web analytics

Mapital Mains Max

Written By: - Date published: 5:26 pm, May 18th, 2015 - 14 comments
Categories: john key - Tags:

John Key is now arguing that black is white – that a Tax on Capital Gains isn’t a Capital Gains Tax.

“Typical politician” many will say – and that shows how far John Key’s skills have fallen.

When he first arrived on the scene he was hailed as the straight-talking “anti-politician”.  In fact his highly polished act was that of a master politician, merely filling the latest required guise.  But now he’s lost the knack.

Just like his evasive answers over GCSB surveillance, and his lack of credibility over Dirty Politics and his many hats, he’s looking every bit the tired third-term politician.  The pony-tail pulling may mark him out, but not in a good way.

How long will people remember first-term jokey, relaxed John rather than third-term creepy, evasive John?

In the meantime, if he’s going to argue black is white, he should concentrate on not getting run over at zebra crossings.

14 comments on “Mapital Mains Max ”

  1. NZJester 1

    Some might say John Key is right about it not being a tax.
    It is a half arsed attempt at a tax that is unlikely to fix the problem.

    • CnrJoe 1.1

      a minuscular tax then

    • Weepus beard 1.2

      Apparently he has coined it himself this morning on Breakfast, shortly after blaming Helen Clark for all NZ’s problems, yet again.

      It’s a new tax, which will horrify the small government advocating right.

      It is an “Intentions Tax”.

  2. ropata 2

    creepy hair fiddler
    i am flummoxed and bewildered
    black is white key is right

    tax is left, labour is bad
    unless its key, upping GST
    implementing CGT

    kiwis must believe
    the oily words of key
    the master of sleaze

  3. Colonial Rawshark 3

    John Key should just front foot the bloody thing. He’s fucking the PR introduction of this measure big time. Ah well, small mercies I guess.

    • Weepus beard 3.1

      He cannot bring himself to front foot it because it’s against everything he stands for, which is people doing each other over for profit.

  4. John 4

    We’ve had tax on sale of secondary houses sold within two years, for a very long time.

    The left has always argued that this is NOT capital gains tax. A slight tightening of the rules on the exact same tax to stop avoidance, and all of a sudden they’re arguing the same tax IS a capital gains tax.

    But this only reason they’re taking this argument, is because they think they can score brownie points because they can say there’s been a u-turn. But who is really u turning about CGT to the point they’re in a spin.

    Back in 2010 the govt gave the IRD $120 million to clamp down on tax avoidance an in particular property speculators who were buying and selling houses within two years (as well as clamping down on LAQCs and depreciation deductions)

    A year ago they signalled a further clamp down on the two year rule.
    http://www.scoop.co.nz/stories/PA1404/S00211/government-clamping-down-on-tax-dodgers.htm.

    As more than one political commentator has said, with Labour having just dropped their CGT like a hot potato, this move has totally outflanked them, made their criticisms look empty, and left them in a spin.

  5. Mark 5

    You cant be serious. Key on TV explaining (1st sign you have lost the battle) why it wasn’t a capital gains tax looked like a badly constipated man trying to pass a huge turd which is not a surprise when he keeps putting his body through so many 180 degree turns day after day.

    • John 5.1

      Yet the left have been arguing for years that a tax on buying and selling houses within two years (as we’ve had for many many years) is NOT a CGT.

      Now they’re trying to say it is – go figure.

      • Crashcart 5.1.1

        No the left has been arguing that the current capital gains tax is not enforcable. It would appear that John Key has decided to agree with them and try and make it enforcable.

  6. Policy Parrot 6

    This maneouvre – is not a comprehensive Capital Gains Tax.

    Why?
    1. It is strictly limited to residential property – farmland, land zoned industrial or commercial, and non-real assets (i.e. sale of PPE, or a business as a going concern) – are not captured by this clause.

    2. It exempts those who occupy their property, inherited it, or are forced to sell under a relationship property settlement.

    3. It simply alters the existing rules slightly, from compliance with a declared intention, i.e. “I choose to tell IRD that this property was bought with the intention of resale for capital gains”; to assume that all investor property sold within two years of purchase are bought for capital gains, and thus subject to income tax as part of one’s annual income. Outside of the two year limit, the original largely voluntary compliance still applies.

    This measure is unlikely to raise much revenue, probably be cost-neutral, i.e. the extra cost of monitoring will probably soak any extra tax take.

    As I have said before, I am personally more in favour of a differentiated land tax, with rates based on land use, and total estate valuations have a $500k tax-free threshold for individual taxpayers only (legal persons and ordinary trusts have no exemption). Equity held is irrelevant for total estate purposes.
    (Just to clarify – total estate valuation means that a person who owns say three properties, $500k, $700k and $200k, their total estate would be worth $1400k – and the taxable amount over the exempt amount would be $900k).

