Former Prime Minister Paul Keating urged the Albanese government to proceed with capital gains tax reforms without exemptions for commercial assets, arguing the changes are marginal and necessary to correct economic distortions caused by decades of preferential housing investment treatment. The government plans to replace the 50% capital gains tax discount with inflation-based indexation, facing fierce opposition from small business and startup sectors ahead of parliamentary legislation expected Thursday.
Historically, any law that was designed to tax rich asset hoarders ends up being full of loopholes and EXEMPTIONS specifically so rich people can avoid it, so then they can point to and say "oh taxing the rich doesnt work, see? It failed"
Of course wealth taxes dont work if you fill them up with exemptions that are easily abuse-able if you got enough money.
A bit part of labor's tax budget will be to see if it will pass or it ll get watered down to oblivion by the time it passes.
The main barrier to passing the tax changes are the Greens, who are asking for it to be strengthened with the removal of grandfathering, not watered down. So the odds are good that it becomes law mostly intact. We're living through history where something pretty transformative might happen, and the opposition is too weak to stop it.
How does one hurt an economy? I've always thought hurt was caused by inflicting physical pain or emotional abuse. Why does Keating care about the economy so much he is willing to pretend "the economy" can sustain injury. He must feel something is wrong. It must be a feeling of unease about the fact that making money is getting more difficult for businesses and investors. He imagines a shrinking pie. I can't click on this article because the headline is nonsensical. Besides that I have never heard anything interesting or relevant from Keating ever. In this case he seems overly concerned with the wealthy.
This sort of thinking is like the "pain at the pump" rhetoric. If there was "pain at the pump" why would anyone return there?
The Liberals are running a PR campaign at the moment trying to imply the changes hurt small businesses, despite the vast majority falling inside an exemption. So this is just trying to bolster Labor fighting the PR war against the Liberals. Luckily for them, the shadow treasurer Tim Wilson is not especially good at his job and the Liberals are extremely weakened compared to their historical levels of influence 20 years ago.
The future of right wing politics is weakness and division. All they do is babble. Whether it was arguing against interracial marriage back in the day or same-sex marriage more recently, their response is to make up something bad will happen. Drug law reform, don't do it, something bad will happen. Make a change to tax laws, something bad will happen. Recognize Palestine oh that is bad. Rely on renewables for power, guess what, that is a disaster. They rely on generating fear. It is part of their core doctrine and it is reprehensible.
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Former Prime Minister Paul Keating urged the Albanese government to proceed with capital gains tax reforms without exemptions for commercial assets, arguing the changes are marginal and necessary to correct economic distortions caused by decades of preferential housing investment treatment. The government plans to replace the 50% capital gains tax discount with inflation-based indexation, facing fierce opposition from small business and startup sectors ahead of parliamentary legislation expected Thursday.
Historically, any law that was designed to tax rich asset hoarders ends up being full of loopholes and EXEMPTIONS specifically so rich people can avoid it, so then they can point to and say "oh taxing the rich doesnt work, see? It failed"
Of course wealth taxes dont work if you fill them up with exemptions that are easily abuse-able if you got enough money.
A bit part of labor's tax budget will be to see if it will pass or it ll get watered down to oblivion by the time it passes.
The main barrier to passing the tax changes are the Greens, who are asking for it to be strengthened with the removal of grandfathering, not watered down. So the odds are good that it becomes law mostly intact. We're living through history where something pretty transformative might happen, and the opposition is too weak to stop it.
How does one hurt an economy? I've always thought hurt was caused by inflicting physical pain or emotional abuse. Why does Keating care about the economy so much he is willing to pretend "the economy" can sustain injury. He must feel something is wrong. It must be a feeling of unease about the fact that making money is getting more difficult for businesses and investors. He imagines a shrinking pie. I can't click on this article because the headline is nonsensical. Besides that I have never heard anything interesting or relevant from Keating ever. In this case he seems overly concerned with the wealthy.
This sort of thinking is like the "pain at the pump" rhetoric. If there was "pain at the pump" why would anyone return there?
The Liberals are running a PR campaign at the moment trying to imply the changes hurt small businesses, despite the vast majority falling inside an exemption. So this is just trying to bolster Labor fighting the PR war against the Liberals. Luckily for them, the shadow treasurer Tim Wilson is not especially good at his job and the Liberals are extremely weakened compared to their historical levels of influence 20 years ago.
The future of right wing politics is weakness and division. All they do is babble. Whether it was arguing against interracial marriage back in the day or same-sex marriage more recently, their response is to make up something bad will happen. Drug law reform, don't do it, something bad will happen. Make a change to tax laws, something bad will happen. Recognize Palestine oh that is bad. Rely on renewables for power, guess what, that is a disaster. They rely on generating fear. It is part of their core doctrine and it is reprehensible.