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The ACTU has used its submission to the federal government’s upcoming economic roundtable to call for negative gearing and the 50% capital gains tax (CGT) concession to be restricted to a single property.
The ACTU also wants a 25% “energy levy” to be imposed on LNG exports, for millionaires and family trusts to pay at least 25% of their income in tax, and for a $20 million cap to be set for businesses that claim fuel tax credits.
Last month, the Australian Taxation Office revealed that 91 people in the 2022-23 financial year had income of more than $1 million but paid no tax.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.