tax

Will Labour run on a Financial Transaction Tax?

Labour have a finance spokesman who has never worked in the real world, and basically has very little idea about finance.

It wouldn’t be surprising if he did what the Democrats are doing now they are in opposition, and promote a Financial Transaction Tax.

To pay for the plan, the U.S. would impose what Van Hollen called a tiny fee on market transactions, of 0.1%. A Democratic aide said the fee would apply to any buy or sell transactions, and include stocks, bonds and derivatives. The plan would also limit tax deductions on CEO pay above $1 million.

So far this type of tax has only been promoted by the looney left, in the form of the Alliance and Jim Anderton, Mana, and the Greens.

5. Financial Transaction Tax

The Green Party will:

  1. Involve New Zealand with the group of countries working to agree on a tax on international currency movements, to set up a fund to provide capital for poor countries to improve their social and environmental wellbeing. This would discourage currency speculation without being high enough to impede genuine trade.

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Cheese eating surrender monkeys give up on massive taxing of the rich

Stupid Cheese Eating Surrender Monkeys they even surrendered on taxing the rich massively hard.

Of course they had to surrender on the socialist utopia of taking the rich because simply put massive taxes on the rich simply don’t work.

François Hollande’s unpopular tax changes that imposed a 75% rate on earnings above €1m (£780,000) will quietly disappear into the history books from Thursday.

The French socialist president announced plans for the controversial measure during his 2012 election campaign as a means of forcing the wealthiest to help dig the country out of economic crisis.

Although supported by the left, the reform sparked accusations of an anti-business agenda. After the “supertax” was announced in September 2012 the government was accused of shooting itself in the foot by risking an exodus of high-profile personalities. Business leaders expressed fears that investors would pull out of France.

France’s richest man, Bernard Arnault, the chief executive of luxury group LVMH, took out Belgian nationality, and the actor Gérard Depardieu also moved across the border to Belgium before obtaining Russian citizenship.   Read more »

Tax the Fat Bastard not the Fat

Celebrity Chef Jamie Oliver wants to tax sugar because sugar makes people fat bastards and costs the taxpayer.

Sugary foods risk causing a public health crisis similar to smoking and should be taxed in the same way as tobacco, Jamie Oliver has said.

The television chef said sugar was “definitely the next evil” and should be targeted because of the burden it was placing on the NHS.

He said he agreed with France’s decision to impose a tax on sugary drinks and believes Britain should follow.

The problem with this is that such a broad based tax is very difficult to administer and has had little impact.   Read more »

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Dodgy socialist Argies using drones to catch out rich tax dodgers

The Argie government is using drones to catch out dodgy rich pricks who are rorting taxpayers on their tax returns.

The Argentine government has used drones to catch out wealthy tax evaders who had not declared mansions and swimming pools.

Unmanned aircraft were dispatched over an upper class area of Buenos Aires and discovered 200 homes and 100 pools that had not been detailed on returns.

Tax officials said the drones took pictures of luxury houses standing on lots registered as empty.

The evasions found by the drones amounted to missing tax payments of more than $2 million and owners of the properties have been warned they now face large fines.    Read more »

Almost as good as his cat killing policy

Here I was thinking the other day that I don’t agree with Gareth Morgan on anything much at all, except for his cat killing policy.

But I have found another thing to agree with him on.

Flat Tax.

Now that is almost as good as his cat killing policy…it could be improved by providing additional tax rebates for cat killing professionals.

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New study shows that ‘the rich’ don’t just pay their ‘fair share,’ they pay almost everybody’s share

cbo11

A US study has shown that the claims of the leftwing that the rich should pay even more tax as being just and fair in the world is based on lies.

They already do pay more than their fair share, in fact they pay almost everybody’s share.

[T]he major finding of the CBO report is that the households in the top income quintile are the real “net payers” of the US economy. The average household in the top one-fifth of American households by income paid $57,500 in federal taxes in 2011, received $11,000 in government transfers, and therefore made a net positive contribution of $46,500. The second-highest income quintile basically just barely covers its transfer payments, so it’s really the top 20% of “net payer” households that are financing transfer payments to the entire bottom 60% AND financing the non-financed operations of the entire federal government.

