Independent MP Allegra Spender says the tax system punishes the next generation. She wants changes before she backs a new government.
A key crossbench MP has vowed to use a hung parliament after the next election to drive tax reform, arguing the current system is hurting young people to the point they are giving up on having families and unable to buy a home.
Spender said it was clear the tax system was a key reason for some of the largest problems facing the country, with working people forced to carry an increasing share of the nation’s tax burden. “Young Australians can’t have children because they can’t see a secure future. They can’t own a home. They’re cutting back on discretionary spending because productivity and real incomes are stalling, while wages and earned income carry more and more of the tax burden.”On housing, Spender’s green paper found that reducing the concession on capital gains tax and narrowing negative gearing could both fund cuts to personal income tax that would then help people save to get into the housing market.
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