Commonwealth Treasury secretary Jenny Wilkinson says the average top income earner benefited from the existing investment tax arrangements to the tune of $700,000 over their lifetime, versus just $5,700 for median income earners.
  • Cypher@aussie.zoneEnglish
    1·
    24 days ago

    Ms Wilkinson said the average person in the top income earners category had benefited overwhelmingly, to the tune of $700,000 over their lifetime, from the existing investment tax arrangements, versus just $5,700 for median income earners.

    Lifetime not yearly, examining this as a retrospective change from the start of 2000 is strange.

    Ms Wilkinson further defended the tax reform, arguing that the vast majority of young people and average income earners would have been better off if it had been implemented sooner.

    Duh. If it was done sooner it would have been fairer but now it feels like the ladder has been pulled up because they grandfathered in all the boomers investments.

    Millennials who will start owning their homes outright soon and would likely begin investing are the ones getting screwed by the changes.

    Time to start building wealth for retirement! Also fuck you, pay the highest historical taxes on investment.