Income Tax Research Essay Based Assessment
- Subject Code :
LAWS8421
- Country :
Australia
Question:
In an article published in the Australian Financial Review on Thursday, 5 May 2022, John Kehoe wrote the following:
In comments reported by my colleague Patrick Durkin, Macfarlane [former Governor of the Reserve Bank of Australia] said: The people who hold all the wealth are the older people we don't really tax wealth The people who depend on income are the young people who have no wealth, and our tax system relies very largely on taxing income, so we have a problem going forward. I'm surprised that the younger generation isn't actually squealing louder.'
Personal capital, such as housing and superannuation savings, are taxed relatively lightly, including discounted capital gains for investment property and shares, compared to full personal marginal rates for labour income.
This has made this intergenerational inequality of wealth so much bigger,' Macfarlane said. Critically evaluate the 50% discount which applies to certain capital gains having regard to the tax policy criteria of equity, simplicity, neutrality and sustainability. If you conclude that the discount can't be justified on policy grounds, provide suggestions for possible law reform.
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