Read the full story: Mark Lister: Tax changes - why I am worried the Government will get it wrong.
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The biggest distortion was the 39 per cent envy tax on the biggest income tax contributors while keeping the trust rate 33 per cent. They cynically called it “fairness”, which was catnip to their base.
Ryan F
I work in tax, and while [I’m] not a fan of new taxes, I think there is a case for a properly designed CGT. The bright-line rules are terrible in design and application and won’t be repealed until we have a CGT.
So, if you will excuse the cliches, CGT is the lesser of two evils and a new tax as part of the Government grinding us down by the death of a thousand cuts. I just wish they would cut spending on nonsense and work with what they have.
Sean P
As a business owner, I can attest to our family-owned business being the benefactor of capital gains in the value of the business and also to the value of the buildings we operate out of, and I’m not ashamed of this.
Going back 40 years, I risked my family home, I borrowed from banks at exorbitant interest rates, and all at the same time, our business gave valuable employment to many, many employees and still does.
The thought of [Revenue Minister David] Parker introducing a capital gains tax will obviously affect me and my family if we ever decide to sell the business, but the real concern is people, with the introduction of a capital gains tax, will be reluctant to enter into business ventures - they will not take on the risk [of being] punished by a tax that is straight-out envy [from] an ideologically driven David Parker, who I notice has the full support of the Green Party.
Tim W
In reply to Tim W: The same for us. Additionally, one misses out on family times and holiday times etc. over the years. I know this was our choice, but we shouldn’t be punished for that, and expected to support the choices of others, who worked fewer hours, took fewer risks and spent more on leisure or hobbies etc. Roughly only one out if 10 businesses succeed for longer than 10 years.
This is clearly an envy project, not a fairness project to help people who really can’t help themselves.
Potter O
I’ll be on a one-way ticket out of here and I’ll be taking the 60 tech jobs with me in a heartbeat if Labour roll out a new tax.
James C
An unrealised increase in an asset price is not a gain.
You have to sell it. Any other notion is ridiculous. Why can’t Labour just be honest? They say one thing and do another time after time - U-turns that come so late in the process, hidden racial agendas, inaccurate financial forecasting such as “temporary inflation”.
Yet every time they say things will change things, the press seems to believe it. There is no reflection on the past and what has gone so terribly wrong. We cannot keep forgiving failure after failure due to sheer incompetence and dishonesty.
Mike H
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