The government says the latest changes to capital gains tax and negative gearing are about fairness and housing affordability. But how do we want Australians to aspire, invest and build wealth? The message is: you can – just not too much, or we’ll tax you for it.
Think of a very traditional family tree (no offence to anyone), it starts at the top and blossoms outward over generations, so who could blame a person for wanting to create wealth for their children, their grandchildren and generations to come. Statistically, generational wealth only lasts three generations because when you get to the third generation, the wealth is split more thinly. And if the wealth hasn’t been further invested by the subsequent generations it is naturally absorbed while being passed down.
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