Politicians will be flying into the nation’s capital this morning as Parliament begins a new sitting week. And Joseph Daoud has a big message for them.
The founder of a mortgage brokerage firm has paid to erect a billboard outside the airport, as well messages on digital surfaces inside the terminal, criticising the Budget changes to capital gains tax that extend beyond housing, to increase taxes on share investors and businesses.
“Investing in shares? Saving a deposit? Building a business? You ambition will be taxed under proposed CGT changes,” the billboard says.
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Daoud says he paid $17,500 for the effort which will run throughout the Parliamentary sitting week.
“After meeting with dozens of small business owners, fielding phone calls from first home buyers and holding roundtables with the Shadow Treasurer….ambitious Australians still aren’t being listened to,” he wrote on LinkedIn explaining his project.
“So if Canberra wants to live in its own bubble and act like we don’t exist, I’m going to make sure they see each and every one of us.
“I spent $17,500 on these billboards because I know for a fact that this budget is going to disable hope for all young Australians, anyone looking to start a business, anyone who invests in shares or other markets or anyone that is looking to purchase their first home,” he said.
The government has faced backlash from the start-up and small business sector about the actual consequences of scrapping the current 50 per cent discount on capital gains tax to move towards a discount based purely on inflation. UNSW economist Richard Holden over the weekend joined the chorus of criticism, releasing analysis on Sunday which showed how higher performing businesses would effectively be punished upon a sale.
“This is the worst possible plan for a country in need of more jobs, and more economic growth,” he said.
“It’s a productivity tax in the middle of a productivity crisis. Unfortunately, that is the perverse logic of a productivity tax, they punish high productivity businesses for doing well, growing fast, and creating more jobs.”
Former Treasurer Peter Costello says the young will bear the brunt of tax changes
The government has also faced backlash from young share investors who typically look to invest in high growth assets, which will be disproportionately hit by the changes to CGT.