I totally agree that house prices in NZ are a problem and I don’t mind taking a hit if that’s what it takes to get things back under control. But (if I understand correctly), I HATE
this proposal. Here’s why …
- I worked a high stress, high paid job for a long time, basically until it physically wasn’t healthy for me anymore.
- My wife and I have a mortgage free home.
- Our intention is to exit the rat race and live cheap.
Now you’re going to tax that asset and I’m going to have to earn money every year to pay that tax.
I’ll support just about anything which helps solve this problem, but not a yearly tax on my home. I’ve spent a lot of energy figuring out how to get out from under the system, and I’m almost there. For the love of everything, please don’t throw me back to the wolves.
I’m aware that this post could easily make me sound like a spoiled brat, “boo hoo poor Adam”. But this impacts everyone who does their time, gets the kids grown up, buys a nice house and then decides to pursue the hobby business they always wanted to.
This effects everyone who has scrapped together money somehow for a bit of land to live cheap on.
This screws everyone who for whatever reason has a relatively large capital asset and a relatively low yearly income.
… because the tax cuts on a relatively small income won’t make up for the new taxes on a relatively expensive house.