Labour have only two tax policies – remove GST off fresh fruit and vegetables, and reintroduce a rich prick tax.
To help them with their policy development, Cactus Kate has proposed ten tax policies for them:
- Reduce GST to 10%
- Require all trusts in New Zealand to be registered with the IRD with the name of the settlor and beneficiaries
- Farmers, the largest of polluters (according the the numbnuts measuring of carbon) should be taxed per head of animal per year with the cost that New Zealand has to pay to the invisible pie in the sky
- Anyone with assets or is a beneficiary or settlor of a trust with more than say $500,000 can no longer receive Superannuation.
- Reduce the deductible amount to 20% of the total interest expense on real property (land) such that land owned by farmers, property “investors” and the like cannot pay less or even no tax by increasing the interest deductions based on leveraging property.
- Reintroduce gift duty
- Introduction of a 20% duty for the sale of all property including primary residence and all forms of land.
- A new top tax rate of 45% on those rich pricks earning over $120,000 and an increase of the current top tax rate for income between $70,001 to $120,000 from 38 cents up to 40 cents.
- Abolish Marshall clauses (which excludes the shortfall in interest as a “gift”) where the loan is repayable on demand
- Taxing New Zealand citizens (passport holders) at a 45% deemed disposal rate on expatriating their wealth at the date of departure if they become non-resident and a 15% inbound transaction tax on their assets coming back in even while they are still non-resident.
I’m worried that they may adopt a few of them.Tags: Cactus Kate, Labour, tax