2017 July - Political Panel - Capital PIA July 2017
Meet the Politicians!
Political Panel Discussion
We are pleased to confirm that we have organized a political panel discussion for our July meeting. So far we have confirmed two speakers:
- Grant Robertson (L), Wellington Central MP and Spokesperson on Finance and Employment
- Geoff Simmons (TOP) Chief of Staff confirmed for this exciting event.
- David Seymour (ACT), MP for Epsom and Leader of the Act Party.
We'll be drilling the politicians on their upcoming election policies including ring fencing of property investor losses and the 'tax reform policy' (tax on your own home). The party housing policies are explained here:
Grant Robertson - Labour, Central Wellington MP
"Speculators will no longer be able to use tax losses on their rental properties to offset their tax on other income which gives them an unfair advantage over people looking to buy their first home". http://www.labour.org.nz/levelling_the_playing_field_for_first_home_buyers.
PIA note: Labour also intend to increase the Bright Line Test from 2, to 5 years, after which any gain on property resale will be taxed. In the outline of the ring fencing of rental property tax loss policy, Labour used the word "speculator" 11 times - "investor" zero times. We've asked for a definition of the word "speculator".
Geoff Simmons - TOP Central Wellington candidate and Chief of Staff
"All productive assets – and that includes the house that provides you with your accommodation each year – are or can produce income each and every year. All income should be taxed, whether it is in cash or in kind. By only taxing the cash income from assets, Establishment parties have hurt many people, and in effect given a handout to property owners." http://www.top.org.nz/top1
PIA note: TOP want to tax unrealised gains on all your asset values less debt. Whether business, rentals, share portfolios, or homes, all will have their equity taxed at a nominal rate of return (possibly 3.5%). A fully mortgaged asset will incur no tax.
David Seymour - ACT leader
"Remove New Zealand’s large cities from the Resource Management Act, and create separate urban development legislation, prioritising land supply and reducing red tape on developers. Incentivise councils to consent more land for development and build more infrastructure, by sharing a portion of GST levied on construction. Get Councils out of the building standards process, by replacing council building inspections and compliance with a mandatory private insurance regime for buildings." http://act.org.nz/housing/
PIA note: It seems the idea here is to encourage building. Tell me more!
Free for Capital PIA members.
|For this month only our door fee for non-members is reduced to $15, with $5 being donated to charity.|