Property industry leaders say planned tax hikes could cheat the state out of its economic recovery and ultimately punish all homebuyers. | Ash_McMillan
Developers and land speculators who reap windfall gains when their property is rezoned will be hit with a 50 per cent tax if the gain is worth $500,000.
“We need to grow our economic recovery from the bottom and the middle out, and that’s exactly what this budget is seeking to do, it’s seeking to target those who need help with the support they need, and seeking to make sure that those who have the capacity, who are making substantial profits at the moment make a modest contribution to the wellbeing of our community,” he said.
“Tax hikes will cheat Victorians out of the economic recovery we are just starting to enjoy,” she said.
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