"Dear Generations X and Y: leave ASAP"

A great blog post by Bernard Hickey worth reading: "Dear Generations X and Y: leave ASAP". Do have a read!

He's critiquing two major things in the Budget - the lack of will to implement a capital gains tax, and the ceasing of payments into the NZ Super Fund.

What they mean in the long run is far higher taxes for people my age, to pay for the boomers. Hickey has a great sarcastic and scary list of the things that that generation has had a free ride on, paid for first by their parents, second by selling the family silver, and in the future by their kids paying high taxes.

Hickey's solution is to leave 

My solution is to urge you to join the Labour Party and to get rid of this visionless, backward looking Government whose first major policy act in this year's Budget was to start to steal New Zealand's future.

Comments

[steve]

I think you missed the main points of why Gen X and Y should leave;

won't paying into the super fund now mean higher taxes now (to pay for the interest on the extra borrowing) and higher taxes later (to pay back the borrowing)? As for the rest of the article it sites Labour policies including working for families as to why government spending is so high and why there is a transfer of wealth from Gen Y to the baby boomers.

I completely agree with the post by Bernard Hickey but I don't think labour policies offer a better solution. I think that alternative would give me even more reason to leave.

[George D]

So, will Labour introduce a capital gains tax?

[Michael Sandlant]

Every generation blames the one before, Me, I qualify as a very old baby boomer, The generations before did not plan, they did not have to, the government was going to look after them from the cradle to the grave.

As for the X and Y leaving they were going to anyhow, NZ does not have the business structure of infrastructure to do well in the Internet Age

Michael

[GNZ]

I second George D's question.

[George D]

Here's another suggestion.

What opposition does the Labour Party have to revenue neutral taxes? By which I mean, CGTs, carbon taxes, resource rents and other taxes which are also policy instruments, which are then refunded to the general population in the form of tax-cuts or rebates?

For example, if you take a tax, and then at the end of the year give back $500 to everyone over the age of 16, you mute the impact, and have a very transparent form of redistribution.

Not a sustainable way of raising revenue, but sometimes a tax has other purposes.

I'm sure you've heard these before, I'm interested to hear what your responses are.

[Clint Heine]

Gen X and Y were already leaving under Labour. Remember the historically high figures of people leaving for Aussie over the last 9 years?

So will Labour introduce a CGT?

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[Neil]

my mother is retired, she recieves greater govt support than I can hope to look forward to when I retire. My mother worked hard all her life, I have no problem paying taxes, just like she did, for her benefit.

Jordan, shove your inter-generational warfare.

[Sue Murray]

"What they mean in the long run is far higher taxes for people my age, to pay for the boomers" Oh my goodness Jordan ...I am a "baby boomer" and paid taxes since I was 16 years old and always belonged to a Union. Never been on a benefit either and now 63 years old....oh my goodness! How much did it cost you to go to Uni "little Jordan"? I think I helped to pay for your education too.

Much luv

Sue Murray