Rippler

@TaxPawspective @PTME2010 I mean taxes are deflationary (as long as the gov doesn’t spend extra to compensate…)

@PTME2010 I’m not arguing for any of the CGT changes, but observing that the idea that increasing taxes on, for instance, crypto makes 🏠 more affordable involves some leaps of logic that are difficult to make.

Chalmersnomics: the belief that increasing CGT rates (in particular for people on low incomes) on all sorts of assets (eg crypto, shares and gold) will have the effect of improving 🏠 affordability.

@JP_Technology Flipping things on sub yearly frequencies can have investment value too. If I hold gold bars for a day or a year it’s not that different. Far too many preconceptions are baked into these policies so we continuously fail to arrive anywhere sensible.

@rippler_t It's an attempt, albeit based on an arbitrary time frame, to distinguish between short-term or high-frequency asset flipping and genuine investment.

The CGT discount wasn't merely to offset the reduction in real gains due to inflation over the holding period. It also offset the fact that gains accrued over MANY YEARS get taxed as though they were earned in a SINGLE YEAR, pushing most of it into the highest marginal bracket.

@twaitiblog @bowtiedstocks Yes agree the tax rates are far too high, but disagree that it does or should have much to do with risk. The poster example is cgt on a relatively safe property investment.

@rippler_t @bowtiedstocks If we don’t have enough people volunteering to be astronauts, yes. Having the highest tax on capital gains in the world is going to drive a critical mass of innovators offshore to places with reasonable tax levels, like the US.

This is the craziest budget speech I’ve ever witnessed I didn’t think they would actually follow through on all of this Significant additional taxes on risk capital going forward This will have the opposite effect of their purported intention of reducing the intergenerational wealth divide Chalmers is outright dangerous, like a madman

Jenny and Matt 35/36 who build a software startup in their garage, have global customers and sell it for $10m, pay $4.7million in tax George and Margaret 73/74 own a $5million home in Mosman, have $4.4 million in super and pay $0 tax on earnings, $0 CGT and $0 on their pensions

@twaitiblog @bowtiedstocks When did risk become the primary criteria for tax rates? Should astronauts get 100% off?

@bowtiedstocks Chalmers seems to be totally unaware that investment is risky and can’t be taxed at same rate as relatively risk-free wage earning

@casccw @rationalaussie not like any of the others stand up to them

@rationalaussie One nation is Israel first and I have a Problem with that

Been offline for a few days. A few comments: 1. The Australian government is digging their own grave with these CGT discount changes. 2. The One Nation by-election win is a harbinger of a trend just finally beginning in Australia. It's the beginning of 'the big one' - when ordinary Australians finally decide they have had enough of both corrupt, slimy slides of 'mainstream politics' (as Albo calls them) and kick them to the curb where they belong. 3. 1 will propel 2, because business interests in this country have largely been silent on mass migration due to the stigma associated with publicly being against it, but they will not remain silent when the thing they care about most is jeopardised: money Australia punches above its weight intellectually. We are a small population but we do genuinely have some smart people here. It's just that they largely all leave and go to America, where they are not treated like shit and don't have their wealth stolen from them by a corrupt government who then allocates the stolen capital into things that benefit themselves. It is incumbent on all Australians to call out just how corrupt this government is - and really now, every Australian government for the past two decades. We are long past the point of platitudes and friendly suggestions. These people must be removed from office. They are incompetent, they lack integrity, they have no right to be telling hardworking Australians how to live their lives, and they certainly have no right to steal 50% of your money for starting a successful business - only to then allocate that capital into fraudulent schemes like the NDIS. The audacity of this government to say that removing the CGT discount is about intergenerational equity is disgusting. Yeah @AlboMP please explain to everyone how removing the discounts your boomer generation voted for and used to pump the living shit out of your non-productive property portfolios, and which now the next generation can't even use to be incentivised to start a BUSINESS (not even buying/selling property or shares), is 'equitable'. What a lying retard this bloke is. He has zero understanding of economics. The absolute audacity to do this, after using taxpayer's funds to subsidise demand into the housing market to inflate their dogshit properties supposedly worth millions of Pacific Pesos, is insane. It's the type of immoral shit that could only possibly be dished out by a bloke who has taken from the public his entire life. Not a single private sector role. Truly pathetic shit. We need a referendum to exclude any person who has not served a decade in the private sector from public office. These people could not be entrusted to run a local pie shop let alone a country. The funny thing about all of this is the boomers have sewn the seeds for a truly radical person a decade from now to literally just steal all their shit. That's the mood they have created. No one will give a shit. They will remember who stole from them. 'You steal my opportunity? Okay, I will remember that a decade from now when we have power, and steal every last cent back' - this is the political environment we are heading towards over the next several years. Things are going to get very extreme... Best analogy is Germany 1930s. Australians deserve better, and One Nation is the beginning of that, not the end.

