger through the heart of growth”, says Prime Minister John Key.
Our tax system is the envy of the world [citation needed]? Probably explains why all those other OECD countries are rushing to drop their CGT. Probably explains why so many businesses and wealthy individuals are flocking to our shores. Hang on, wait, those things didn’t happen. As for “a dagger through the heart of growth”, oh please. It’s Key vs just about every economist, analyst and commentator in New Zealand on the wisdom of a CGT.
Further Key scaremongering is summarised in this Sunday Star Times piece. But notice how writers (and cartoonists) are not taking Key seriously any more, they’re openly making fun of his hysterics:
A capital gains tax is the end of the world. It will “crush everyday New Zealanders”, says John Key. It is “economic vandalism”, says Key’s twin, Transport Minister Steven Joyce. It will send New Zealand “screaming backwards”, says Key, and force Kiwis to “flee” abroad. It will strangle little children in their beds (or something like that).
This kind of nonsense is nothing new for Key. Here’s a sample of the same from before the last election:
“I’ve had nine years of being told what lightbulb I can screw into the house, what shower I can take, what food I can eat, what things I can do, what thoughts I am allowed to have.
What is new is that Key isn’t getting away with it any more. The teflon is long gone, and Key has cried wolf too often. His popularity hasn’t followed his credibility into the downwards spiral yet, but it will.
The current rise of populism challenges the way we think about people’s relationship to the economy.We seem to be entering an era of populism, in which leadership in a democracy is based on preferences of the population which do not seem entirely rational nor serving their longer interests. ...
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“Lookout! Sri Lankan pirate-rapist-thieves on the horizon steaming DIRECTLY AT YOU!!!”
Bloody brilliant! r0b you should have thought of that too haha
CT’s experience is that it works a treat in Australia so why not try it here?
Yeah, that’s the vibe I got. Key was trying to channel John Howard and it fell flat.
So because you are stating he has cried wolf too often does this mean that you actually believed him at some stage in the past?
If you didn’t believe him in the past then what evidence do you have that his crying wolf days have exceeded this magical limit you have identified that qualifies as ‘too often’?
Wha…
Not everyone was enchanted with the pied piper of Hamlin from the start you know.
The final evidence gathering stage ends on Nov 26.
Next.
So you would agree that if a National led government is the result of the upcoming election then this post is a load of nonsense?
I think having to make that concession over some old blog post would be the least bad outcome of such a result.
I take it from this question, that if the opposite occurs and National lose, you will agree that this post is correct?
Why did you even bother asking such a petty schoolyard question?
Because he is a retard, as pointed out by his inane troll like posts?
So you would agree that if a National led government is the result of the upcoming election then this post is a load of nonsense?
Beside the scare mongering trend which is spot on the mark, it would only take a slight downward show in the polls (which I believe is highly likely to happen) for the theme of this post to be correct so will ya come back and eat “Humble Pie” if it happens!
The evidence is right there in the post Gossy. And in the media. Commentators in the media are starting to mock his statements.
The brilliance of Shonkey is that he spouts crap that aligns with the “aspirations” of his followers. So far its worked, more people think what is not true is good for them. How they will rage when reality bites!
at least half of them will be open to the theory that it was labours fault for letting him in in the first place.. and so the cycle keeps going…..
But to Joe Public, he is still a) believed and b) popular. It seems to be what the left dont get. Middle NZ is voting for Key, bar any major event.
“Middle NZ” earning $29,000 p.a. is voting for Key? Really?
Or is that “Middle NZ” on a combined household income of $60,000-$100,000 p.a.?
BTW I know Green Party supporters who like Key. *Shrug* every one has their faults.
Polls keep showing Key has about two thirds support – that must cover a fair amount of the middle.
Trying to paint Key as a wolf in sheeps clothing has not been very succussful to date, that suggests a disconnect with the electorate (on the part of the criers).
About 2/3? Which polls? Polls of NAT members?
