There is no other way to describe the unrealised capital gains tax other than iniquitous, wicked, diabolical and outrageous. It’s another example, if one were needed, that Labor and the left generally has no moral compass whatsoever.
And absolutely no understanding at all, of how wealth is created and generated and the role incentive plays in the day to day, enterprise, risk and work ethic that drives motivation or for that matter, the reason anyone gets out of bed in the morning.
This tax flys in the face of every moral principle you ever thought was settled and understood.
Are the buffoons of the Albanese Labor government not familiar with the Laffer Curve? Probably not. Or are they still stuck in the 1970’s/80’s “𝐖𝐡𝐚𝐝𝐝𝐚 𝐰𝐞 𝐰𝐚𝐧𝐭 𝐚𝐧𝐝 𝐰𝐡𝐞𝐧 𝐝𝐨 𝐰𝐞 𝐰𝐚𝐧𝐭 𝐢𝐭” undergraduate mind-set?
The Laffer Curve is the principle that if tax rates are too onerous or increased above a certain level, then tax revenues actually fall because higher tax rates discourage people from working, tax minimisation or other ingenious financial engineering schemes.
Again, it’s worth repeating. It’s all about risk, incentive, drive and motivation. Otherwise, why bother?
It’s the type of tax imposition you’d expect from a tyrant like King John prior to 1215 and the signing of the Magna Carta at Runnymede.