I am not going to sit back and accept your scare-campaign to fight these changes, because we’ve all had enough of the rich using fear to stop everyone else getting a fair deal. The carbon price fear campaign was vested interests paying to fix the result. For every established home sold to a first time owner-occupier, there is one less renter in the market and one less renter means one less property investment needed and at the end of this change, there is still one property, one family living in it, one family benefiting from the wealth that owning this property brings them and zero-net change in overall property wealth of the country. Landlords will still exist under Labor’s plans, but you will have to build new homes and if that sounds like too much effort to you, then fine, don’t do it.
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But what I have got something against is the idea of you complaining about changes to end the legality of what really constitutes a massive rort causing structural wealth inequality that is bad for our entire society. Wealth inequality is bad for all of us and that’s why it’s time you came to terms with the fact that this policy is going to change and that you should just be pleased you will continue to get away with it because you were lucky enough to start doing it before everyone realised how unfairly your wealth was accumulating. We have a Prime Minister who claims it’s never been a more exciting time to be Australian.
But what he really meant was that it’s never been a more exciting time than in the past 30 years to be a property-investing-Australian. Making money by literally just sitting on your arse, watching the rent go into your account, and the property value go up, and then using this wealth to reduce how much tax you pay.
Scott Morrison showed off his economic-illiteracy this week by claiming property investors mostly earn less than $80,000 a year, when we all know the only reason the tax office has you in the ‘earning less than $80,000 a year’ bucket is because you use negative gearing to reduce your taxable income down to less than $80,000.
We all know you have a tax accountant showing you how to legally reduce your taxable income to a fraction of what average workers have to pay, who own a fraction of the wealth that you own. I am proud of Australia when we can have mature discussions about problems that need fixing, when we can talk about the best way to fix them.
You’ve been on a pretty good wicket with negative gearing.
I don’t want to hear you complaining about Labor’s changes because let’s face it; you’re taking the piss to expect Australian tax payers to keep subsidising your lifestyles.
I’m hoping most of you will keep quiet and continue to fly under the tax office radar since Labor’s grandparenting their proposed changes, and you’ll therefore be able to keep using your accumulated wealth as a tax-dodge strategy.
I’ve got nothing against you doing this, because it has been totally legal.
Professional landlords who build personal wealth by owning so many investment properties that they don’t even bother with negative gearing because they don’t have an actual job, and instead just gather rents, are the very definition of rent-seekers – the term used to describe those who take from the pie but don’t grow it.
A smart country doesn’t encourage such unproductive behaviour.
A smart country doesn’t stand for vested-interests fighting against smart policies and a smart country therefore gets rid of the scare-campaign Liberal government run by vested-interests who don’t want to see their privileged inequity addressed.