Leading tax expert calls out ‘confected outrage’ of wealthy Australians over Labor’s $3m super plan
Leading tax expert calls out ‘confected outrage’ of wealthy Australians over Labor’s $3m super plan
The irony if the endless artickes in the AfR decrying how unfair it all is.
Running alongside articles about how terrible it is there hasn't been tax reform for 24 years
It's the same whenever the possibility of death taxes are raised, I am always bemused how the average person is outraged by this, as though a high tax on say >$10Million inheritance is some sort of outrage but inherited dynastic wealth that leads to vast inequality and political manipulation isn't. Let alone it was often made off the back of generous tax subsidies in the first place, like large super balances.
Remember that whole thing 15-20 years ago about "Occupy" and taxing the 1% etc?
This whole thing affects the top 0.3% of the population. 99.7% of us won't be affected by it. There should be very wide popular support for this.
Hell, I wish I were affected by this policy. This is an awesome problem to have!
The accounting newsletter my uni made me sign up to had an article criticizing this from the SMSF association.
Their key complaint is "unrealized capital gains" which is ... real estate basically. You can tax shares and they can just sell a few, "unrealized capital gains" only makes sense if you're using your super fund to evade income tax as a property investor. These elites, even the obscure accounting newsletter elites, know full-well what they're doing.
...unrealized capital gains" which is ... real estate...
Alan Kohler and Stephen Mayne, on Money Café, have been using property taxes as an example where taxes on unrealised gains are applied. It seems an interesting example flying against the 'never tax unrealised gains mantra'.