Well, 2/3rds of decided voters:
Although National’s support has dropped, backing for Mr Key as preferred prime minister has risen from 67.7 per cent last month to 70.6 per cent of decided respondents.
http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10735604
On that basis I think polls of NAT members would be somewhat higher than 2/3rds.
CV
Are you trying to say that some median or below median income earners don’t support Key?
I think it would be interesting – so far as polls go – to have a Likert response on these ‘support’ questions, whether for Key, Goff, National, Mana, etc., etc..
Something like ‘Strongly support’, ‘Support’, ‘Neither support nor not support’, ‘Don’t support’, ‘Strongly Don’t support’. It would go some way to indicating where there is room for movement in future.
Perhaps there’s a poll that does that? Maybe they all do and I just haven’t noticed.
On the other hand, maybe it’s not a good idea to feed this appetite for polls.
As I said, therein is his brilliance. Watch how people respond when the snake oil proves to be crap.
@ sdm, get real please. “Joe Public” only know him through the telly, and the telly keeps telling them he is a) believable and b) really nice, so what do you expect. Then the telly polls “Joe Public” and announces the shock news that Key is seen as a) believed and b) popular. These are the same ‘telly people’ who say Goff cannot win an election. So, go figure?
Joe Public vote.. I know that for many on the left, its hard to comprehend how the middle thinks. Too long in ivory towers, or perhaps sipping a latte in ponsonby.
I laugh at bomber when he posts a picture of John Key drinking a beer – as if he is mocking him. What he is actually mocking, or holding in contempt, is middle New Zealand.
There is, and has been since about 2007, a disconect between the left and middle NZ. You wont win an election until you have reconnected.
Not only is Key getting shriller and shriller so are his supporters. Calm down Gosman and stop your crying.
Crying. What crying?
All the crying, whinging and whining appears to be coming from the left
the real whinging is yet to get underway.. that doesn’t start until the dupes that voted national figure how badly they were suckered. THEN it gonna get loud and repetitive.
it’s obvious you don’t actually read the posts completely.. or you don’t understand the difference between whinging(which is what righty’s do when their fantasy world gets disturbed by reality), and researched information put here for the benifit of any who choose to be educated on the truth of john key’s fraud, and the sad reality of life under a national socialist govt.
What, cartoonists not taking politicians seriously anymore? Quelle horreur!
His other problem, besides being shrill and inconsistent, is that he really quite lacks an amount of simple knowledge on many many things that should be standard fare for a PM. He is just kind of shallow.
Whats to like? flabby, boozer, flash Hawaiian bach in contested land rights area, oodles of ill gotten (even if legal) dosh, so many shares he hasn’t had time to count them accurately, spits on conflicts of interest, a quick to surface mean and nasty streak, little eye for detail, script reader, busting to sell our assets, hangs out with scum (Vietch etc) and yes shallow.
He was voted hottest politician in that durex survey a couple of years ago.
I think he’s aged quite a bit since then.
oodles of ill gotten (even if legal) dosh
Care to explain?
I’d love to!
Here are a few links to some video’s you might need to watch to get up and running with what the reserve banking system and who owns it is all about:
Money as debt 1 and 2 and Money Masters 1 and 2 (They’ll set you back about 5 hours but it is very entertaining and instructive)
Here is the link to a series of articles written by William Engdahl, a German economist, journalist and and writer about the recent banking history and the financial Tsunami heading our way. (that’ll set you back another 5 hours but again is very instructive)
And last but not least here is a link to my blog which has some links to articles I published about my research on John Key and some flyers which you might want to read and if you like them feel free to download, print and give them away. (might set you back a day or two but I promise is again very entertaining and instructive)
I hope this helps!
So after I watch 10+ hours of video, and then read a great deal of blog posts (which I see are on such highly relevant topics as anti-Zionism and Elliot Spitzer), I might or might not get an explanation?
How about you give the executive summary instead, or is that too much to ask?
OK, Let’s start with Derivatives. Warren Buffet called them financial weapons of mass destruction.
They were illegal after the great depression (because they were the major cause for the Great depression) until they were re-legalised in the early 1980s and one of the first speculative attacks on a currency with a Derivatives tool was in 1987 by a gentleman called Andrew Krieger. John Key was the guy who serviced this attack on the other side making his first mark in the derivatives trade (see flyers on my blog).
