capital gains tax

Cunliffe continues to lie over capital gains tax

David Cunliffe just can’t help himself, again telling mis-truths over capital gains tax.

A Labour led government would impose a capital gains tax of 15% on realised gains from investment property. He says the family home would be exempt, Labour leader David Cunliffe told TVNZ’s Q+A programme this morning.

“I’m comfortable with that because speculators are driving this market, and to make matters worse, according to the BNZ and Real Estate Institute about 12% of speculative house buyers, all house buyers last year in Auckland came from non-resident foreigners.  Non-resident foreigners who have access to cheap finance are driving up the price of homes in New Zealand, so young Kiwis can’t get into their own homes.” Mr Cunliffe said.

When questioned on why a capital gains tax isn’t working in Australia, Mr Cunliffe said, “The problem would be worse if they didn’t have it.”  Read more »

David Cunliffe’s ongoing lies and deception


Yesterday David Cunliffe spent an hour on NewstalkZB with Tim Fookes.

I listened so you didn’t have to. It was dreadful but the amount of times David Cunliffe ‘mis-spoke’ or deliberately lied was incredible.

Take his claims on capital gains tax and his attack on farming.

David Cunliffe attacks farmers and lies about CGT David Cunliffe NewstalkZB. "David Cunliffe attacks farmers and lies about CGT"

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How about that Capital Gains Tax huh?

Check out this programme from Al Jazeera about housing affordability.

From London to Sao Paulo, Shanghai to Sydney, we are witnessing another property bubble, just after the worst financial crisis the world has seen since the 1930s.

This week on Counting the Cost, we look at property – not just at prices and bubbles and mortgages, but the idea of where people are buying and living, where they cannot buy and live and all the social and economic factors which take people in and out of home ownership.

Owning a house is something a lot of people aspire to along with family and a job, it is kind of one of life bedrocks.

After the worst financial crisis in more than 70 years, house prices are in many cases rising faster than the economy. In the US, the average home value is now within just 7 percent of the pre-crisis peak, which was $230,400 in July 2006.

In Sydney, Australia average house prices surged 13 percent to $718,122 in the first three quarters of 2013.   Read more »

Capital Gains tax makes such a difference – not!

The Labour party beleives that a capital gains tax will make housing more affordable, despite this not being the case anywhere in the world.

Their claim is that every other country has a capital gains tax…and that is about the depth of their argument.

Our closest neighbour, Australia, has a comprehensive capital gains tax…how is it working with housing affordability there?

Parts of the Sydney property market are going ”ballistic” as buyers take advantage of lower interest rates to gain a foothold.

There were 693 auctions scheduled across the city on Saturday and with 459 of the results reported to the Fairfax-owned Australian Property Monitors, the clearance rate was 83.2 per cent.

Social media was full of tales of parents spending $1 million-plus to secure their children inner-city houses. A two-bedroom terrace in Rainford Street, Surry Hills, sold to a 23-year-old university student for $1,094,000 – $119,000 above the reserve.

On the upper north shore, Pymble Richardson & Wrench agent Don MacLennan said the lower end of his market had gone ”ballistic”.   Read more »

Labour, bereft of original solutions, steals slogans and failed policy

Spiralling property prices is an issue that Labour hopes to solve by introducing a Capital Gains Tax, bans on foreign property investment (especially if they are Asians) and compulsory savings.

These are all great ideas that haven’t failed to work elsewhere.

Oh wait…

Australian home prices surged to a record in September, driven by dwelling values at all-time highs in Sydney, Melbourne and Brisbane.

The RP Data-Rismark capital city index jumped 5.5 percent from a year earlier across Australia’s major cities, 0.7 percent above the previous record in October 2010, according to an e-mailed release from the researchers. Sydney and Melbourne led gains in the three months to Sept. 30, climbing 5.2 percent and 5 percent respectively to unprecedented levels.   Read more »

A reader emails about the housing coverage

A reader is not impressed with the wailing over housing LVRs.

