Imperator Fish: Why CGT will kill us all

Written By: - Date published: 12:55 pm, July 17th, 2011 - 33 comments
Categories: capital gains, Satire - Tags:

Absolutely brilliant from Imperator Fish:

….Australia has a capital gains tax. Australia was also once a penal colony. Is that the kind of future we want for our kids?

Countries like the US and UK have capital gains taxes too. They also have nuclear weapons. We’re a committed nuclear-free country, so how would that even work?

The CGT has been hanging out in the wrong crowd. It’s had numerous run-ins with the police and is on a fast spiral downwards. It’s only a matter of time before it ends up either dead or in prison. Some future, huh?

It’s a little known fact that Jesus was crucified because he opposed the imposition of capital gains taxes by the Roman governor Pontius Pilate. Jesus famously said, “What shall it profit a man if he gains the whole world but loses value from the sale of his property?” (Sharon, 6.2), and “blessed are those who buy and sell real estate, for they shall receive untold tax-free wealth” (Hamiltonians, 14.7-9)….

33 comments on “Imperator Fish: Why CGT will kill us all”

  1. burt 1

    Jesus also said a few things about false prophets.

    I think property speculators should be welcoming CGT – it puts all the mum and dad rental property owners on the same footing as the people who do it for a living. The small operators with one perhaps two rental properties will be taxed just like the mega rich speculators. What excellent Labour party policy – sock it to the little guys !

    • Colonial Viper 1.1

      The little guys = 92% of New Zealanders who don’t have investment properties

    • Ari 1.2

      Hah, right, and if the tax were structured to effect those small-time investors less, you’d be calling it an envy tax on successful investors.

      Fact is that the mum-and-dad landlords are less likely to sell up in the first place and would probably be fine just taking in the rent income most of the time. Although, if you’d like a tax that’s much more friendly to smaller investors, you could always support a financial transaction tax.

    • The small operators with one perhaps two rental properties will be taxed just like the mega rich speculators. What excellent Labour party policy – sock it to the little guys !

      Um the way I understand it, and I stand to be corrected, they will not. Traders will pay income tax and a capital gains tax, mum and dad investors will pay a CGT.

      • burt 1.3.1

        Which might be able to be put another way…. Traders will be able to deduct the operational expenses incurred being a trader from the capital gain and pay tax on the clear profit. Mum & Dad investors will just pay tax on the gain without be able to claim the operational costs.

    • bbfloyd 1.4

      nice try butt…. your ugly little slip is showing..

      • burt 1.4.1

        bbfloyd

        nice try butt…. your ugly little slip is showing..

        So what spurred the personal attack: Was it when I pointed out that mum and dad investors will probably be more roughly treated by the tax system than large property speculators?

        Or was it that I didn’t just nod and agree with the Labour=good brigade and cheer a tax package for which we know none of the detail?

        Perhaps it was that in another thread I noted that accountants and tax lawyers would be stoked at the idea of new and complicated tax regimes to work the angles of ?

        Perhaps it was my comment in a previous thread that having given property speculators a golden decade Labour now want to punish them because that will be popular with mum dad investors who haven’t noticed yet that they will be hammered double hard as the big traders can afford to work the angles and they cant ?

        So what was it ?

  2. dupdedo 2

    These posts are getting more desperate by the day… must be getting closer to an election

    • Colonial Viper 2.1

      Speaking of clueless desperation, did you hear the NATs crying about NZ rocketing backwards with a knife through the heart?

      :mrgreen:

  3. Rodel 3

    Love it the way the right wingers (including newspaper sub editors) use the word ‘desperate’ whenever they want to comment on a left policy which threatens their comfort.

    • Jim Nald 3.1

      Indeed.
      Under pressure or being caught out, it’s quite noticeable the rwnjs project their own desperation to others.

  4. Afewknowthetruth 4

    Business as usual will kill us all, whether we have CGT or not.

  5. Heh heh heh… very good!!!

  6. Terry 6

    Well, the word “desperate” might equally be positive, such as “desperate to do good, desperate to be intelligent”, even perhaps “desperate for a sense of ethics, desperate to avoid blasphemous distortions (like this ‘Screwball Fish’)” .
    This illiterate should become very, very, desperate about his/her abuse of logic.

  7. Herodotus 7

    Chirken little is telling al the shy is falling!!!!
    CGT could have been an important piece to rebalancing the source of tax for NZ. Pity self seeking and lack of boldness has undermined labours almost circuit breaker. Boldness was sort and we see timidness :-(.

