Jonny U

@JEChalmers What's that got to do with CGT on business equity?

THE FACTS: Too many Australians and especially young Australians are being priced out of the market by property investors backed by big tax breaks. That's why we’re reforming the tax system to help more young people buy a home of their own.

@lesstenny You said the quiet part out loud. And there's a shit tonne wrong with socialism.

So many twerps are crying that they are going to have to pay more tax now less avoiding . Never seen so many tears.. Join the club folks .. Hopefully Labor will go even more hard at the next federal budget, nothing wrong with a bit of Socialism Greed. is not helping the young people.. Bring it on I'll say

@ridethewave01 @NUCLRGOLF I do play golf and often think the same.

@NUCLRGOLF I’m not in the golfing community like this but why the fuck do you guys even play the game if you don’t finish the game?

Who’s right in this situation? ⛳️ 👟

@DrCraigEmerson @AlboMP Surely this isn't a serious message?

Yes, stand firm ⁦@AlboMP⁩ Without these changes the privileged few will lock young working people out of owning their own homes forever - which is exactly what the Liberals and Nationals want. smh.com.au/politics/feder…

@matt_barrie Nuspk

what is aspirational about raising taxes smh.com.au/politics/feder…

@MarkDiStef He's gone full John Cleese

Who, or what, blackpilled Dave Hughes? I feel like I missed it

@JacintaAllanMP So you're fucking us over family trauma?

This is my dad, Peter. He lost his job when the Liberals sold off the State Electricity Commission. Now we've brought back the SEC - and we're training the next generation of tradies to build Victoria's energy future.

@TheKouk True but there are many people realising it's not worth working harder for a pay rise to once you're up there.

I have never known anyone to reject a pay rise because it put them in a higher income tax bracket. It would be illogical to do so

@Booners05 @cjoye Apparently I'm rich by your standards. Yet here I am typing this in a poorly insulated 60s brick box, 20km from the city. I am taxed to the gills and have had a guts full.

@cjoye I know its the readership of the AFR who will suffer but I cant gather any sympathy for the top 10% of wealth who will pay a little extra tax and still be rich

The real equity issue in this budget is that Labor are telling us they need to borrow $267 billion of extra debt over the next four years to pay for their out-of-control spending. That is almost identical to the total value of the headline budget deficits that Labor say they will produce between now and 2029-30. The fairness issue is that Labor is spending hundreds of billions of dollars borrowed from future generations to buy votes in the present. If it kept government spending as a share of the economy, or GDP, at 2007-08 levels, when Australia was doing very well indeed, the budget would swing from a projected $64 billion headline deficit to a surplus of about $23 billion. Rather than borrowing from future taxpayers, we would be reducing their debt burden. It is un-Australian to overturn all the rules of the economic and investment game — adversely affecting millions of households and businesses in the process— with zero debate, discussion or notice. The accounting and legal costs alone will impose a small fortune on families and firms. How Labor thought they could get away with this daylight robbery is unclear. It must have something to do with dud polling… afr.com/markets/equity…

@realRick_AUS That shows precisely what they think of their voters.

A 33 year old labor senator, speaking like a typical ignorant, out of touch entitled brat, about changes to CGT like we’re the retarded ones who don’t understand. This gaslighting is disingenuous and embarrassing. What the fuck is going on?

@IanMcke52554063 @clairlemon @ChrisMinnsMP @TheAustralian Idiot call Ian who hasn't factored in GST. Payroll tax, stamp duties.

@clairlemon @ChrisMinnsMP @TheAustralian Premier of the largest state who doesn’t understand the income tax system. 47% only applies above $190k. Everyone still gets the tax free threshold.

Minns blasts Albanese government over bracket creep "you're working Monday, Tuesday & half of Wednesday for yourself... half of Wednesday, Thursday, Friday for the government" Thank you @ChrisMinnsMP theaustralian.com.au/nation/trump-w… via @theaustralian

@AshPolitik I'm astonished at you

Sometimes I think, Australia doesn't deserve change. The cohort of people that are easily duped via scare campaigns and disinformation is astonishing. The same whingers who say the government does nothing. From Gillard years, 2019 election, The Voice, now the 2026 budget. You all revert to primitive minded dark ages rather quickly.

@firstfusilier @JEChalmers @JEChalmers it's called a forecast you fucking flog!

Australian Treasurer @JEChalmers demonstrates how being financially illiterate and never having had a job outside of politics has perfectly prepared him for taxing the shit out of real working Australians and making up barely coherent justifications for the cash grab.

@AlboMP Normally I'd prefer not to be so vulgar. But fuck off you do nothing cunt!

We're bringing the dream of home ownership back in reach for young Australians. And it's why we're changing property investor tax breaks to give first home buyers a fair go.

@Peter_Fitz Your eyes

Another thing which, to my eyes, feels like electoral suicide. What am I missing?

@AshPolitik Oh goodie. Now do immigration

In one chart the budget is validated

@GibberCapital @clairlemon This is really easy to understand. Go and have a look at any time series chart by age for 1. Home ownership 2. Family formation

@clairlemon There really needs to be a conversation on how and why there's this core of resentment from people towards those who have done well. Frustration is understandable, but envy and hatred to tear down others seems to have replaced aspiration in this country.

Have been arguing with people on Reddit about Chalmers' budget & CGT changes. The people defending the budget seem to think that only rich people start small businesses & that anyone with a capital gain won't notice they're paying half of it to the government.

@clairlemon Your first sentence is the problem. Redditors never mentally graduated from high school. The level of discourse there is straight out of the common room.

@PubPoliticsAU @cjoye Sit down mate. You clearly don't grasp the economics of small business building.

This is wild. A small business would only pay CGT when doing things like selling the business or disposing of a business asset. To pretend this is going to effect the day to day income and profits of a small business needs to stop. The government is not taking 50% of the profits of your small businesses. You pay the standard income and business tax like everyone else. You sell the business, you get a capital gain, You pay tax on that income! Why should you get a 50% discount when no one else does... Its time to get fair and on a level playing field with the rest of the country.

Labor’s new capital gains tax of up to 46% to 47%, which is far and away the highest in the world, hammers all businesses, including small companies, harder the more successful they become. By applying the most expensive CGT regime in the world, Labor is taking almost half of the upside of any successful firm, encouraging owners and executives who own shares in the business to look at relocating overseas. The question, however, is how many small businesses will actually pay this tax in practice. We prepared the following simulation to highlight the impact. We took the long-term 20 year returns from Cambridge Associates for smaller venture capital companies, which grow by 12.2% pa. We adopted the ASX equity market volatility of 15% pa, which would understate the true volatility of small firms (and thus lead to a lower proportion of very high growth companies paying 46-47% tax in our analysis). We then ran a simulation to estimate the proportion of businesses paying CGT of more than 40%. We find that within 10 years more than half of all Aussie small businesses will be hammered by CGT over 40%, which rises to 78% of all small businesses by 20 years... By giving Australia the most uncompetitive business valuation tax in the world, this policy will crush innovation, entrepreneurship, spending, productivity, growth and our global competitiveness. We already have among the lowest productivity growth rates in the world: by reducing productivity further, we could raise the cost of living, inflation, and interest rates.

@ricketyclik @clairlemon @australian Fuck off retard.

@Jtah25 @clairlemon @australian "The guvmint is stealing my munny and I don get nuthin"? Radical, ultra unorthodox thinking! When's your TED talk?

The inequity that exists today is straightforward: every productive worker in the economy is subsidising a public service that cannot be made to perform, cannot be made to shrink & cannot be held accountable. My response to the Budget for the @australian theaustralian.com.au/inquirer/i-gre…