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Labour raises doubt about National's tax plan (www.newshub.co.nz)

submitted 1 year ago by [email protected] to c/[email protected]

8 comments fedilink hide all child comments

National needs about $5 Billion in foreign property sales a year to reach its target. Prior to the 2018 ban, China (which likely can't be taxed anyway due to FTA) made up 40% of an approximately $3.75 Billion in total sales. For Nationals numbers to work, the market would have to grown significantly, while leaving the vast majority of properties un-taxed. Further, they have not accounted for any drop in sales due to the tax, global downturn, or any other factors.

It's pure fiction and smoke and mirrors.

top 8 comments

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[–] [email protected] 6 points 1 year ago

If they genuinely can't tax Chinese foreign buyers more than NZ residents, that's very embarrassing for National.

[–] [email protected] 4 points 1 year ago (1 children)

@Rangelus we are now in post truth. It doesn't matter that the policy cannot be implemented. What's important to National is how the policy makes you feel.

[–] [email protected] 0 points 1 year ago (3 children)

I mean, it's not like Labour are fulfilling their promises. How's Kiwibuild and all that light rail coming along?

[–] [email protected] 4 points 1 year ago

Whataboutism is a bad way of thinking. Just because one side is bad doesn't excuse the other side.

But at least Labour is doing something. It's not much, and it's definitely not what they promised, but what they are doing is at least heading in the right direction.

[–] [email protected] 3 points 1 year ago (1 children)

I'm in a kiwibuild home

[–] [email protected] 0 points 1 year ago

One of the lucky few.

[–] [email protected] 2 points 1 year ago

@Ilovethebomb I guess choose your poison. One side underachieves to your expectations, the other never intends to try.

[–] [email protected] 3 points 1 year ago* (last edited 1 year ago)

I was thinking about this tax joke yesterday while watching a video on the huge pressure's* China's domestic real estate market is under currently.

Given how large that market is, and how much debt is held in it - its kinda hard to imagine Chinese buyers will even be back at 2018 levels, especially if their economy suffers even more wobbles.

*A lot of which the video argued was demographic and unlikely to be reversed any time soon due to the 1 child policy which was held onto for too long.