    • bbfloyd 7.1

      indulging in transference again herooo? of course you are… it’s all you have left to throw.. the tory economic policy has been exposed for the fraud it is.. bill english is already being groomed to take the fall for it’s failure…

      the only cowards we can see from here are the leadership of the national party.. with all the advantages bought for them they still havn’t the balls to actually do what’s right..

  8. Where do the Nats get this “mum and dad investors from” most of the so called mum and dads I see are working their buts off for a mininum or low wage. They certainly do not have money for shares or speculation.The Nat’s will fight Capital gains by saying they are the politics of envy . they should be reminded that its is not envious to wonder why some have millions of dollars and 3 or 4 houses just because they can shuffle paper and have inside information on company shares whilst ordinary workers are working 40 hours plus for a pittance . Its not envy to see some paying little or no tax but still used the public service that the workers pay for with their tax .
    Its not envy to see lawyers able to save their clients from paying tax when they (workers) have theirs taken out of their pay before they even see it.
    Its called the decent society. Not the one Bolger promised us but the real decent society.

    • Draco T Bastard 8.1

      +1

    • Colonial Viper 8.2

      Yep – the responsibility that we have to each other, the awareness that there is no such thing as a self made man (or woman).

      BTW Miliband hitting these same notes in the UK. The responsibility (or irresponsibility of the rich), and our solidarity with each other.

      http://www.guardian.co.uk/politics/2011/jul/16/ed-miliband-rupert-murdoch-phone-hacking

    • Mum Morgan and dad Stanley!

      The idea is to keep their base happy.  Their base does not include ordinary New Zealanders, they are very wealthy who believe that they deserve their privilege.

      So “politics of envy” is code to their supporters that they really deserve their wealth, every cent, and they can be really indignant at those bloody lefties who think a fair distribution is important.

      They do not want a fair distribution.  They keep on inventing crap ideas like “trickle down” and “free market” to essentially disguise what is really happening, the transfer of wealth from the rest to the few. 

    • Deadly_NZ 8.4

      As I said yesterday all my $$$ goes on the essentials of life for my family, my car ran out of gas 2 days ago I just hope it’s there when I have the money for petrol things are that tight. And Blinglish wants me to buy what my taxes have already paid for???? The wankers are living in a dream world, and half of NZ wears rose coloured glasses. But the cheap tint is wearing off early, and the glow is starting to wane it should have lasted 3 years. but it was only 2.

    • burt 8.5

      Where do the Nats get this “mum and dad investors from” most of the so called mum and dads I see are working their buts off for a mininum or low wage. They certainly do not have money for shares or speculation.

      Well if that is the case then please explain how GCT will re-balance the tax burden ? Oh.. In a Labour sort of way of course – Claim it will hit the highest earners then just don’t tell anyone that the highest earners are all avoiding it and the middle earners now carry all the burden….

      Remember when 75% of high school teachers were classified as rich under Labour “top 5% tax rate” that one way or another was avoided by the top 5% but ended up hammering the next 20% of tax payers… Generated great surpluses and made people borrow shit loads though which gave us a perfect storm recession.

  9. Lastmanstanding 9

    That was a cunning stunt (NOT) proposing a CGT. The CB poll was done after the CGT was leaked to the media.

    The timeline was leak Thursday 7th July Poll taken up to Wednesday 13th July Offical release Thursday 14th July

    So those polled knew about the CGT. And if they didnt stand by for another drop after the next poll.

    And you know why. the Citizens are sick to death with taxes. Even those who dont pay pay net taxes are sick to death of them

    They are sick to death od seeing their hard earned money goint to compensate criminals who feel upset $3500 worth.

    They are sick to death of their hard earned taxes going to people better off than they are who wont contribute to society and hold their hands out.

    Thats why a CGT has gone down like a bucket of sick with the Citizens. And thats why they are fed up with pollies bribing them with their own hard earned money

  10. red blooded 10

    I am half of a “Mum and Dad investor” (no-one to play mummies and daddies with at the moment: oh well…) and I am not sick to death of paying my fair share of tax. Most people want to live in a society (as opposed to a rabid crowd of self-seeking individuals) and when they think about it they realise that this means sharing resources through paying tax. 