When the bankers trust collapsed as a result of a court case from Proctor and Gamble against said bank because of fraudulent derivatives trades (The bank had a word for their un-transparent crappy derivatives gains: the ROF or Rip off factor) he was head hunted by Merrill Lynch were he became the global head of Forex and the European head of Derivatives and bonds (According to his own website and the beehive website ) for Merrill Lynch were he became involved in the collapse of the LTCM hedge fund scandal after which he had to fire just about all his colleagues earning him the nickname the “Smiling Assassin”.
Legal perhaps but thoroughly unethical and downright dangerous and currently a time bomb waiting to go and blow up whatever is left of the financial system.
No try to blow that one up in my face and do your own research. I spent the time and so should you.
By the way Spitzer was a going after the banksters which is why he was unceremoniously exposed for the hypocrite that he is to bring him down.
So how does all this support an accusation of “unethical-ism” or “ill gotten-ism (for want of better words) against John Key?
NZ Rail shares. Look it up.
Tell you what Q, I’m not going to waste more time on you but why don’t you ask the Greek and the rest of Europe in the months to come? Here’s Max Keiser on the crisis and remember he’s got a huge amount of shares in BoA giving him a huge conflict of interest in keeping this country financially healthy.
His choice is keep the banking system floating and keep my fortune intact or go bankrupt but help Kiwi’s keep their country.
Have a nice day!
I see. So John Key is somehow linked to the Greek crisis, and all will be revealed “in the months to come”. That settles that, then.
Sigh, whatever! Have a nice day.
yeah wait unitl the NZ crisis comes around, Bank of America is no doubt already well positioned for it.
There’s really no point T.Ev, queenstfarmer just doesn’t want to believe that our present socio-economic system and his hero Jonkey is unethical.
I agree DtB
Not a case of “not wanting to believe” anything. Just a case of where are the facts to support a serious allegation against John Key?
So far, there are no facts to support it, just a strange conspiracy theory involving future events in Greece and Elliot Spitzer.
Though I now see you’ve implicated the entire socio-economic system, so I guess facts about one particular person are neither here nor there!
If you’d bothered going and reading/watching what travellerev had linked to then you would see the facts. As you immediately decided not to watch/read them it can only be supposed that you just don’t want to know.
Derivativs were illegal after the Great depression were they???
What evidence do you have for this?
Cowboy hat boy,
Read up on Roosevelt’s New Deal! All kinds of derivatives, be they exchange traded or over-the-counter, were strictly banned and outlawed in the United States between 1936 and 1982. (Webster Tarpley)
So what was the CBOT and CME doing during the years 1936 through to 1982 if the items they specialised in were in fact illegal?
I don’t think you really understand derivatives travellerev. You have read a bunch of left wing bollocks on the internet which you regurgitate but your level of knowledge is seriously lacking.
I have no idea what CBOT and CME stands for but I’m sure some form of very regulated derivatives were still available. As the article of Webster Tarpley states “most” forms i.e. the ones causing the great depression because they were just fancy forms of gambling just like they are now were made illegal.
Have a nice day, cowboy hat boy! ( I wonder, do you take this shit to your dad to give you hints as how to be as obnoxious and ignorant as possible? LOL)
Oh and again what’s with hte left wing shit, don’t you know that I’m right wing, at least according to most around here! ROFL.
CBOT and CME are just two of the biggest derivatives exchanges in the world. But why would you be expected to know that when you spout absolute nonsense about derivatives being illegal from 1936 to 1982.
You do realise that derivatives are essentially a form of insurance don’t you? Do you wish to make insurance illegal?
Sigh!!!, For those off you who want to know what the hell we are talking about here are a couple of useful links:
Derivatives, Bucket shops, Financial Weapons of Mass destruction, New Deal. Enjoy!
Have a nice day Cowboy hat boy and say hello to your dad from me!
My dad??? Why would I be speaking to my father?
