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Because it's communism with a different name!
This policy treats capital as if it is owned by the state and would simply lead to capital flight from nz and an immediate loss of investment in anything other than risk free income generating assets... Why would anyone invest their capital into a start-up or innovative business or even just an SME that pays not much more than wages to the owner and employees (like a large number of New Zealand employing businesses) if the capital base will be eroded by asset taxes whether they are profitable or not? Not to mention the total disregard of property rights that defining an imputed rental benefit of home ownership represents! Rental is defined as paying the owner of a asset for the benefit of using that asset. If you are going to tax an owner of an asset for an imputed rental benefit that is the equivalent of the state basically stripping the owner of the property!
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