@PunishedJeanLuc @rationalaussie idk whats so special about holding something for a year. agree grandfathering is dumb.

@rationalaussie The CGT changes are disgraceful You hit everything on the head, but the irony of the government claiming this is in the name of "intergenerational fairness" while boomers had decades to benefit from the discount, young people won't, and present investment "grandfathered" Evil

It's time to end negative gearing to promote intergenerational fairness in the housing market. These older investors have benefitted for too long. To even things out, we'll honour existing negatively geared properties and prevent future investors from benefiting. 😂

The single biggest winner from the budget: the tax-free owner-occupied home, which is where people will put their money. After the budget doubles the capital gains tax on productive businesses/assets from circa 23.5% to 46-47%, investors will understandably pull money from businesses, shares, commercial property and rental housing and plough it into their tax-free owner-occupied home. It's a great way to push up the prices of these houses. On the other hand, cutting negative gearing while also doubling CGT makes investing in rental properties extremely unattractive. It hammers the capital gain upside on any asset: shares, commercial property, the small or medium sized business you built, venture capital and private equity. It will give Australia the most unattractive capital gains tax in the WORLD (see table below)! So the government's policies will (1) push up owner-occupied house prices, (2) push up rents, and (3) reduce the capital available for investing in any small, medium or large sized business that is driving employment, innovation, growth and productivity/prosperity. Investors will go to other countries where they pay half the capital gains tax, or less. Since these pollies have never worked a day of their lives in the private sector, it is no surprise that when they decide to completely and unilaterally rewrite the entire tax system for all investors and businesses -- after promising before the last election more than 50 times NOT to change the capital gains tax and negative gearing rules -- that they would blow the entire Aussie economy up... Your best bet will be to buy a house, live in it, and hope they keep dropping 500,000 new people into the country every year to pump-up prices...

@mccrap007 @QBCCIntegrity Closing the straight was their best chance at survival, can’t blame them too much.

@QBCCIntegrity to those not blaming iran. why? they closed it. they have done it before. unless the entire world condemns them.....they will do it again.

SNAP POLL: Responsibility for Fuel Crisis Who do you blame most for the ongoing fuel crisis? Essential Survey results below poll

@RyanOxland @QBCCIntegrity Hint - who visited the White House 8 times in the lead up to the war?

@QBCCIntegrity USA for starting the war Iran for closing the strait Australian government for being too comfortable with the good times and leaving us unprepared I don’t really know what role Israel has

never ask a woman her age, a man his salary and a value investor his semiconductor exposure

The masculine urge to call the top because the market goes up every single day and you’re not long enough

“In revolutionary times never trust anyone over 40” -Napoleon Boneparte . I think of this quote every time i hear some boomer talk about winning the next election, or the constitution.

@growing_daniel @gbrl_dick Ironically Australia is also full of Japanese cafes

when I was in japan I was going to a gym on a street that had several coffee shops and while visiting my third one I realized it was the third time an australian was running a coffee shop in tokyo and I said "why are you all here" and the lady said "to make the japanese coffee" anyway it just makes sense to see you coffee posting

the state of specialty coffee has me dooming harder than those Fall of Western Civilisation guys. do you have any idea how rare it is today to walk into a coffee shop and get a cup of coffee as good the average kenyan from george howell in 2016? never happens.

@focaltraveller @martyrmade It’s a vicious cycle… a rotten apple spoils the barrel.

@martyrmade I'm sorry, if you complain about a low trust society because of immigration but don't think this behaviour contributes to it, all you're doing is playing team sports and you don't really care about the long term health of your nation.

@xwanyex They honestly behave very much like I’d expect from a 120 IQ person with perfect recall of all human knowledge but extreme amnesia to the point where they’re literally writing notes to themselves in order to have any thoughts longer than 2 minutes.

@bubbleboi When the details of the nvidia collab came out I got sad. When the gov got involved I sold. Poor timing on my part but both are severe omens.

Intel will overtake Nvidia in market cap in the next 5 years. This is obvious I’ve been saying it for months now. A leading edge fab, the best CPU’s on the planet, and soon… leading edge AI inference. This is certain.

@recorderson @mccarthynose @MillersStone @martyrmade Also you are the one doing the appeal to authority sir.

@mccarthynose @MillersStone @martyrmade Appeal to authority. Show me official U.S. communication or STFU. I should just take the word of every official outside of our government at face value? lol. Ok, Peter Pan.