You didn’t answer my question which just highlights your ignorance about a subject you continue to pontificate about.
Are you against the idea of insurance, which essentially derivatives are a form of?
Roger Waters says it well
“A Banker in Manhatten reaps what he has sown
Whilst a farmer in Ohio was just repaying a loan”
Key made his money by not producing anything,
but like all parasites in banking he profited from the earning potential of another’s efforts
Minor edit 🙂
hat tip, it did warrant a wider net :]
This is what Max Keiser has to say about Financial vandalism. ROFL!!!
Wow! Here you all go again, obsessing over John Key
You guys have some serious psychological issues
ROFL, I just did a quick search on this site with your name and Helen Clark combined. Talk about obsession!
F&*ck off Murray or come back with some real arguments as to why we should all crawl up John Key’s backside!
Yea Right! Your a bit light on search accuracy.
Doesn’t take long for the nastiness to show through, does it.
Bit of a conspiracy theorist are we travellrev
I don’t do theories Murray and what does it have to do with you calling John Key critics obsessive? no mate, the nastiness is all on your site.
travellerev is the queen of the Conspiracy theorists. Even many left wing posters here back away quietly from her when she starts frothing at the keyboard about some wackier aspect of her beliefs.
Left wing, right wing, make up your mind. ROFL.
It seems to me it’s not the left who back away from her, but the faux left, people who are at bottom, libertarian, like VoR…
I can certainly see why you’d rather everyone forgot about him just now Murray.
Ok, Murray, do you have anything constructive to add to the debate?
Murry, they are obsessed with Key because they know they dont need to worry about Goff! afterall he is the leader that will carry them forward to victory!
(Even if only 3% of voters think Goff is going a great job!)
And don’t forget KY said if he lost the next election he’s gone back to Hawaii (oh yes he’s a for real kiwi ). I did read somewhere (and i’ll try to find it) that the Bank of America was under the gun and the speculation is that KY has a lot of his $$$ tied up in them, the spec was he could lose 25-30 million. Fuck wouldn’t I laugh then!!
Espiner claims Labour’s own in-house polling on the CGT shows strong disapproval of the notion of a capital gains tax:
– 43% disapproving or strongly disapproving of the proposed tax
– 14% approving and 17% strongly approving
This has to be concerning for tomorrow’s announcement
Not really, because if you read the comments on stuff.co.nz you will see that many people really have no idea what the CGT proposal actually is. A lot of people think it’s on the family home, or only on investment properties and nothing else, etc.
That highlights a potential danger – that the proposed CGT policy addresses “many people really have no idea” with a simplistic populist approach rather than a proper revamp to a broader more simple tax and welfare system.
Will Labour anounce a bold and innovative long term paln? Or just aim for rescuing November?
They have no idea because the policy hasn’t been formally announced yet and was instead leaked to the media. The initial media reports on Tues/Weds didn’t specifically rule out the family home and didn’t specifically rule in all capital gains not just investment properties.
Assuming the media actually reports the policy properly tomorrow, people will be more informed about what the proposal actually is.
Turns out policywonk deliberately didn’t include the findings that put National’s plans in a bad light:
“When they were asked about the Government’s intention to partially sell state-owned assets, 17 per cent approved, 21 per cent weren’t sure and 58 per cent disapproved.
Asked to choose between the two policies, 55 per cent picked a capital gains tax and 32 per cent asset sales.”
http://www.stuff.co.nz/national/politics/5280754/CGT-preferable-to-asset-sales-poll
Interesting. I think I should start viewing policywonk’s comments. Being partisan is one thing. Deliberately trying to mislead tends to be a bit more idiotic?
Ummm yes, old attitude – new handle. But no bans
Espiner is doing what hes told and spinning his masters wishes round like the circus clown he is
Key was a ring in right from the start. I think he thought he could commute from hawaii and stil be PM but it just isnt that easy. He has just turned into one of boagey and roger mutts creations and unfortunately there is no substance.
What people don’t seem to understand is that they wont be voting for Key to be Prime Minster after the next election, he’s apparently leaving.
