Phil Goff is thrilled with a Treasury report that offers a whole lot of advice on how to run the country. He's highlighted a few bits that make sense, and given the weight and experience of Treasury, I suppose we should follow it (not that Cullen did unless it suited him).
One of the bits of advice was to lower the top tax rates down to 30%. Damn good idea. That must have been the one that Phil Goff liked?
With the economy in recession (or is it depression?) there is opportunity for National to push all sorts of reforms through. There may be a bit of horse trading required though. I'd be happy to see taxes leveled to 30% (ideally less) in exchange for a capital gains tax on property sales (where the property is not the main family residence) and a crack down on mis-using trusts and charity status to avoid tax. Actually, a flatter tax system kills many of the reasons to manipulate overly complex tax laws anyway.
I see that Obama was furious that millions of dollars of bonuses were handed out last year to fat cat traders even as the US Government underwrites their losses. And so he should be. As President, does he just stamp his foot or turn into a communist? This is perhaps his first interesting challenge, in that what he may or may not do is unclear.
I personally do not think the Government should be underwriting Wall Street until we break this "greed is good" mentality. It needs some kind of "market forces adjustment" before the more rabid anti-capitalist socialists call the shots.
Then we will see why envy is also as bad as greed.
Related Link: Phil Goff Treasures Treasury report, but has selective amnesia on Labour's history of ignoring treasury advice as well as ignoring other bits of treasury advice in same report
Related Link: Obama furious about fat cats milking the system. Furious. May repeat this with whilst shaking fist, if required.
One of the bits of advice was to lower the top tax rates down to 30%. Damn good idea. That must have been the one that Phil Goff liked?
With the economy in recession (or is it depression?) there is opportunity for National to push all sorts of reforms through. There may be a bit of horse trading required though. I'd be happy to see taxes leveled to 30% (ideally less) in exchange for a capital gains tax on property sales (where the property is not the main family residence) and a crack down on mis-using trusts and charity status to avoid tax. Actually, a flatter tax system kills many of the reasons to manipulate overly complex tax laws anyway.
I see that Obama was furious that millions of dollars of bonuses were handed out last year to fat cat traders even as the US Government underwrites their losses. And so he should be. As President, does he just stamp his foot or turn into a communist? This is perhaps his first interesting challenge, in that what he may or may not do is unclear.
I personally do not think the Government should be underwriting Wall Street until we break this "greed is good" mentality. It needs some kind of "market forces adjustment" before the more rabid anti-capitalist socialists call the shots.
Then we will see why envy is also as bad as greed.
Related Link: Phil Goff Treasures Treasury report, but has selective amnesia on Labour's history of ignoring treasury advice as well as ignoring other bits of treasury advice in same report
Related Link: Obama furious about fat cats milking the system. Furious. May repeat this with whilst shaking fist, if required.
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