Greens to tax homes of 'obscenely' wealthy   
Canberra Times
Updated December 18 2022

The NSW Greens have launched a push to tax luxury homes and investment properties owned by the mega rich to help tackle the state's affordable housing shortfall.   

The party's Extreme Wealth Property Tax package, announced on Sunday, includes plans to raise land tax for property developers and owners of mega-mansions worth tens of millions of dollars.



Greens MP Jenny Leong said the wealthy owners of trophy mansions and large property portfolios had remained unchecked for too long.

"Addressing economic inequality by making housing affordable should be one of the highest priorities in the state, but the Liberal National Government has failed to address this crisis," Ms Leong said

"The Greens have a plan to take on growing housing inequality and address the chronic lack of affordable housing in NSW, by introducing a suite of measures to tax billionaires, big investors, property barons and the super wealthy."   


Under the plan, additional tax applied to just ten mega-mansions would fund 86 new affordable homes each year, according the the Greens.

If the party has its way a new land tax would be introduced on high-end residential properties and the existing land tax payable on investment properties would be increased and expanded.

The plan would also scrap current land-tax concessions for developers under 'build-to-rent' schemes that the Greens say don't deliver affordable housing.



"NSW is in the middle of a serious housing crisis and the inequality gap is widening, but instead of addressing this, the Liberals and Nationals continue to provide special treatment and tax breaks for big investors," Ms Leong said.

"The Greens believe that those who own and live in obscenely expensive properties - as well as those who have big property portfolios - should pay their fair share."

whiteknight wrote on Jan 7^th, 2023 at 8:11am:

They do but sadly voters often totally misinterpret them.
Maybe the actual name

GREENS

is part of the problem?

I wonder if the wealthy need another big tax cut?.  Stage 4 tax cut???.    

whiteknight wrote on Jan 7^th, 2023 at 8:32am:


Stick to the topic please .... you might learn something.

There are a lot of good ideas that the Greens have.  Maybe its time people started to have a look at some of their ideas.  I think it wouldn't be such a bad idea.  They did very well at the election, and now they have the balance of power in the senate.  Maybe its time to think of voting for someone instead of Labor or the coalition.  Maybe at the next election, the greens may even increase their vote again.            

There has never been a good green policy. Not even one.

whiteknight wrote on Jan 7^th, 2023 at 8:08am:



In NSW. Why is it in Federal politics? Poor ole whiteknight can't help himself.

whiteknight wrote on Jan 7^th, 2023 at 8:08am:


Those who own a nice home could be asset rich yet cash poor. If they can't afford this tax will they have to sell their home?

How much does it cost to build 86 new homes in NSW?

All investment properties apart from those used for Primary Production are liable for land tax.

We should call Land Tax a Renters Tax as they are the ones who pay it. If the dopey dim witted Greens get their way rents will go up because landlords will pass on this increase to the renters.

The Greens would be lucky to have half a brain between the lot of them they're a pox on Australia.