A new report from Oxfam claims that the capital gains tax (CGT) discount and negative gearing are “disproportionately” benefiting Australia’s wealthiest, fuelling the housing affordability crisis and inequality, and harming the federal budget.
Accordingly, Oxfam has called on the government to “properly tax wealth and restore a progressive tax system that works for working people”.
“Today, billions of dollars in budget revenue are given away to the wealthiest in the form of tax discounts and because Australia’s tax system does not effectively tax the super-rich”, Oxfam argues.
