AB

@Larryjamieson_ This is actually getting farcical now

I did not realise they were taxing gross rather than net gains… AFR: Investors with diversified share portfolios making a mix of gains and losses compared to inflation could face tax rates of more than 100 per cent on real gains, due to the Albanese government not compensating investors for underperforming stocks. A former senior Treasury tax official and a hedge fund manager both warned that people with a diversified portfolio of shares could face tax rates 50 per cent higher than Treasury calculated… Chalmers’ office and Treasury were contacted for comment on Thursday about whether real losses would be indexed to inflation. Under another example, an investor buys shares in Coles and Woolworths, with one outperforming inflation and the other underperforming inflation. The overall real return is zero after inflation, but the investor would pay tax on the winning stock. If an investor instead bought an ETF of supermarkets with the same overall result, they would pay no tax. afr.com/policy/tax-and…

@marrowing @laundryroast Then why not reduce the taxation of labour? Why do you lot always think higher taxes is the answer? They're getting smoked right now, and deservedly so

@laundryroast to equalise treatment of income from labour and capital

Jim chalmers shaking crying and freaking out because the founder of a QR code menu ordering startup said he didn’t like the CGT changes is one of the most pathetic things I’ve ever seen

To be clear: i'm a 35 year practicing economist. 1 st class Masters Degree, Director Economic Research UBS for 7 years; won the 1993 ASX prize for the best University Masters Thesis. The Treasury figures for CGT ARE WRONG. You pay 50% MORE CGT TAX than they are claiming.

A Fijian migrant has stunned an audience on SBS’s Insight as he described why he voted for One Nation. news.com.au/national/polit…

@amlivemon Do you have an updated view on when it ends (and the Strait properly reopens)? Feels like it's going to drag on for a while..

Trump warned Iran the "clock is ticking" as negotiations stalled, threatening further consequences if Tehran did not move quickly toward a deal. Iran's proposals — including an end to the war, a halt to the US naval blockade, and sovereignty over the Strait of Hormuz — were rejected by Washington, which demanded Tehran limit its nuclear operations and transfer enriched uranium stockpiles to the US.

@ErikSTownsend Hey @ErikSTownsend what happened to Copenhagen Atomics? Are they still on track? I remember them from the series you did on Thorium reactors but havent seen much since

I just can't say this loudly enough: The global balance of power for the next 50-100 years will be determined by who is first to make nuclear energy cost less than coal and gas. Energy dominance directly leads to geopolitical dominance; history is crystal clear on that. China is quietly kicking the West's ass down the street. America's present nuclear renaissance is exactly the right recipe, but it's going to prove too little too late at the rate we're going. China will assume the role of global dominance USA enjoyed for the last 80 years for the next 100 years, and it will have been our failure to modernize and economize our nuclear energy strategy that cause the West to lose our dominance. This story will take decades to play out, but the handwriting on the wall couldn't be more clear: China is kicking our ass and we're too goddamned stupid and complacent to realize it. DOE's nuclear leadership under @SecretaryWright and companies like @AaloAtomics are fantastic news for America. But compared to China's nuclear energy program, we're so far behind that it will be nearly impossible to catch up. And we handed China all the American-made technology they needed on a silver platter. It sickens me to see what's coming so clearly and have so many around me completely blind to it.

@Thejimpenman That's way too much common sense for this government to comprehend, Jim

The people who write business rules should try running a business first. The people who write tax rules should try paying tax on a small business first. The people who write housing rules should try buying a first home in Melbourne first.

This budget reform is huge for ASX microcaps as investors will desperately pile into assets which generate capital losses to offset gains.

@AngusTaylorMP You really need a new media team. Your videos fucking suck. Zero cut through

Australians are working hard to get ahead. We will fight Labor’s plan to take more from you.

The other thing @GeoffWilsonWAM which hasnt been mentioned much yet.. with the next generation of wealth creators leaving to establish their new business in more favourable CGT jurisdictions (NZ, Singapore, Dubai, parts of Europe, US etc), all the flow-on effects of that wealth (including increased future tax revenue from gains, PAYG from employees etc) will no longer be captured in Australia. That leaves the rest of us who dont have the flexibility to leave (eg those who already have roots here, established businesses, young families etc) to shoulder so much more of the future tax burden. More taxes will absolutely be on the way when the tax grabs from tonight dont raise anything like the revenue that's modelled, and future growth slows drastically.

The 2026 Budget puts the death knell for aspirational young Australians #AussieDreamKiller #Budget2026 #LaborTaxRaid

@SandyXiaotong Malcolm Turnbull in a (terrible) wig

CANBERRA BUBBLE: in final remarks, Nikki Savver says it’s critical for Canberra bubble journalists to become activists smearing centre-right politics in order to “save and preserve democracy”. You think you hate the media enough, but you don’t. Watch

The @ausgov budget on Tuesday will impact all Australian founders, entrepreneurs, investors and ambitious young Australians trying to build something meaningful. Australia has a productivity crisis and the government is increasing the tax burden on productive risk-taking capital. Stupidity of the highest order. That is economic vandalism. A founder who spends a decade building a company is not earning a yearly wage. They are risking capital, sacrificing income, employing Australians and reinvesting for years in the hope of creating something valuable. Now compare Australia to the rest of the world. The US rewards entrepreneurship. Dubai rewards entrepreneurship. Even Greece is competing for global capital. Australia is punishing it. Capital is mobile. Talent is mobile. Ambition is mobile. The result of these changes will not be “intergenerational equity” it will be “capital punishment” for every ambitious Australian. The result will be fewer Australian companies, fewer jobs, lower investment and weaker productivity. The smartest founders and investors are already doing the maths. And increasingly, they are concluding that Australia doesn’t want them. This Budget will become the moment Australia stopped competing for growth and started taxing aspiration instead. #Budget2026 #CGT #Productivity #Entrepreneurship #Innovation #AustralianEconomy #Investment #Startups

@JEChalmers You think young people are going to buy tampering with CGT on assets besides property? 😂 It's over if you do that. no amount of propaganda and gaslighting will save you

I get taxing gains from property. But why tax capital gains on productive assets? Saving and investment are the foundations of growth.