    I pay tax on my salary; it’s fair enough for me to pay tax on any profit that I may make when I eventually decide to sell the house that I’m currently renting out (without managing to make a profit on it). I don’t think we should be backing away from the idea of a reasonable, equitable tax. If we want government services and infrastructure, we have to pay for them. 

  11. Drakula 11

    The right wingers argue that if a capital gains tax were to be applied to all across the board, especially to landlords the renters will suffer because their landlords will be passing in the expence.

    If the government spends the revenue on irrelevent trivia that could very well happen but if a CGT is spent on housing, state housing, and urban accommodation that will elleviate the shortage of accommodation and the slum landlords will have to lower their prices.

    It is what CGT is spent on that is so important!!!!

    • burt 11.1

      Considering the policy requires us to borrow for about 7 years before a single cent starts flowing in you make a very valid point.

      OK people remember you will need to keep Labour in office for a minimum of 9 years before the borrowing to pay for tax cuts starts to get repaid by CGT.

      So hey 9 years from now we might start to see an increase in state housing to counter the rise in rental prices that has by that time been hurting people for almost a decade.

      I know, Trevor won’t be happy that detail is being discussed – but it’s got to be done.

      • Colonial Viper 11.1.1

        Labours plan beats National to the finish line – and we keep our assets to boot.

        Long term thinking LAB, short term sell off NATs.

        • burt 11.1.1.1

          Labours plan beats National to the finish line – and we keep our assets to boot.

          Yeah, cause my leader said so and Key can’t be trusted, Blingish is full of shit and besides Trevor told us all not to talk about the detail so that’s it – Our plan beats your plan – so there ! Na na!

          Mumble mutter oh that’s right – the other talking point – Own our future – There I got asset sales in as well – na na!

  12. David Cunliffe 12

    Gotta love this post! Nearly split myself laughing. Well done @ I.F!

