Following the release Monday of the Australian Treasury’s discussion paper on tax, there has been lots of calls for the Abbott Government remove the 50% discount on capital gains tax (CGT), which has overwhelmingly benefited the rich by creating a tax shelter via, among other things, negative gearing. Here’s an example from The AFR today:
The government could save up to $5.6 billion a year if it wound back the 50 per cent discount on capital gains…
