AND so they should support LABOR’s negative gearing reforms … because 50 per cent of the TAX BENEFITS from negative gearing go to the top 10 per cent of INCOME EARNERS!
Despite the vicious scare campaign launched by the Coalition and the property lobby, Labor appears to have little to fear from persisting with its negative gearing and CGT reforms, with the latest ABC Vote Compass – based on 223,533 respondents – showing that more voters support Labor’s policy than oppose it:
Almost half of voters agree there should be fewer tax breaks on investment properties, Vote Compass finds, but 20 per cent are neutral and 29 per cent disagree…
Voters across the income spectrum are more inclined to support winding back investment property tax concessions than to oppose them.
A clear majority of voters – 61% – also favour more taxes on the wealthy:
La Trobe University associate professor Andrea Carson, also a member of the Vote Compass advisory panel, says the results suggest Australians are relatively egalitarian and “want an economy where the tax burden is shared across the population, including the wealthy paying their share”.
On the face of it, Labor’s inequality agenda is an election winner, whereas the Coalition appears to have backed a loser in supporting existing inequitable tax concessions and lavishing tax cuts for higher-income earners.
We’ll find out for certain on 18 May.