The bit that stopped me was this: the capital gains tax discount going just to the top 10 percent is bigger than what the government spends on JobSeeker, childcare subsidies, public schools or uni.
That means a single tax setting quietly delivers more to the wealthiest households than core services most Australians rely on.
What surprised me is how invisible this is in the budget debate. If it showed up as an $18bn spending program, it would be politically radioactive. But because it is a tax discount, it barely gets airtime.
Hard to argue the system is neutral when it shapes housing, wealth and opportunity this much.
staghornworrior on
Wasn’t the capital gains tax discount put in place to reduce the complexity of accounting for capital gains? It removed the need for indexation accounting to adjust for inflation.
WaferOther3437 on
Sad part is Labor did try to change this, but liberals under morrison ran such a effective campaign. That the bottom 90 percent voted against there own interest.
rolodex-ofhate on
Yet the people believed the scare campaign about CGT in 2019
4 Comments
The bit that stopped me was this: the capital gains tax discount going just to the top 10 percent is bigger than what the government spends on JobSeeker, childcare subsidies, public schools or uni.
That means a single tax setting quietly delivers more to the wealthiest households than core services most Australians rely on.
What surprised me is how invisible this is in the budget debate. If it showed up as an $18bn spending program, it would be politically radioactive. But because it is a tax discount, it barely gets airtime.
Hard to argue the system is neutral when it shapes housing, wealth and opportunity this much.
Wasn’t the capital gains tax discount put in place to reduce the complexity of accounting for capital gains? It removed the need for indexation accounting to adjust for inflation.
Sad part is Labor did try to change this, but liberals under morrison ran such a effective campaign. That the bottom 90 percent voted against there own interest.
Yet the people believed the scare campaign about CGT in 2019