1970: Bonus Bonds
September 29, 2020
By AHNZ
Bonus Bonds (est. 5 March,1970) was a National 2.0 scheme to tax something other than income and consumption. What vice it taxes I’m not certain but, like Lotto, it involves being statistically innumerate.
Initially the random winners were not selected by a computerised process but then along came ‘Electronic Selective Indicator Equipment’ (ELSIE.) Prior to this, Bonus Bonds had a large staff.
Now they’ll have no staff, as this old scheme was set to be scrapped in October 2020 by Labour 6.0. Heavy announcements were published in October 2022 and Bonus Bonder was fully wound up by 2024 as it has outlived its usefulness as a taxation trap for generations who have now mostly died off.
“The Bonus Bonds Scheme is now closed. As at 26 February 2024, the Bonus Bonds Scheme was fully wound up and any unclaimed Bonus Bonds wind-up distributions have become subject to the Unclaimed Money Act 1971 (UMA).” – bonusbonds.co.nz
It occurs to me that the older generations that hold Bonus Bonds will be forced to cash out into their bank accounts. If they’re on certain welfare and assisted living programmes then the Government will be able claw back millions because this ‘windfall’ will be used to support the recipients instead. It’s also a way for one hand of the Government to see what the other was up to and how much wealth New Zealanders really have. And, of course, it’s all part of the march toward a cashless society because it’s culling one of the instruments of the NZ money supply.
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Image ref. Gordon Mitchell; ODT (1996)
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