Negative gearing and capital gains tax breaks go to top income earners and men, new figures reveal
57% of negative gearing deductions go to the top 20 per cent income earners, analysis shows.Greens leader Adam Bandt said both the Liberal and Labor parties back spending more each year on property handouts than on public schools.The bulk of negative gearing and capital gains tax concessions go to top income earners and men, new figures reveal.
“With so many people locked out of the housing market, we shouldn’t give billions of dollars to an elite few to help them buy their fifth, sixth and seventh home,” Bandt said. Grattan Institute’s economic policy program director Brendan Coates said the capital gains tax discount has been a “free kick” to investors.
Coates said while these tax breaks have a small impact on prices, it has ultimately driven housing inequality.
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