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/u/SavingsEgg8192
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The CGT set to a minimum of 30% only taxes wealthy Australians. The bottom 60% of Australians have less then 1% of their wealth in shares with most of it being in cash or super (which has different tax rules). The wealthiest 10% of Australians own almost 50% of all shares, so this tax is mainly going to effect them. The wealthiest 10% of Australians shouldn’t have to worry about being taxed without a tax free threshold, it probably makes no meaningful change to their lifestyle.
Personally I think wealth created passively should be taxed at the highest income tax bracket. No worker should be taxed more for their work than some wealthy person doing nothing to generate income.
Negative Gearing is also only done by the wealthy with 20% of Australians owning an investment property. It is fair to grandfather this change as people have made many financial decisions based on the current system however that is still only helping the wealthiest 20% of Australians. It would be more equitable to remove it without grand fathering it.
Finally, the median wage for all Australian workers is $74,000 p.a. Imagine complaining about paying more tax when your investment property or share portfolio brings in more income then 7 million working Australians make from working.
This sub is out of touch and needs to remember how privileged and wealthy we are compared to the median Australian who has no savings and lives pay-check to pay-check.
submitted by /u/SavingsEgg8192 to r/AusFinance
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Personally I think wealth created passively should be taxed at the highest income tax bracket. No worker should be taxed more for their work than some wealthy person doing nothing to generate income.
Negative Gearing is also only done by the wealthy with 20% of Australians owning an investment property. It is fair to grandfather this change as people have made many financial decisions based on the current system however that is still only helping the wealthiest 20% of Australians. It would be more equitable to remove it without grand fathering it.
Finally, the median wage for all Australian workers is $74,000 p.a. Imagine complaining about paying more tax when your investment property or share portfolio brings in more income then 7 million working Australians make from working.
This sub is out of touch and needs to remember how privileged and wealthy we are compared to the median Australian who has no savings and lives pay-check to pay-check.
submitted by /u/SavingsEgg8192 to r/AusFinance
[link] [comments]
Continue reading...