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Negative gearing fires up crowd at Guardian Live election event in Sydney

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...Her three children provided the motivation, she said. If they couldn’t afford to one day buy a home, “There won’t just be something wrong with our economy, there’ll be something wrong with our society.”...

 

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Late to the party. There's already something wrong with our society. When the critical mass of owners versus renters (or indeed parents that can't afford to subsidise their children's purchase) - not this election we might see some change. Labor are proposing change this time but their bound to lose so if the status quo continues we might see bipartisan change next election. Alas by that time it may all be sorted without any intervention or so they would hope...

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Rich benefit the most from negative gearing: Treasury report.

 

 

A Treasury report released under Freedom of Information has found over half of all negative gearing tax benefits aid our top twenty percent of income earners and the top ten percent of income earners gain 75 percent of the capital gains tax concessions.

Despite claims by the coalition that Mums & Dads and average wage earners were the main beneficiary, the report states “Negative gearing benefits high-income families,” and the capital gains discount “overwhelmingly benefits high-income families.”

The lowest twenty percent of income earners only obtain 5 per cent of all benefits under the generous negative gearing scheme, costing the budget billions of dollars each year.

It is understood the report is written by ANU’s associate professor, Ben Phillips for Treasury, and the government had known about the contents of the report for three months, while fiercely maintaining it’s claim that negative gearing benefits average wage earners.

The report, which the coalition tried to keep secret, found Labor’s plan to quarantine negative gearing to new properties and reduce the capital gains discount from 50 per cent to 25 per cent would save the Australian taxpayer approximately $6 billion a year.

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