The government’s proposed changes to capital gains tax is likely to seal Australia’s fate as the most uncompetitive economy in the world. ebx.sh/Gw8x8G

.@cjoye argues that our tax system unduly penalises risk-taking and innovation, the basis of growth. I agree. But that does not justify preferential treatment of real estate, the source of most capital gains, through no sacrifice or effort by the investor. afr.com/markets/equity…

I am the Chairman and CEO of Vornado Realty Trust. Eighty-four years old. Seven buildings in Midtown Manhattan. I said what I said. I said "tax the rich" is the equivalent of a racial slur. I said it at REBNY. Into the microphone. Eight hundred people. Median net worth in that room was north of $240 million, I know because our CFO ran the guest list through a Bloomberg terminal as a joke, and then it wasn't a joke. And when I said it, twelve people applauded. The rest nodded. One woman in the third row mouthed, "Finally." I saw her. Sharon, my communications advisor, Columbia, $430,000 a year, very bright, Sharon wants me to walk it back. She drafted something. "Mr. Roth's comments were intended to highlight the emotional impact of political rhetoric on business communities." I read it. I put it in the trash can on my desk. Not the recycling. The trash. Here's my clarification: I understated it. "Tax the rich" is worse than a slur. A slur is just a word. It doesn't come with a CBO score. Nobody is introducing a bill called the Racial Slur Implementation Act of 2026. But there are seventeen active proposals in Congress, I had Sharon count them, seventeen proposals designed to take more of my money. My money. Mine. Money I acquired by being better at acquiring Manhattan commercial real estate than anyone alive for four consecutive decades. That is not a crime. That is a record. I pay property taxes on $18.2 billion in assessed assets. $412 million a year. Say it again: four hundred and twelve million. I carry that number. It's the first thing I think about when I see a protest sign. I think: I pay more in property tax than the entire annual budget of the city of Fort Lauderdale. I looked this up. Fort Lauderdale: $408 million. Steve Roth: $412 million. I am a small city. And the city doesn't get screamed at. My effective tax rate last year was 11.4 percent. I say this because I believe in transparency and because I'm not ashamed of it. The rate reflects the legal structure of real estate investment trusts, depreciation schedules Congress established in 1986, and carried interest provisions that both parties have voted to preserve for forty years. I did not write these laws. I organized my entire financial existence around them with the help of nine full-time tax professionals who have offices on the 38th floor of 888 Seventh Avenue, which I also own. Their office is in my building. Their work protects my buildings. This is not a loophole. Sharon calls it a loophole. I've told her: a structure maintained by nine attorneys across four decades is not a loophole. A loophole is something you slip through once. This is architecture. This is the foundation. This is the building. Last Tuesday, same as every Tuesday, I walked past 1290 Sixth Avenue. My building. And there was a man. Same man as last week. Same sign: "Billionaires Pay Your Fair Share." He was standing on my sidewalk. My literal sidewalk — my company owns the ground lease. He was maybe thirty. He was wearing a jacket I would estimate cost $60. My lunch that day was $114. For one. I am telling you this not to boast but because these are facts. He has decided I'm his enemy. Based on a number he saw on a Forbes list. He doesn't know what I pay. He doesn't know what my buildings cost this city in construction jobs and lease revenue and foot traffic. He knows one number. He has made one judgment. I see him every Tuesday. I've started to notice things. He brings coffee from the cart, not the Starbucks. He has a backpack that looks heavy. He doesn't look unhealthy. He looks like he probably works somewhere, but not on Tuesdays. I've wondered: does he have a job? Does he have a building? Does he have anything that depends on him the way 4,200 employees depend on me? I suspect not. And yet he has opinions about my tax rate. I gave $22 million to charity last year. The Met. NYU Langone. Mount Sinai. I gave a building to NYU. Not money for a building — a building. The Steven Roth Residence Hall. It houses 400 students. That man with the sign has never housed 400 students. He hasn't housed one. He gives cardboard. I give structures. This is not a comparison I'm making to flatter myself. It's just arithmetic. When I said what I said at REBNY, I was saying what every person in that room believes and none of them will say publicly because they have communications advisors and the communications advisors all went to Columbia and they all say "unhelpful." I'm eighty-four. I'm too old for helpful. I'm too old to perform restraint for people who hate me for something I can't change. I didn't choose to be rich. I chose to be good at one thing for a very long time, and this is what happened. You don't punish someone for that. You don't legislate against someone for that. My net worth fluctuates between $3.8 and $4.1 billion depending on the quarter. I fluctuate more in a fiscal week than that man on my sidewalk will earn in his life. Both of these are facts. Only one of them is considered polite to say. They want me to apologize. I'll be dead in ten years. Twenty if I'm lucky. And they'll still be renting my buildings.

@TheKouk Hey @IfindRetardsAu this chump is the real deal

A good article from Chris, although I am not sure the numbers are completely accurate. That aside for the moment, Chris inadvertently shows exactly why the likely capital gains tax change is such a winner for Australia. "Fix the budget" is the cry from Chris & others off his ilk but hit everyone but me in doing so.

Any economic historian worth his or her salt knows you don’t fix a debased currency by taxing family formation and generational stability harder. You fix it by restoring sound economic foundations; productive energy, restrained spending, stable money, affordable housing and incentives to build rather than speculate.