Budget 2024 was announced today (30/05) at 2pm. The final threshold changes are the same as what I shared in this video, effective from 31 July 2024. Find out more at budget.govt.nz - they have a tax calculator on there too

Quality non-bias content outlining the facts - appreciate what you do

@BrentColeman

2 ай бұрын

Thanks! Really appreciate the support!

This was great thanks. Fairly small tax cuts all things considered, and not targeted at the rich, but people sure do seem to want to fuss about it.

@liamansell-douglas5706

2 ай бұрын

The fuss is about the interest deductibility for rental properties; which is the favored investment for the wealthy in NZ, while pretending that they're giving nice tax breaks for the workers.

@greybuckleton

2 ай бұрын

@@liamansell-douglas5706 well, every other business is tax deductible and the policies are not actually linked. Go look at the yield on investment properties, they are all negative yield right now. The Brightline tax actually prevented me getting a house. Labour basically tricks people into thinking their neighbour is rich and there is this false culture war between upper and lower middle class. A real rich person owns 10 houses and 2 bars in downtown, they are not your neighbour with the slightly nicer car than you. They live up on the hill will lovely views and MPs from all the parties as dinner guests. They don't have large mortgages. A middle class person like me can't afford a house, so I was going to buy one and rent it out to cover about 2/3rd of the mortgage. That Brightline tax pushed me out of the market. This might make lower middle class people think they "won". But the actual rich guys can still purchase uneffected, as they have cash not loans. You will notice house prices did not drop due to the Brightline tax. We would need a capital gain tax for that. Neither labour or national are willing to consider that unfortunately, so we are basically screwed.

@user-vk4el9oy6m

Ай бұрын

@@liamansell-douglas5706 Do you have a portrait of Jacinda in your toilet?

@liamansell-douglas5706

Ай бұрын

@@user-vk4el9oy6m I haven't voted Labour since my first election. If you think that the only people turning their nose up at the idiocy of this government are Ardern fans, you have another thing coming.

You've identified the grift, impose more financial pressure on the squeezed middle, so you can justify more austerity and privatisation, shifting assets to the wealthy.

Good video explaining the brackets and changes, and how a tax free threshold is a MUCH better idea for reducing actual tax take from workers. While this particular change isn't massive for higher income earners, let's not forget that National is reinstating the interest deductibility for rental properties; which is the favored investment for the wealthy in NZ.

Very good video my friend, thank you

@BrentColeman

2 ай бұрын

Thank you!

Loving what you're doing bro. What I'd like to see, is you getting controversial. Why is the situation like this, How successive government policies over the last few decades have landed us here, including immigration etc. Housing affordability is a huge issue for kiwi first home owners, giving in-depth mortgage numbers, possibly forecasting rate increases. Maybe looking into What's causing unaffordability, and why the govt schemes don't work, what causes inflation, what kiwis can do to combat. Also rather than excel you could include these sheets as fast fill forms on your website for those without excel or on mobile. Cheers bro !

@BrentColeman

2 ай бұрын

Thanks mate - It's certainly been on my mind so it's good to know your thoughts! Useful point on the website too, I've been considering getting something up and going. Thanks for supporting the channel and sharing some great pointers!!

@grizzz6884

Ай бұрын

@@BrentColeman don't get to controversial , as getting the facts out there is more important . if people want see controversial monkey's in government to be controversial , just watch the government live feed

Awesome i can do with some extra cash, great explanation and research, liked and subbed , cheers

@BrentColeman

2 ай бұрын

Agreed! Thanks for supporting the channel!

tax cut is good, but I hope its more than the increase in Auckland Council rates.

@BrentColeman

2 ай бұрын

Agreed!

Less tax income for gov and they will find other ways to gaining it like fineing and charging more on public services. Or more simple, print more money and diluting everyone's assets.

@greybuckleton

2 ай бұрын

They paid for it by laying off government workers, he addressed this in the video.

@dgpaliza

2 ай бұрын

Or stop wasteful spending like what the labour government did.

