National Debt Solution
I would like to offer a simple solution for NZ's National Debt that could be added to the Internet Party's Financial Policy.
Issue: National Debt sits at a little over $128 billion. Per person that equates to around $30,000.
Solution: A new temporary tax. It could be called the COD tax (clear our debt).
Any product / service that has a sale value greater than $5.00 and is a GST taxable product / service will get this new temporary tax added to its sale price.
COD will add $0.10 (ten cents) to the sale price of COD qualifying products / services. This $0.10 will go directly into a slush fund and remain there until the nation's national debt value has been reached. It will not be used to pay the interest of the debt. When the fund reaches $120 bln NZ's national debt can be paid off in full.
On items like petrol and diesel COD will be $0.10 on the purchase price not per liter price.
COD is a non-refundable temporary tax and cannot be claimed against.
I estimate three to four years for COD to completely wipe NZ's national debt (at the current $120 bln value) based on this model: Collecting $10,000 per person, per year, for three to four years.
Please indulge in discussing this. I believe this to be the easiest solution that our govt (Internet Party powered) can use to solve the horrendous national debt problem.
Poll Created Thu 2 Feb 2017 4:00AM
Add the COD tax model to the Internet Party's Financial Policy Closed Thu 30 Mar 2017 3:01AM
Add the COD tax model the the Internet Party's Financial Policy.
Agree = Yes add COD to the party's financial policy. I want NZ to be debt free.
Abstain = Undecided or not sure. Let's talk about the weather instead.
Disagree = No don't add this to the party's financial policy. There has to be a better way.
Block = Buggar it !!! I am going to vote National anyway because I like the national debt the way that it is.
Results
| Results | Option | % of points | Voters | |
|---|---|---|---|---|
|
|
Agree | 10.0% | 1 |
|
| Abstain | 20.0% | 2 |
|
|
| Disagree | 70.0% | 7 |
|
|
| Block | 0.0% | 0 | ||
| Undecided | 0% | 602 |
|
10 of 612 people have participated (1%)
Grant Keinzley
Thu 2 Feb 2017 4:04AM
Because it is my idea, duh !!!!
Grant Keinzley
Thu 2 Feb 2017 5:43AM
:heart: :nz:
Matthew Chipping
Thu 2 Feb 2017 6:35AM
$0.10 is too much for New Zealanders and it will impact their wallets once companies adjust prices. We should instead lower it to around $0.03-0.04 spread out over a longer period, making it unnoticeable to the everyday shopper.
Paul Urquhart
Thu 2 Feb 2017 6:10PM
Do the math. To collect $10,000 COD tax in one year from someone would require them to make 100,000 purchases of at least $5 each which is HALF A MILLION DOLLARS in spending per year. Minimum. Zeitgeist is not a good source of plausible ideas.
Colin England
Thu 2 Feb 2017 10:30PM
No, we could clear our debt with a better tax system.
A government should always run at a deficit as it's that deficit that funds the growth in the economy. Of course, that does requires that we make the government the sole creator of money in NZ
Jo Booth
Sun 5 Feb 2017 8:57AM
Not certain this is the best solution - additional sales tax is hard to implement especially for a short term period - the Netflix tax is taking 6 months to go live... just better balance the budget :sweat_smile:
Josh Rich
Wed 8 Feb 2017 7:04AM
As above
Fred Look
Wed 8 Feb 2017 11:45PM
have to fix the system not patch it
Daymond Goulder-Horobin
Thu 9 Feb 2017 1:07AM
I agree that something needs to be done about the debt in this country. Perhaps rather than a tax and trying to convince people we need it. a simple revision of the budget would decrease the deficit, or even a complete overhaul as Fred Suggested.