These crocodile tears from Labour for the poor first home buyer and the wall to wall coverage of it is getting on my nerves. Cunliffe trots out this graduate working at Deloittes who is crying because he can’t buy an investment property for 450k with a 10% deposit at age 23.

Bob Jones wouldn’t get 90% LVR on an investment property and for good reason, the rent won’t cover the interest let alone insurance rates and maintenance.  Read more »

Filthy White Foreigners buying up our houses

Oh look, it isn’t the Chinese buying up houses:

First-home buyers priced out of the British market are increasingly looking to buy property in New Zealand, research shows.

Experts here say increased immigration is adding fuel to an already-inflated market, putting a strain on local house hunters.

A study by foreign exchange specialist Moneycorp showed New Zealand was the fifth-most popular place to buy for young Britons, behind the United States, Spain, Australia and France. Italy, South Africa, Portugal, Canada and Brazil rounded out the top 10.

The number of 19 to 28-year-olds using Moneycorp to buy properties abroad has increased fourfold since 2011.

While they may comprise a relatively small slice of the British market, the company said it illustrated a wider trend in the age group.

The number of Britons in their 30s buying abroad had jumped by 25 per cent in three years.

The boom was not reflected among retirees who had traditionally dominated the international property scene. The number of over-69s buying abroad had shrunk by 79 per cent between 2007-2012 as older home owners become reluctant to release their British assets.  Read more »

Cunliffe lies on Tax

David Cunliffe is becoming something of a liar in his quest to lurch left.

In the Q+A debate he stated:

DAVID I’d raise the top tax rate, and I would also bring in a capital gains tax. And I would also close tax evasion and avoidance loopholes. Of the hundred wealthiest New Zealanders, the IRD says less than half of them are even paying the top tax rate.
What we did last time round was 39 cents with a pretty high threshold of $150,000, so we weren’t hitting middle New Zealand. We had a top rate for the wealthiest. We’ve got to be very careful to make sure that the trust rate is at or close to the top marginal personal rate, because we don’t want to create an avoidance-

This is a lie.  Read more »

WTF? Cunliffe would lower taxes? How will he pay for the living wage?

The big spending promises of the 3 stooges as they beg for support from the hard left and unions really don;t match up with David Cunliffe’s past public utterances.

Silent T, the man who cannot tell a lie appears to be saying in this clip that if taxes are raised in one area, taxes should be reduced elsewhere.

So if he cannot tell a lie, what tax cuts would he make if he ever gets the chance to impose Labour’s ‘rich prick taxes’ CGT, and emissions taxes?

Or is he lying here ya think?

Just the other day he was claiming he was going raise taxes…with his infamous “You bet” statement when Corin Dann asked him about raising income tax.

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Hide on Labour’s housing cluster-bomb

Rodney Hide climbs into Labour’s housing policy, describing it as a “cluster-bomb” when cluster-f*ck might be a better moniker.

The Labour Party has three, and only three, possible policy responses to any problem: tax it, throw money at it or regulate it.

That Labour means business on housing affordability is clear: the Opposition is promising to do all three at once.

Labour is promising to tax houses with a capital gains tax. It is promising to spend money by building 100,000 houses. And now it is promising to regulate by banning foreigners from buying a house.

Labour promises a cluster-bomb of policy to deal firmly and resolutely with house prices.

The policy cluster-bomb will prove expensive. That’s a big downside. And it won’t work. That, too, is a negative.

The policy does have appeal though.

On the upside, Labour’s cluster-bomb has electoral appeal. There are plenty of voters who still regard government as Santa Claus and for whom the promise of cheap housing is enough. That pulls across Green votes.

There are also plenty of voters who believe that more tax is always and everywhere a good idea, that more government spending is invariably warranted, and that much more regulation of everything is needed.

That locks in the Labour diehards.

The policy, too, has appeal for the great many Kiwis who genuinely believe their problems are caused by foreigners, especially Asians. Typically, this electoral field is left to Winston Peters to plough to great electoral effect.  Read more »