It is hard to know who from the National rank and file has the same smiling assassin qualities needed in a right wing leader. Clearly he’s one of the best liars amongst them.
Shonkey will probably be employed by Merrill Lynch again with a nice big bonus for the privatisation con.
Key’s popularity seems to be the only argument the RWNJ have at the moment. It’s a very weak argument considering the polling is probably conducted in Remuera.
I find it puzzling that polling for preferred Prime Minster is showing Key to be that popular. It’s my belief that the recent Joyce Mediaworks bribe of millions of dollars might have something to do with it.
It’s also relevant to note that people don’t vote on preferred Prime Minster, so there will be no way to verify how accurate the polling is.
Here’s an example of inaccurate polling in New Zealand.
One can imagine the deeply creepy, sneaky Stephen Joyce taking over from Key so that the Nats can do as much underhanded damage to this country as possible and shovel the spoils into their chums’ pockets.
Hi folks! Has anyone already done some homework with the FACTS about the existing Capital Gains Taxes that are already in operation in other countries?
EG:
Australia
Canada
UK
USA
Preferably with links to the critical actual pieces of CGT legislation for each of those countries?
If not – I will make the time to do it myself – but would prefer not to ‘reinvent’ the research wheel if anybody else has already done so?
Fight IGNORANCE with FACTS!
Thanks!
Penny Bright
http://waterpressure.wordpress.com
Here’s a starting point for you:
http://en.wikipedia.org/wiki/Capital_gains_tax_in_Australia
http://en.wikipedia.org/wiki/Capital_gains_tax_in_the_United_States
Some brief outlines for UK and and Canada also:
http://en.wikipedia.org/wiki/Capital_gains_tax#United_Kingdom
http://en.wikipedia.org/wiki/Capital_gains_tax#Canada
Wikipedia is totally going to make this research killer. Thanks Lanth!
Excuse me Colonel Viper, but as a Green Party supporter, I would just like to point out that we have been proposing a capital gains tax for years. And your assertion that you know people who support Green and like John Key? Who cares if they like him? He’s a likeable guy, if a little smarmy. However, if you are voting Green you are probably intelligent enough to realise that you should vote based on policy, rather than personality. The Greens are the real intellectual heavyweights in parliament at the moment. Pity they tend not to have pretty faces.
Labour actually needs to move away from the intellectualism to simply getting the job needed done, and done fast and practical-like.
Yes I know. All credit to the Green Party for actually pushing it years ago. You helped create the receptive ground that Labour is now leveraging off to actually make it happen.
Good Lefty teamwork.
Good lefty teamwork?
More like Labour pinching the Greens ideas because they have none of their own, still at least Labours now suggesting the Greens could have some ministers in parliament
Only took them how many years?
*cough cough*
Also, …
Labour are welcome to borrow Alliance capital gains tax policy
“We encourage them to use as many of our policies as they want, they do not even have to give us credit for coming up with them.”
http://alliance.org.nz/2011/07/07/labour-are-welcome-to-borrow-alliance-capital-gains-tax-policy/
The Fabians as well.
“intellectual heavyweights” excuse me why I cough for five minutes. There is nothing intellectual about the greens, have you seen the comments they make, it’s on a level of unprecedented stupidity. They nothing about the environment, the true science of global warming, about the biotechnology industry they so vehemently hate. They are ignorant in almost every relevant way.
I’d have to agree about a lot of them in parliament and what I have seen of some of their policy. Much of it is shallow and designed more for sector votes than for implementation.
But what did you expect – they’re politicians – they argue what gets them elected as much as what is correct. Look at the politicians on the other side. John Key spent the entire last election being a vacuum for policies, and has spent most of this term being vacuous about policy and direction. For that matter, even my favorite party Labour has had some pretty terrible policies at various stages. I tend to be scathing about them in private, and mostly grit my teeth and don’t mention them in public…
I wouldn’t agree about all of the green supporters. Some are around here and they are really capable of holding up their end of a argument with and understanding of the science and the trade offs. Same for the other parties
[deleted]
[lprent: Just realized that you are actually on a ban for another 4 days – removed my response. Added an additional 3 weeks added for violating the ban and wasting my time. ]
John Key also said that ‘people would find a way around it’ which to my mind is as good as admitting that his rich mates will do as they have always done – avoid paying their fair share but any means necessary. That line from Key speaks volumes as far as I’m concerned.
