More than half of the benefit of the CGT concession went to the top 1% of income earners, the most recent data shows
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This year’s federal budget includes changes to negative gearing and capital gains (CGT) and discretionary trust tax concessions – policies that some blame for fuelling housing speculation and that disproportionately benefit the richest.
The top 1% of lifetime earners alone have received more than $700,000 in tax concessions over their working life from capital gains tax, negative gearing and discretionary trusts, according to figures in the budget.
Continue reading...This article was originally published by The Guardian and written by Josh Nicholas.
Read original article on The Guardian