Showing posts from February 25, 2019

TWG Review - The "Kiwi Way of Life"

Today we received the first soft sell on CGT by Prime Minister Ardern. She is still far off the mark in reaching the hearts and minds of the vast majority of New Zealanders on this issue however here are a few statistics I will put out there to help her.  Exhibit A Exhibit B New Zealanders’ individual net worth increased with age until around retirement. People tend to build net worth throughout their lives. In 2018, young people (15–24 years) had the lowest median individual net worth ($2,000); people of traditional retirement age (65–74 years) had the highest ($416,000). Exhibit C The median net worth of the typical Kiwi household in the June 2018 year was $340,000, up from $289,000 three years ago – mainly reflecting rising property values. The median means half of all households are richer and half are poorer than this value. In short form if you have $416,000 in assets you have more assets than 50% of those of retirement age.  If you have $340,000

TWG Review - Cullen Making CGT A Dud

Initial reaction to CGT proposals from the TWG has been pleasing.  The public hate it.  Business hates it.  Oldies who Winston Peters has to pander to, hate it.   The left are unhappy the report doesn't cover enough !. Opponents of CGT should be happy with the initial comments from Michael Cullen.  He is butchering the sale in a meganormous fashion: "Everybody else has [a capital gains tax]. The United States, the United Kingdom - these rabid 'socialist' countries like the United States have a capital gains tax," Sir Michael joked. "France, Germany, the Nordics - they all take it for granted. Many of them have higher productivity than we do. The world doesn't collapse with the introduction with a capital gains tax." "The sky doesn't fall in," concurred Garner. "If it does, we'll tax it," Sir Michael quickly quipped. It is this sort of smarmy salespitch that undermines; anything Michael Cullen wis