“Tax, Borrow, or Cut.” It sounds like something future bean counters were playing when the rest of us were playing “Dare, Promise, or Truth” as kids. Or for this generation I guess it would have been “Kiss, Marry, Kill” - or the ruder variants.
We can do several of the above in a coordinated, equitable manner. For one I'd like to see massive corporate profits being syphoned off for the communities who subsidised them 😊
Oh my goodness I was reading this (thinking I had clicked on a Spinoff media article) and
thought 'F me the media world as we know it had been taken over by like minded sensible journalists! Yes!!'
Then I was jolted out of my state of wishful thinking & realised it was another excellent article by you Nick.
Why shouldn't the companies who have made 'sheitloads of hay whilst rotary hoeing thru the very communities livelihoods who support them' contribute by means of a windfall tax or levy? The damage & cause is blatantly obvious be it -Slash due to Forestry, slips & silt covered properties due to eroded loam soil hills stripped of their native forest & vegetation cover into pasture for intensified farming practices, or developers sealing up what once were national waterways & swamp lands.
Yes timber is economically important both to the companies who own it & to Aotearoa. As is the meat, dairy & wool produced by farmers but don't those same farmers ask for & get help when their livelihoods are threatened?
Should they not also understand they are contributing to the results -flooding & silt erosion (I won'teven go there re Nitate levels & water quality) of these extreme climate events by way of how they have changed the natural landscape?
Developers are equally responsible in contributing some of the vast weath they have acquired by means of coastal housing developments, where waterways & natural drainage has been changed.
Of course each & every one of us who build, live & work in these areas also benefit when the going is good ...so we too should be contributing by way of a one off disaster tax or levy.
No matter where we live in Aotearoa, one day it could be us asking for that help, as many are today.
Yes to a windfall tax and a higher tax rate Nick. Every overseas owned bank in Aotearoa has "made like a bandit" over the last few years and should be taxed on their huge profits. Many other businesses have done likewise and I recall reading what Harvey Norman profits were during Covid. Also like your tax rate for those over $180000 and still believe borrowing should be an option. No cuts to services can be contemplated as Health, Education etc etc continue to struggle from inadequate funding from the previous NACT nightmare. As an aside and as I wrote on David Slack's column yesterday how about each of our Aotearoan millionaires chucking in a million. After all if you have $50 mill chucking in one still leaves you with $49 and if you earned a million a year that would be 49 years of work. Quite a good nest egg.
We have friends on Domain Cres in Muriwai whose lives have been totally upended , the cost to fix the damage will either be funded through a change tax in some way or borrowing - how any sane person can squeal for Tax cuts is just batshit crazy.
"Getting a good understanding of the scope of the problem before designing the solution? I would be a bit worried if they weren’t doing that. Not understanding the requirements of a project like building a house or developing a software application, before settling on a solution is a recipe for disaster."
Isn't that part of the problem in some places? That houses have been built in areas without adequate understanding of the stability of the land underneath - like building houses on reclaimed wetlands in Christchurch?
Well said, Nick...I think the problem of a flood tax is the potential to hurt some already-hurting people who will not think they should have to be involved when unaffected. The vast majority of people, even those not near the disaster zone just want to help. I suppose it is way too small a scale, but I wonder (if managed properly) how much could be accomplished with a bunch of good people giving what they can.
Great idea Nick polling this clan um iwi. But is any home owner, especially those using real estate for our retirement scheme and kids likely to go for a property tax? Pleased too see you looking critically at Luxon's successor
I agree with Kirsty's comment re corporate profits being taxed to help rebuild the communities that have subsidised them. I also think it is time for the govt. to address the issue of tax brackets n the upcoming budget. The minimum wage is going up- tax brackets also need to be adjusted so that people who get an increase in their basic wage do not end up paying a higher tax rate. I also think there should be a no tax lower level, as in Australia and other countries. This should be offset by a realistic increase in the highest tax rate.People like Luxon should pay more tax,not less. Of course the reason Luxon thinks the govt.should borrow to fund rebuilds ,is to spare himself , and his well off peers having to pay more tax. The top tax rate should be increased significantly.