Recent Comments

Recent Posts

  • Twenty highlights of 2020
    As we welcome in the new year, our focus is on continuing to keep New Zealanders safe and moving forward with our economic recovery. There’s a lot to get on with, but before we say a final goodbye to 2020, here’s a quick look back at some of the milestones ...
    3 weeks ago

  • Bay Cadets learn skills to protect environment
    Bay Conservation Cadets launched with first intake Supported with $3.5 million grant Part of $1.245b Jobs for Nature programme to accelerate recover from Covid Cadets will learn skills to protect and enhance environment Environment Minister David Parker today welcomed the first intake of cadets at the launch of the Bay ...
    BeehiveBy beehive.govt.nz
    15 hours ago
  • Cook Islanders to resume travel to New Zealand
    The Prime Minister of New Zealand Jacinda Ardern and the Prime Minister of the Cook Islands Mark Brown have announced passengers from the Cook Islands can resume quarantine-free travel into New Zealand from 21 January, enabling access to essential services such as health. “Following confirmation of the Cook Islands’ COVID ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Supporting communities and landowners to grow employment opportunities
    Jobs for Nature funding is being made available to conservation groups and landowners to employ staff and contractors in a move aimed at boosting local biodiversity-focused projects, Conservation Minister Kiritapu Allan has announced. It is estimated some 400-plus jobs will be created with employment opportunities in ecology, restoration, trapping, ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Border exception for some returning international tertiary students
    The Government has approved an exception class for 1000 international tertiary students, degree level and above, who began their study in New Zealand but were caught offshore when border restrictions began. The exception will allow students to return to New Zealand in stages from April 2021. “Our top priority continues ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Tiwai deal gives time for managed transition
    Today’s deal between Meridian and Rio Tinto for the Tiwai smelter to remain open another four years provides time for a managed transition for Southland. “The deal provides welcome certainty to the Southland community by protecting jobs and incomes as the region plans for the future. The Government is committed ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • New member for APEC Business Advisory Council
    Prime Minister Jacinda Ardern has appointed Anna Curzon to the APEC Business Advisory Council (ABAC). The leader of each APEC economy appoints three private sector representatives to ABAC. ABAC provides advice to leaders annually on business priorities. “ABAC helps ensure that APEC’s work programme is informed by business community perspectives ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Govt’s careful economic management recognised
    The Government’s prudent fiscal management and strong policy programme in the face of the COVID-19 global pandemic have been acknowledged by the credit rating agency Fitch. Fitch has today affirmed New Zealand’s local currency rating at AA+ with a stable outlook and foreign currency rating at AA with a positive ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Additional actions to keep COVID-19 out of NZ
    The Government is putting in place a suite of additional actions to protect New Zealand from COVID-19, including new emerging variants, COVID-19 Response Minister Chris Hipkins said today. “Given the high rates of infection in many countries and evidence of the global spread of more transmissible variants, it’s clear that ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • 19 projects will clean up and protect waterways
    $36 million of Government funding alongside councils and others for 19 projects Investment will clean up and protect waterways and create local jobs Boots on the ground expected in Q2 of 2021 Funding part of the Jobs for Nature policy package A package of 19 projects will help clean up ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New Zealand Government acknowledges 175th anniversary of Battle of Ruapekapeka
    The commemoration of the 175th anniversary of the Battle of Ruapekapeka represents an opportunity for all New Zealanders to reflect on the role these conflicts have had in creating our modern nation, says Associate Minister for Arts, Culture and Heritage Kiri Allan. “The Battle at Te Ruapekapeka Pā, which took ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Better care for babies with tongue-tie
    Babies born with tongue-tie will be assessed and treated consistently under new guidelines released by the Ministry of Health, Associate Minister of Health Dr Ayesha Verrall announced today. Around 5% to 10% of babies are born with a tongue-tie, or ankyloglossia, in New Zealand each year. At least half can ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Prisoner disorder event at Waikeria Prison over
    The prisoner disorder event at Waikeria Prison is over, with all remaining prisoners now safely and securely detained, Corrections Minister Kelvin Davis says. The majority of those involved in the event are members of the Mongols and Comancheros. Five of the men are deportees from Australia, with three subject to ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Pre-departure COVID-19 test for travellers from the UK and the US from 15 January
    Travellers from the United Kingdom or the United States bound for New Zealand will be required to get a negative test result for COVID-19 before departing, and work is underway to extend the requirement to other long haul flights to New Zealand, COVID-19 Response Minister Chris Hipkins confirmed today. “The new PCR test requirement, foreshadowed last ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • PM congratulates New Year Honour recipients
    Prime Minister Jacinda Ardern has added her warm congratulations to the New Zealanders recognised for their contributions to their communities and the country in the New Year 2021 Honours List. “The past year has been one that few of us could have imagined. In spite of all the things that ...
    BeehiveBy beehive.govt.nz
    3 weeks ago
  • David Parker congratulates New Year 2021 Honours recipients
    Attorney-General and Minister for the Environment David Parker has congratulated two retired judges who have had their contributions to the country and their communities recognised in the New Year 2021 Honours list. The Hon Tony Randerson QC has been appointed a Companion of the New Zealand Order of Merit for ...
    BeehiveBy beehive.govt.nz
    3 weeks ago
  • New Year’s Honours highlights outstanding Pacific leadership through challenging year
    Minister for Pacific Peoples Aupito William Sio says the New Year’s Honours List 2021 highlights again the outstanding contribution made by Pacific people across Aotearoa. “We are acknowledging the work of 13 Pacific leaders in the New Year’s Honours, representing a number of sectors including health, education, community, sports, the ...
    BeehiveBy beehive.govt.nz
    3 weeks ago
  • Supporting seniors to embrace technology
    The Government’s investment in digital literacy training for seniors has led to more than 250 people participating so far, helping them stay connected. “COVID-19 has meant older New Zealanders are showing more interest in learning how to use technology like Zoom and Skype so they can to keep in touch ...
    BeehiveBy beehive.govt.nz
    3 weeks ago