Exclaim Bolt

[Exclaim Bolt @morsebolt]

@LouiseW75299081 @David_McMahon75 @PatellaPhalange @JEChalmers Raising the tax-free threshold to whatever the full-time minimum wage is would be a great move👍

[Exclaim Bolt @morsebolt]

@David_McMahon75 @LouiseW75299081 @PatellaPhalange @JEChalmers David, if you read my post again, I was clearly referring to CAPITAL GAINS, not income from wages. If you raise the tax-free threshold (tax wages less), in theory ppl will work more. If you tax cap gains more, in theory ppl will speculate less. Both good outcomes for productivity

[Exclaim Bolt @morsebolt]

@LouiseW75299081 @PatellaPhalange @David_McMahon75 @JEChalmers …what if everybody does the same? Do we just resign ourselves to being a nation of gamblers & just import more and more immigrants to do all the work? Aren’t we already there?

[Exclaim Bolt @morsebolt]

@LouiseW75299081 @PatellaPhalange @David_McMahon75 @JEChalmers Instead of selling shares, he gets another part-time job & makes the same amount in one years as your guy. Should he pay more tax on his hard-earned extra wage income than the shareseller? What if he then decides working is for suckers and devotes himself to speculating instead…

[Exclaim Bolt @morsebolt]

@LouiseW75299081 @PatellaPhalange @David_McMahon75 @JEChalmers Point is the treatment of cap gains vs wage income has become wildly unbalanced and we can already see where all this would lead us. The number of people who will be short-term hurt by these much-needed changes far outweighs the number who will benefit long-term.

[Exclaim Bolt @morsebolt]

@tax_oz @holl66582 @David_McMahon75 Someone sold shares & made $40,000 in PROFIT & your crying because they can no longer structure their finances in way that lets them take advantage of loopholes? With the result that they now have to pay $12k tax on a $40k gain? I think you’re just explaining why this is 👍

[Exclaim Bolt @morsebolt]

@Bulldogs5711 @MarkoMatvikov Exactly 👍

[Exclaim Bolt @morsebolt]

@David_McMahon75 Ordinary people working ordinary jobs are a net positive to society. Should we tax their wage income higher than income “earned” by asset owners? Won’t that disincentive them? Imagine earning a wage of $100k & having to give the govt $22k! OMG, everyone would stop working. Right?

[Exclaim Bolt @morsebolt]

@AvidCommentator @bowtiedstocks If the expectation of paying more CGT on windfall gains drives “investors” out of the secondary housing & share markets and into ventures that produce recurring income (like starting a business etc) this will help productivity. Stops the entire country chasing greater fool gains.

[Exclaim Bolt @morsebolt]

@Bulldogs5711 @MarkoMatvikov Yes, and why Lab didn’t seek a mandate for the policy before announcing it. Vested interests would have drummed up a massive scare campaign and it would have been killed at the ballot. This way ppl have time to see for themselves that the changes won’t even affect them.

[Exclaim Bolt @morsebolt]

@David_McMahon75 Thought you were talking about investors in the secondary market with your graphic? You changing the goalposts now? Are you talking about people who actually start a business? Because businesses fail more often than not (zero or negative return) and yet ppl keep starting them🤷

[Exclaim Bolt @morsebolt]

@David_McMahon75 Investing used to be something you did with the money you already had: a way to preserve capital through diversification. Now it is viewed as a way to *make* money, and to do so fast and with minimal effort. Govt should try to steer society away from this kind of damaging trend.

[Exclaim Bolt @morsebolt]

@David_McMahon75 So maybe the point is to disincentivize investing and reincentivise actually working for an income? Quaint idea, I know. But what happens to a society when no one wants to work and everyone is gambling on a windfall? Esp young ppl at the start of their working lives.

[Exclaim Bolt @morsebolt]

@BikoKonstantin1 @bandicoot_au Also sometimes the buyer already knows the vendor and the payment is for something else entirely. Not saying that’s the case here, but it happens.

[Exclaim Bolt @morsebolt]

@Sauronlordking Wait till you find out about historical episodes where govts have confiscated gold and foreign currencies 🤣

[Exclaim Bolt @morsebolt]

@Downunderdazza @David_McMahon75 @AggressiveQuant No one is stopping you, mate.

[Exclaim Bolt @morsebolt]

@holl66582 @David_McMahon75 Because realistically for *most* young ppl (excl. those from rich families) 30% of nothing = zero. Which is to say the number of nonwealthy young ppl actually affected by this is minuscule, despite the deluge of poor-little-rich-boy tears currently flooding Twitter.

[Exclaim Bolt @morsebolt]

@David_McMahon75 OMG this is one of the STATED AIMS of the policy: to discourage ppl from realizing gains at a timing that is most tax advantageous. The idea is for ppl to sell assets when they need/want to sell assets, not to hang on to them until their tax circumstances change.