This list from Toby Rogers has been living rent-free in my head. It's not like "they" got a few things right and a few things wrong, they got EVERYTHING wrong, which means this was intentional.
The single biggest winner from the budget: the tax-free owner-occupied home, which is where people will put their money. After the budget doubles the capital gains tax on productive businesses/assets from circa 23.5% to 46-47%, investors will understandably pull money from businesses, shares, commercial property and rental housing and plough it into their tax-free owner-occupied home. It's a great way to push up the prices of these houses. On the other hand, cutting negative gearing while also doubling CGT makes investing in rental properties extremely unattractive. It hammers the capital gain upside on any asset: shares, commercial property, the small or medium sized business you built, venture capital and private equity. It will give Australia the most unattractive capital gains tax in the WORLD (see table below)! So the government's policies will (1) push up owner-occupied house prices, (2) push up rents, and (3) reduce the capital available for investing in any small, medium or large sized business that is driving employment, innovation, growth and productivity/prosperity. Investors will go to other countries where they pay half the capital gains tax, or less. Since these pollies have never worked a day of their lives in the private sector, it is no surprise that when they decide to completely and unilaterally rewrite the entire tax system for all investors and businesses -- after promising before the last election more than 50 times NOT to change the capital gains tax and negative gearing rules -- that they would blow the entire Aussie economy up... Your best bet will be to buy a house, live in it, and hope they keep dropping 500,000 new people into the country every year to pump-up prices...
@jhattaro@DavidBassanese Brit here. No we don’t have NG. We do have harsher rules for landlords though, and pay tax on full rental income even if it is interest only, so more people are exiting the market and sell. Renters also don’t want to buy the property when given the option. So big banks buy up!
🚨BREAKING: For the FIRST TIME in British History the UK WELFARE BILL now exceeds INCOME TAX
This is insane
Keir Starmer is driving us off a cliff
Income Tax revenue - £331 BILLION
Benefits & welfare - £333 BILLION
Punch, the viral lonely monkey, has now been hugged and groomed by an adult monkey for the first time
Zoo staff previously gave him a plushie for comfort when he struggled to fit in with other macaques
The UK government threatened Elon Musk with a ban.
The people of the UK have spoken.
• Grok is now the #1 productivity app in the UK.
• 𝕏 is now the #1 news app in the UK.
The signal is loud and clear.