Thursday, July 14, 2011

Not Doing Enough

Labour today finally released the details of their capital gains tax.

They don't go far enough. Capital gain tax would only be 15%. Think about this a second. If your primary home was exempt (the wording around this has been, to me, quite ambiguous, so I mention it here as a qualifier), then what we're talking about is pure profit. The qualifier is needed as when you've sold your home, you still need to buy another one right?

These are large investments with high returns. I would love to see a capital gains tax based upon the current tax system. The more the gain, the more the tax. It really wouldn't be hard to figure out an annual figure on an investment.

Imagine that.... loads of people paying, probably smaller amounts, of tax based upon their income.... weird.

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