We can do several of the above in a coordinated, equitable manner. For one I'd like to see massive corporate profits being syphoned off for the communities who subsidised them 😊
Windfall and top rate. Financial services tax and CGT for dessert please sir.
Oh my goodness I was reading this (thinking I had clicked on a Spinoff media article) and
thought 'F me the media world as we know it had been taken over by like minded sensible journalists! Yes!!'
Then I was jolted out of my state of wishful thinking & realised it was another excellent article by you Nick.
Why shouldn't the companies who have made 'sheitloads of hay whilst rotary hoeing thru the very communities livelihoods who support them' contribute by means of a windfall tax or levy? The damage & cause is blatantly obvious be it -Slash due to Forestry, slips & silt covered properties due to eroded loam soil hills stripped of their native forest & vegetation cover into pasture for intensified farming practices, or developers sealing up what once were national waterways & swamp lands.
Yes timber is economically important both to the companies who own it & to Aotearoa. As is the meat, dairy & wool produced by farmers but don't those same farmers ask for & get help when their livelihoods are threatened?
Should they not also understand they are contributing to the results -flooding & silt erosion (I won'teven go there re Nitate levels & water quality) of these extreme climate events by way of how they have changed the natural landscape?
Developers are equally responsible in contributing some of the vast weath they have acquired by means of coastal housing developments, where waterways & natural drainage has been changed.
Of course each & every one of us who build, live & work in these areas also benefit when the going is good ...so we too should be contributing by way of a one off disaster tax or levy.
No matter where we live in Aotearoa, one day it could be us asking for that help, as many are today.
Fi (not your wife)
Yes to a windfall tax and a higher tax rate Nick. Every overseas owned bank in Aotearoa has "made like a bandit" over the last few years and should be taxed on their huge profits. Many other businesses have done likewise and I recall reading what Harvey Norman profits were during Covid. Also like your tax rate for those over $180000 and still believe borrowing should be an option. No cuts to services can be contemplated as Health, Education etc etc continue to struggle from inadequate funding from the previous NACT nightmare. As an aside and as I wrote on David Slack's column yesterday how about each of our Aotearoan millionaires chucking in a million. After all if you have $50 mill chucking in one still leaves you with $49 and if you earned a million a year that would be 49 years of work. Quite a good nest egg.
Article just now on Newstalk ZB.
Kerre Woodham: I'd prefer Govt cut back on spending rather than hike taxes to pay for Gabrielle recovery.
Flood tax YES YES
Windfall tax YES YES YES YES
Top tax rate increase YES (further into their next term 😉)
We have friends on Domain Cres in Muriwai whose lives have been totally upended , the cost to fix the damage will either be funded through a change tax in some way or borrowing - how any sane person can squeal for Tax cuts is just batshit crazy.
"Getting a good understanding of the scope of the problem before designing the solution? I would be a bit worried if they weren’t doing that. Not understanding the requirements of a project like building a house or developing a software application, before settling on a solution is a recipe for disaster."
Isn't that part of the problem in some places? That houses have been built in areas without adequate understanding of the stability of the land underneath - like building houses on reclaimed wetlands in Christchurch?
Well said, Nick...I think the problem of a flood tax is the potential to hurt some already-hurting people who will not think they should have to be involved when unaffected. The vast majority of people, even those not near the disaster zone just want to help. I suppose it is way too small a scale, but I wonder (if managed properly) how much could be accomplished with a bunch of good people giving what they can.
Great idea Nick polling this clan um iwi. But is any home owner, especially those using real estate for our retirement scheme and kids likely to go for a property tax? Pleased too see you looking critically at Luxon's successor
I agree with Kirsty's comment re corporate profits being taxed to help rebuild the communities that have subsidised them. I also think it is time for the govt. to address the issue of tax brackets n the upcoming budget. The minimum wage is going up- tax brackets also need to be adjusted so that people who get an increase in their basic wage do not end up paying a higher tax rate. I also think there should be a no tax lower level, as in Australia and other countries. This should be offset by a realistic increase in the highest tax rate.People like Luxon should pay more tax,not less. Of course the reason Luxon thinks the govt.should borrow to fund rebuilds ,is to spare himself , and his well off peers having to pay more tax. The top tax rate should be increased significantly.