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    So, those who “know best” have again done their worst. While constantly claiming to be the guardians of democracy and the constitution, and respecters of the 2016 referendum result, diehard Remainers (who have never brought themselves to believe that their advice could have been rejected) have striven might and main ...
    Bryan GouldBy Bryan Gould
    1 week ago
  • Government says it will now build just one really nice home
    Following publication of this article, the Ministry has requested it to be noted that this supplied image is not necessarily representative of what the final house will look like, and it “probably won’t be that nice.” As part of today’s long-anticipated reset of the Government’s flagship KiwiBuild policy, Housing Minister ...
    The CivilianBy admin
    2 weeks ago
  • Imperialism and your cup of coffee
    Over the next week or two we will be running three synopses of parts of the opening chapter of John Smith’s Imperialism in the 21st Century (New York, Monthly Review Press, 2016).  The synopsis and commentary below is written by Phil Duncan. Marx began Capital not with a sweeping historical ...
    RedlineBy Admin
    2 weeks ago
  • Still juking the stats
    The State Services Commission and Ombudsman have released another batch of OIA statistics, covering the last six months. Request volumes are up, and the core public service is generally handling them within the legal timeframe, though this may be because they've learned to extend rather than just ignore things. And ...
    No Right TurnBy Idiot/Savant
    2 weeks ago
  • Hard News: Time for a New Deal: 25 years on
    In 1994, I was editing an ambitious street mag called Planet, from a fabled office at at 309 Karangahape Road. The thirteenth issue of the magazine was published in the winter of that year and its cover embodied a particularly ambitious goal: the end of cannabis prohibition.I wanted to do ...
    2 weeks ago
  • Not impressed
    KiwiBuild was one of the Ardern government's core policies. The government would end the housing crisis and make housing affordable again by building 100,000 new homes. Of course, it didn't work out like that: targets weren't met, the houses they did build were in the wrong place, and the whole ...
    No Right TurnBy Idiot/Savant
    2 weeks ago
  • Solar beats coal
    As the climate crisis escalates, it is now obvious that we need to radically decarbonise our economy. The good news is that its looking easy and profitable for the energy sector. Wind is already cheaper than fossil fuels, and now solar is too:The levellised cost of solar PV has fallen ...
    No Right TurnBy Idiot/Savant
    2 weeks ago
  • A Step Too Far.
    A Crown Asset? For reasons relating to its own political convenience, the Crown pretends to believe that “No one owns the water.” To say otherwise would re-vivify the promises contained in the Treaty of Waitangi – most particularly those pertaining to the power of the chiefs and their proprietary rights ...
    2 weeks ago
  • Where Money Comes From
    Most people would say, no doubt, that they have a pretty good idea of what money is. They live with the reality of money every day. It is what is needed to buy the necessities of life and to maintain a decent standard of living. You get money, they would ...
    Bryan GouldBy Bryan Gould
    2 weeks ago
  • Banned by the Green Party leadership: Jill Abigail on women’s rights and trans rights
    The article below was an opinion piece that appeared in the Spring 2019 issue of Te Awa (the NZ Green Party’s newsletter) and on the Greens website.  In keeping with their policy of hostility to women defending women’s right to female-only spaces, Green bureaucrats have since removed the opinion piece.  ...
    RedlineBy Admin
    2 weeks ago
  • The fallacy of the proximity argument.
    Longer term readers may remember my complaining that, as a political scientist, it is burdensome to have non-political scientists wanting to engage me about politics. No layperson would think to approach an astrophysicist and lecture him/her on the finer details of quarks and black holes, but everybody with an opinion ...
    KiwipoliticoBy Pablo
    2 weeks ago
  • Where We Stood: Chris Trotter Replies To Stevan Eldred-Grigg.
    Joining The Fight: Stevan Eldred-Grigg's argument for New Zealand staying out of the Second World War fails not only on the hard-headed grounds of preserving the country’s strategic and economic interests; and not just on the soft-hearted grounds of duty and loyalty to the nation that had given New Zealand ...
    2 weeks ago
  • Universities back the climate strike
    On September 27, School Strike 4 Climate will be striking for a future to pressure the government for meaningful climate action. This time, they've asked adults to join them. And now, Lincoln University and Victoria University of Wellington have signed on:Victoria University of Wellington has joined Lincoln University in endorsing ...
    No Right TurnBy Idiot/Savant
    2 weeks ago
  • Another constitutional outrage
    Another day, another constitutional outrage in the UK. This time, the government is saying that if parliament passes a law to stop Brexit before being prorogued, they may just ignore it:A senior cabinet minister has suggested Boris Johnson could defy legislation to prevent a no-deal Brexit if it is forced ...
    No Right TurnBy Idiot/Savant
    2 weeks ago
  • Ending dairy in Canterbury
    Environment Canterbury has finally proposed nitrogen limits to stop dairy farmers from poisoning Christchurch's water supply. And naturally, farmers are whining about it:A proposed move by Environment Canterbury (ECan) to protect Christchurch's drinking water by setting tough – some would say, draconian – nitrate reductions in the decades ahead and ...
    No Right TurnBy Idiot/Savant
    2 weeks ago
  • Is National the party of climate arson?
    The Zero Carbon Bill is currently before select committee. While its targets are weak, its a generally sensible bill that promises to establish a long-term framework to guide emissions reductions. But National hasn't made up its mind on whether it will support it - and according to Andrea Vance in ...
    No Right TurnBy Idiot/Savant
    2 weeks ago
  • Experts warn Harold the Giraffe “well past” typical giraffe life expectancy, may not have long
    Dum-de-doo. Children across New Zealand have known him for generations as the lovable giraffe who tells them to exercise, hydrate and not to shove lit cigarettes up their nostrils. But a world renowned giraffe expert says we shouldn’t be getting attached to Life Education’s Harold the Giraffe, as he is ...
    The CivilianBy admin
    2 weeks ago
  • August ’19 – NZ blogs sitemeter ranking
    Image credit: 22 BLOGGERS WITH ADVICE FOR RESEARCHERS AND EVALUATORS, ILLUSTRATED I notice a few regulars no longer allow public access to the site counters. This may happen accidentally when the blog format is altered. If your ...
    2 weeks ago
  • Bye, bye to the collusion lie
    Sums it up, really. ...
    2 weeks ago
  • Opinion: Treat your car by buying extra petrol to snack on while you aren’t driving
    By Mike Hosking. Yesterday morning, I waltzed into work, and as I walked past the drones aggressively typing out news on the computers I’ve repeatedly asked to be moved further away from, I caught a glimpse of the words “climate change”, and noticed that suspiciously they weren’t in condescending quotation ...
    The CivilianBy admin
    2 weeks ago
  • US imperialism, Huawei, racism and imperial anxiety
    by Tony Norfield US political opinion against China has two solid bases. The first is the longstanding racist and protectionist sentiment in the white working class; the second is a more recent anxiety about China’s economic prowess in America’s ruling elite. This article notes some historical aspects of anti-Chinese racism ...
    RedlineBy Admin
    2 weeks ago

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