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Cut the corporate welfare and lower taxes before Australia

The IRD is warning the government will have to cut corporate taxes if Australia lowers theirs.

What a good idea.

Inland Revenue has warned the Government may have to consider cutting the company tax rate next year if Australia drops its rate.

In a briefing to Revenue Minister Todd McClay, the tax department said New Zealand’s aging population could result in pressure to raise taxes to pay for health and pensions.

But it said the Government would need to take into account developments in other countries when considering company tax, which was cut from 30 per cent to 28 per cent in 2011, undercutting Australia’s 30 per cent rate.

“Tax changes in Australia should continue to be monitored as they can have important implications for New Zealand,” Inland Revenue said. “A particular focus will be Australia’s White Paper due out at the end of 2015.

“If, for example, there were a substantial reduction in the Australian company tax rate, the question of whether New Zealand should follow suit would arise,” it said.

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More health troughers score big from the Marsden Fund

Another set of health troughers has been revealed to be attacking food and drink manufacturers and all funded by the Marsden Fund.

A “sin tax” on unhealthy items is often touted as a way to stop people having them so often, but it might drive them to cheaper brands.

A team led by a University of Waikato researcher has just received $800,000 to study the idea, focusing on sugary soft drinks and cigarettes.

And while the data they’ll analyse doesn’t come from New Zealand, the findings have implications for Kiwis.

Economics professor John Gibson is leading a team looking into whether a “sin tax” would bring down consumption of fizzy drink and cigarettes.

It was one of four Waikato-led projects to receive funding from the Marsden Fund, and reaped $805,000.

“There are New Zealand studies which say 20 per cent fizzy drink tax would save X number of lives and those are the studies we have some questions about,” Gibson said.

There was a loophole in data which focused on spend rather than quantity bought, he said.

“They might simply go from drinking expensive Coke to either cheaper Coke . . . or they might go from Coke down to Pams or Homebrand,” he said.

For instance, Countdown sells a 600ml bottle of Coca Cola for $3.99 whereas 1.25L of Homebrand Lemonade is just 97 cents.

“The existing studies assume the reduction in spending translates to a reduction in quantity,” Gibson said.   Read more »

A reader analyses Len’s crazy tolls idea

tolls

Hi guys

I thought I’d ‘run the numbers’ (and a very quick calculation, nothing exciting) regarding the proposed Auckland toll.

Now, for the time being, I won’t point out the lack of actual authority here. I have a far simpler question: is this actually value for money?

Forgetting the multi-cost option, the basic proposal is for a $2 toll per trip (regardless of distance).   Read more »

Taxpayers’ Union slams Joyce for his expanded corporate welfare programme

Since the opposition is asleep at the wheel the job of holding a spendthrift government to account falls upon the shoulders of the Taxpayers’ Union.

They are holding Steven Joyce to account for his expanded corporate welfare programme.

Responding to Economic Development Minister Steven Joyce’s defence of corporate welfare, Jim Rose, the author of Monopoly Money, a Taxpayers Union report on corporate welfare since 2008, says:

“Mr Joyce defends over $3 billion in subsidies to KiwiRail and Solid Energy under his watch by saying that they are state owned. Bailouts are not the role of ministers as shareholders. Since 1986, state-owned enterprises have had a statutory duty to operate as a successful business and to be as profitable and efficient as comparable businesses not owned by the Crown. The whole idea of the State Owned Enterprises Act 1986 was to bring an end to bailouts and permanent deficits.”

“Instead of putting a failed business in the hands of receivers, Mr Joyce defends throwing good money after bad by blaming the previous government for buying KiwiRail. That was three elections ago. Elections are supposed to count for something. $3 billion in taxpayers’ money cannot be handed out in subsidies with ministers bobbing and weaving about responsibility for the amount and wisdom involved. The Treasury Benches come with a full ministerial responsibility for every single dollar of taxpayers’ money spent under your watch.”    Read more »