@bdm2much628

2 ай бұрын

@@dgpaliza This is why i voted for the marijuana party

@eugeb3946

Ай бұрын

10 bil in tax cuts, 12 bil in borrowing. Cutting jobs was an ideological decision, not financial.

@greybuckleton

Ай бұрын

@@eugeb3946 cutting jobs quite obviously saves money.

A correction for min wage increases?

I think people need to review ACTs and NZ First tax policy on tax rates also.

Glad to see tax policy moving in the right direction, however small a change. While a positive move, bracket creep has been silently robbing the country for years, getting worse every year. If they were indexed from the beginning we would all be paying significantly less. Would love to see them put something into law for periodic tax bracket adjustment, following a significant initial correction to the rates, but I doubt it'll ever happen!

@GM-fx2jo

2 ай бұрын

agree, the brackets need to be adjust maybe every 5-10 years

@BrentColeman

2 ай бұрын

Agreed - this chart shows how much money they're absorbing out of our wallets, especially after 2020: tradingeconomics.com/new-zealand/government-revenues#:~:text=Government%20Revenues%20in%20New%20Zealand,23033.00%20NZD%20Million%20in%201990.

D Parker was saying that the NZ tax system is set to work with welfare side of tax system. This means many people who earn up to say 120,000 pay income tax but get other entitlements which mean have more disposable income. Over this income people get less access to other entitlements. In short our tax system relies on the over 120,000 earners.

❤very good thanks

@BrentColeman

2 ай бұрын

Glad you enjoyed it!

I wish they just made 10k and under a lower rate (i.e : %5) . Would make a big proportional difference for lower earners and higher earners would still get a discount .

@Ravenousyouth

2 ай бұрын

more disposable income in lower incomes = more people spending money buying appliances , buying food , buying gifts = more money for middle income shop owners , cafe owners , contractors ...

@BrentColeman

2 ай бұрын

Not a bad idea actually! This would benefit all earners, incentivise working more hours, and it would encourage more spending to fight the decline in GDP

Awesome bro keep us updated. So my savings will be the same as someone who earns $100,000 more than me. Interesting.

@BrentColeman

2 ай бұрын

Will do! Thanks for supporting the channel!

These tax cuts are peanuts. A drastic reduction in the cost of housing, implemented by govt. legislation, would be the economic salvation of not just individual Kiwis, but on the economy itself. However it's such a sacred cow, there will be no change until the number of impoverished renters vastly exceeds the number of landlords.

@tonywood3660

2 ай бұрын

Most of the pollies are landlords...what do you expect. After all they are really struggling on their lousy salaries and perks and super...tough being a politician.

@BrentColeman

2 ай бұрын

I made a video in the past showing the average houses owned by our politicians: kzread.info/dash/bejne/m6V20LqHqsSse8Y.html

thoughts on trickle down economics? will giving landlords a tax cut lower rent prices?

@BrentColeman

2 ай бұрын

Haven't seen any historical data or papers to have a view, but I haven't met a philanthropic landlord before 😆

@muzzrx

2 ай бұрын

No because landlords are under economic pressure too.

@michaelcrane2475

2 ай бұрын

No. In fact it will push house prices up which will put rents up. The tax breaks they're giving landlords will cause a rush of companies buying up properties to rent.

@greybuckleton

2 ай бұрын

He covers how this tax cut caps out at 78k income. You can't own a house on that income, your landlord is making a lot more than that. This tax change will not help him much at all, it will help you though.

@AusValue

2 ай бұрын

you need to massively cut immigration and let housing supply catch up, then you will see lower rents

After being made so rich after the past 6years of higher tax’s how impoverished will we become if we get to keep more of our own money?

@tonywood3660

2 ай бұрын

Another chewing gum tax break...whoopy. Actually if you check it out teflon Johnny ran up a huge deficit when in power......everyone is paying for it now.

15$ per week is nothing when your rent is up $50 alongside power bills

@STaraSVirk

2 ай бұрын

Still something than nothing. My fuel cost from work to home. Every week is $16. So i will take it. Hope I hope it was somewhere $40 as minimum.

