@GeoffWilsonWAM@AlboMP@JEChalmers But this way, Chalmers gets more employment of even more public servants to handle the additional admin and complexity.
And government gets bigger which is Labor's preference.
@GeoffWilsonWAM@AustralianLabor@JEChalmers Yes, they're destroying incentives.
Labor's CGT proposals are absolute poison to the prosperity of the country.
Pure economic vandalism.
Yes, this is 'economic vandalism'.
For people to take on risk, there must be a commensurate chance of reward. Harshly penalising this success, when it happens, just kills off the desire to 'have a go' and drives investment out of the country.
So sad for Australia.
Even the BCA and ACCI are slamming the @AlboMP government for βneedlessly and recklesslyβ ramming these CGT changes through with just two days of Senate scrutiny.
They see the damage to investment and productivity coming and want a mandatory 3-year review. Our WAM submission warned exactly this: it will redirect Australian savings away from growth companies, founders and venture capital and straight into property and yield assets.
The opposite of what a productive economy needs. This rushed βreformβ is economic vandalism. Proper inquiry now, or the long-term losers will be future founders, innovators and aspiration itself.
https://t.co/7dQC85i4FH
Australia's current CGT rate is high by international standards. To be globally competitive: we need to lower the CGT rate; and NOT INCREASE CGT to 147% above the international average!
Say NO to the biggest tax increase this century in Australia.
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