Forum Archive Index - February 2002

["tennyson@caverock.net.nz" <tennyson@caverock.net.nz>]

Hi DR,

>
>
>in reply to the original post.
>1. For equality any tax on wealth -usually capital gains in other
>countries is only levied on sale of the asset. To maintain equality,
>that has to be true in NZ as well.
>
>

I am sorry to inform you that the proposal is to tax assets (in 
particular listed shares and bonds) as they are held *not* when they 
are sold.  As such I believe that all of my criticisims of such a 
scheme remain valid. 

The most unpopular aspect of this tax (the idea of taxing own your 
own homes) has been discarded.  However, it is very clear that Cullen 
proposes to tax shares based on their market value on some arbitrary 
balance date.   I believe the Netherlands already has such a system 
in place.  So it has been done in Zealand.  And it will now be done 
in New Zealand too. SNOOPY


 
 
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