@user-vk4el9oy6m

Ай бұрын

Would you prefer not to have that $15?.....Send it my way I will be happy to have it.

Yeah, we'll see if they even decide to do any of these things but an extra $20 a week isnt really that much with the price of food, petrol and rent

@user-vk4el9oy6m

Ай бұрын

I would love to see them take GST off groceries that would have a direct impact on cost of living.

Your thumbnail is missing something. Where is the massive govt borrowing to pay for the cuts?

@BrentColeman

Ай бұрын

This video is about tax cuts not government debt. By my estimations the rate of borrowing is ~$5b lower over the next year due to spending cuts

I'll be $15 a week "better" off. My grocery bill has gone up considerably more than that and I'm eating lower tier food

I dont earn a big income annually and work my ass of for it which means I will experience abit more tax relief to buy an extra pie for lunch.

@user-vk4el9oy6m

Ай бұрын

Personally if someone gave me a free pie every day for lunch I would be very appreciative....So long as it was a Maketu pie...Yum

rip me not subbed.... Ahem.... That's fixed now

@BrentColeman

2 ай бұрын

Haha thanks for supporting the channel!

What really would help every Kiwi is if they cut the tax on fuel. The cost of fuel affects absolutely everything. From the commute to work to the shipping of groceries, building materials....

Do not need tax cuts! Need proper leadership and innovative ideas - none of which come from Chrissy or nicolaaaaaaaaaaaaaaaaa!

@BrentColeman

Ай бұрын

I disagree on not needing tax cuts, agree on the need for innovative ideas.

Remove income tax...simple

@user-vk4el9oy6m

Ай бұрын

They could do that but you would be paying road tolls everywhere to compensate.

I'm part of the 17% who will not receive a tax break. So this change doesn't help me. 😢

@user-vk4el9oy6m

Ай бұрын

Me to in fact I may end up paying slightly more tax but that extra $26 per week for a couple on super is nice to look forward to.

You don’t save, when in return everything goes up. Looks to me that the people who need the help, miss out once again, this is one of the worse things the Government could have done.

@BrentColeman

2 ай бұрын

This is a single item, in a broad set of adjustments to help hard working kiwis. Make sure to check out the Back Pocket Boost document as it gives a broader overview of what's proposed, beyond just the threshold changes

@dave24-73

2 ай бұрын

@@BrentColeman costs have gone up more than the tax relief, if you have children and they use public transport the average tax cut won’t fund their transport, where previously it was funded. And next year they will have taken in even less money, so no doubt more cuts. It isn’t helping anyone, and it’s certainly not helping the economy.

Its quite laughable really.

So in other words the lowest earners get stuff all, thanks Nicky...

@BrentColeman

2 ай бұрын

In the Back Pocket Boost you'll see increases to Working for Families, Independent Earner Tax Credit, FamilyBoost, etc. This is just a wee kickback to the hard working middle income kiwis who have been owed a threshold change for many years.

Tax cuts my bum bum might see $13.20 if we lucky

@user-vk4el9oy6m

Ай бұрын

I cant believe how people are whining about getting free fucken money what a pack of losers you people are I will be paying more in tax from this and you dont see me crying about it.

So the rich get richer, as usual...

@muzzrx

2 ай бұрын

Yep, but you forget these are generally talented people that create work for kiwis. Rich people are good for nz, you should be Rolling out the red carpet for them as it will mean more jobs.

@jkthx1138

2 ай бұрын

Umm. Only if the rich earn between mid-teens to late 70K a year or there abouts, which in my whanau's experience isn't a lot of $$.

@natk1105

2 ай бұрын

Not really the rich, more the middle class. Which is a good thing for most families.

@michaelcrane2475

2 ай бұрын

No it won't. Those with money will invest in property not businesses. It's what's been happening for years and is why our productivity is low.​@muzzrx

@greybuckleton

2 ай бұрын

is 70k a year rich to you? Because 63k is average. These tax cuts are for average Kiwis.