We have a great solution to this problem. All the leftwingers can move to the great country of Australia where they can have the capital gain tax legally implemented that they want so bad, it’s almost like they’re a bunch of spoilt brats stomping their feet because they don’t get as much of other people’s money than they would like. I look forward to giving Labour a message this election, that message involving my middle finger.
Sorry mate did you miss the bit where taxes pay for the running of civilised society, and where every dollar you don’t take in taxes you end up borrowing from the Chinese?
And having to pay back? With interest?
The taxes you owe aren’t your fucking money.
You should go to Saudi Arabia or some other feudal state where your idea of only a few deserving rich have any rights or opinions . Australia has had 30 years plus non stop sustained economic growth through better economic management London school economics research ! New Zealand has had only one 8 year period of sustained growth go to a library look at the New Zealand year book financial section going back to 1976 . Bill English is the worst performing finance minister followed by Bill Birch Followed by Roger Douglas they all managed to get less than 1% per annum or less Bill English managing only 1% in volume [the true measure of sustained growth] over 5 years 98-99 & 09,10,11.
Recently saw Key at a public meeting. This man is a glib facile fool who should not be in charge of a country. Did you know the Prime Minister gets to sleep after midnight and is on deck by five as he toils for the nation? That tells me he is suffering from chronic sleep deprivation and is probably incapable of effective decision making on that basis alone. When asked where all the jobs would come from to get the people of the benny back to work the man who purports to be our leader said there were plenty of jobs in New Zealand. Then he dragged out the famous 170,000 jobs over the next 4 years predicted by the utterly reliable Treasury. I didn’t roll on the floor laughing because it was too sad. On asset sales the great financier said that $7 billion worth of assets would be flogged off to the mums and dads, so that somehow we could acquire $33 billion of unspecified assets in their place. At least I think that’s what he said, incomprehensible as it seems. Call it alchemy. Was this a reference to holiday highways? Not terribly fast broadband. Who can say?
The reason I call him a fool is that he pins his hopes on ‘growth’. He just doesn’t get it. He’s not alone in that of course, but that’s no excuse.
John Key is not fit to be Prime Minister of New Zealand. Nothing good can come from his tenure of this office.
Wow a left winger who thinks a right wing Prime Minister is not fit to lead the county. Who would have thunk it?
Did you see him in Hamilton?
It was the gathering at Wintec which the Waikato Times described as one of his usual slick performances or somesuch sycophancy. Don’t seem to recall any mention of cycleways. They’ll be desperate to retain the Hamilton seats of course which are notorious swingers. Both the current MPs are nonentities but it looks as if they hope that Brand Key will get them through. Posters feature local man and that nice John Key.
There was some mention of the debacle at Maungatautari. John’s on the case. He is stopping a treaty settlement until they see reason.
LOL. Yeah, I couldn’t make it. Had car problems. :-(. Mind you it he would have gotten on my wick so bad. Some friends of mine went and said the audience seemed to lick his shit up (euwh) but I reckon only his most ardent followers came to glimpse their hero. And of course some people like my friends and you who came to see the turd for real (oh, euwh again)
Came upon this comment on the archdruid’s blog. It reminded me of our misleader. He needs to be sent away to pursue other business opportunities pronto. Luckily for him, he’s fully vested or so they say. Never needs to work again. He could be on holiday in Hawaii permanently. It must be a bit boring for a man of his scope in this backwater.
‘But I have a lot of confidence in the people who are currently running the system: They are totally amoral; they are shameless; they are arrogant; they are greedy; they are desperate; and as long as there is anything left to loot, they will keep the game going as long as they can so that they can grab as much as they can.
But when they run out of people to defraud and there’s nothing of value left to steal – then the real trouble starts.’