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Game on in Florida
Message
From
12/09/2018 16:27:45
John Ryan
Captain-Cooker Appreciation Society
Taumata Whakatangi ..., New Zealand
 
 
To
12/09/2018 15:54:59
General information
Forum:
Politics
Category:
Elections
Miscellaneous
Thread ID:
01661823
Message ID:
01661989
Views:
37
>>a. Governments here don't have enough money.
>>b. We have a growing group of working people here who can't afford the basics of life.
>>b. Rich people here are getting richer, often at exponential rates.

>>The answer seems simple.
>>a. Raise personal income tax rates on higher brackets dramatically.
>>c. Raise the inheritance tax rate to 90%

Sayeth a member of the generation that willfully under-invested and under-contributed to maximize private wealth, and now proposes that "the answer seems simple" that somebody else should pay the compounding cost.

As I keep saying, impose punitive taxes on people who can afford sneak accountants and you end up worse off. E.g. US corporates had close to $3T hoarded abroad when Trump took office, with the IRS receiving $0. Once the tax cut was enacted, Apple paid the IRS $38B to repatriate its hoard. You can expect the same behavior by people who have assets to protect: watch them move the assets into perpetual trusts or companies controlled via secretive oreign entities and you'll end up with even more hoarding and the rich paying even less in the US.

FWIW, total corporate tax in NZ is 28% and personal tax tops out at 30% except that income on which tax already is paid- like dividends- allows "imputation" of the paid tax. So if you receive a dividend on which 28% tax was paid, you impute the 28% and pay only the difference up to your tax rate- generally 2%. From this, social welfare, pensions, public health services, schools, roads and now a first free year at University aiming for 3 free years over the next decade, can be funded. When Auckland faces the usual under-investment consequences because certain generations resented paying their share, a local gasoline levy is imposed to help fund it.
"... They ne'er cared for us
yet: suffer us to famish, and their store-houses
crammed with grain; make edicts for usury, to
support usurers; repeal daily any wholesome act
established against the rich, and provide more
piercing statutes daily, to chain up and restrain
the poor. If the wars eat us not up, they will; and
there's all the love they bear us.
"
-- Shakespeare: Coriolanus, Act 1, scene 1
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