Tinkering with tax will hurt economy
Although largely apolitical and having a fair amount of disillusionment with the Liberal Party, I’d like to know if we can really afford a Labor Government.
It is a major concern that Bill Shorten’s party plans to limit negative gearing to new investment properties and reduce capital gains tax concessions.
Won't this severely deplete investors and push rents higher?
Data from the ATO indicates 330,000 West Australians own at least one investment property and a significant proportion (215,000) rely on negative gearing to offset losses.
Another source estimates that nationwide, 70 per cent who negatively gear own just one property and 20 per cent have two — hardworking people trying to get ahead, hardly the top end of town.
Every Australian will feel the impact of any meddling in the negative gearing component, even non-investors, because most of us have superannuation and many super funds are invested in real estate.
With a depressed market and low property values, particularly in WA, is it wise to vote for a party that wishes to tinker with tax and jeopardise the economy?
Ultimately, isn’t this just another Labor tax grab?