Hipkins rules out wealth tax for his time as PM after ditching plans in Budget for a revenue-neutral wealth tax on the top 0.5% to pay for a $20/week tax cut for bottom 99.5% because...just because.
Bernard, you will be happy to know that I am helping ordinary people into their first homes often(mortgage adviser). It is not as easy in Auckland but out of Auckland the first home loan scheme means only a 5% deposit is required for most. Auckland will get better once we have a stable enough property market for townhouses to keep coming at their current rate.
I do wonder the same about the Greens (ie slaves to Labour's sweeping statements), but looking at ACT which has reasonably quickly increased it's vote from ~0 to >10%, it's hard to know if it is genuinely possible the Greens can hit >20%, which with TPM could potentially give a majority share in a left bloc?
(Warning: Venting follows)
I was going to switch my vote to Labour (for the first time in two decades) if they introduced at CGT / wealth tax. And this is as someone who will get disproportionately penalised by CGT/Wealth tax than others.
The optics of it are terrible. It makes them look like a party led by a desire on to hold power than principles. Labour know tax reform is at the core of changes needed in NZ, but once again shy away from the awkward stuff.
There wasn't even an attempt at selling the idea of 'rebalancing tax' to NZ. They were just mute and then dropped it. Appalling.
It is pathetic to have a Labour Party adrift of its principles for so many years. CGT is tax on otherwise tax free profit. It is a stupidly small amount of money in comparison to what is profited and that is the message that should be drilled home. How else do we get this highly distorted economy balancing. The tax bands need serious adjustment. Study after study has shown this. Pathetic! Labour has lost my vote, but it won't be going to National.
Wow. They’re meant to be the Labour Party ... the fact they can’t sell this when it would be $ beneficial for the overwhelming majority of their voters says - a lot. Where is their vision, their plan, their ethos. To quote Danyl McLaughlan, the genius, “a kludgeocratic budget for the ages”. Ka kite ano, Labour
The lack of courage and integrity in this decision is appalling. It means that New Zealand falls further behind in any ability
To deal with the poverty and infrastructure issues facing it currently and prepare for the increasing challenges coming at us from climate change. Very sad
It's ludicrous that I if I was a waged earner I could get a massive loan to buy a rental property, but if I want a small loan to help grow my business - forget about it. I wonder what the unintended consequences of that distortion of the lending landscape are?
And there are so many consequences spilling from the underfunding of education that fall heavily on the most disadvantaged, that I'm beginning to wonder if they are, actually, intended.
Can’t believe this decision. What is the point of labour? Would have rather hipkins lost standing for something. Moving overseas next year. Luxon as PM will do my head in.
Obviously the focus is on yesterday’s disappointing announcement from the PM choosing not to do some very minor redistribution to those in real need. But let’s not forget that NACT not only won’t introduce any sort of capital/wealth tax they propose to actively give tax breaks to the wealthy at the expense of services. Why isn’t anybody getting worked up about that?
I'm appalled at this decision by Chris Hipkins.
The press conference held by Grant Robertson yesterday was particularly interesting and perhaps this shows a crack in the foundation of the current Labour Party.
Very nervous of the political swing back to the right with National/Act and fear that a lot of good progress will be lost. I can now sit hopeful of a consolation prize - Labour bleeding seats to other parties on the left.
What a depressing start to the day! Or is just the cold shower we all need to shake us out of the she'll be rights?
We need rapid transformation of our economy and that takes courageous and compassionate leaders. Chris Hipkins has just definitively ruled himself out. The signs haven't been great since he arrived in the chair but every week he looks more and more cautious and spineless. Who would be a better option to lead Labour, someone with a heart, a spine and a strong stomach? Grant Robertson can take a flying leap with his mealy words about fairness.
I'll be voting Green, immediately donating to their campaign and encouraging others to do the same.
I feel like we need some protesting in the streets. We're not going to get the transformation we need or want without fighting for it. Thanks for poking us into action!
The more I think about it ... who were they scared about the pushback from? What kind of public sympathy would be out there for anyone who found themselves affected by the new wealth tax (family home excluded?) What exactly is the point of the Labour Party again?
Land value tax? Do you reckon that’s included in Hipkin’s ruling out?
Hipkins is being the worst sort of coward here. A disingenuous one who is more concerned about his (and Grant's) ability to "out-austerity" the right wing. Saying Labour "has no mandate" when we have a recent poll unequivocally saying otherwise is gaslighting.
Neoliberal disinfo has destroyed Aotearoa. Inequality and lost agency will drive societal cohesion to new lows and by looking around at international examples we all know what comes next. A populist strongman will capitalise on the fear and anger of the disaffected, and any chance at retaining a liberal democracy will be chucked into the grinder of fascism.
Say hello to a generation of climate disasters, economic collapse, and general ugliness if we're going to be governed by Luxon's property portfolio.
Has Labour just given us the incentive to use our MMP electoral system to smash FPP once and for all? I have been waiting a long time to see that happen, and there are some good credible options on the left, so I have faith all is not lost.