Australian Politics Forum - Albo is Biden lite

Frank

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Albo is Biden lite - unrealised gain tax
Yesterday at 10:16am

Given Anthony Albanese’s policies, it’s fair to say he could easily be construed as Joe Biden-lite.

From reducing billions of dollars in student debt at the expense of taxpayers to having immigration hit record highs, the policies are all too familiar. Of all the Biden policies that Albanese shares, the worst is unrealised capital gains tax.

So unpopular was it that Democrat blue bloods pleaded for Biden and his replacement Kamala Harris to drop it. Paul Keating is probably telling Jim Chalmers to do the same.

Unrealised capital gains tax is actually simple to understand.

Say you have $100,000 in Commonwealth Bank shares. This year the bank’s stock price has gone up 7.3 per cent. If you don’t sell those shares then you have made an unrealised capital gain of $7300. Now pay $2190 of that or 30 per cent to the government.

Don’t have the cash? Bad luck. Sell something.

Got a family farm worth $1 million? Value goes up 4 per cent in a year. Even if you haven’t sold, you now owe the government 30 per cent of $40,000. So $12,000. Don’t have the cash? Bad luck.

[highlighthighlight]And if the value goes down? Well don’t even think about a reimbursement of the tax you have already paid.[/highlight]
https://www.theaustralian.com.au/nation/politics/election-2025-anthony-albanese-...

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Frank

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Re: Albo is Biden lite - unrealised gain tax
Reply #1 - Yesterday at 10:29am

The biggest victims will be those trying to develop a new business and asking for capital to help. Nobody will invest if they have to sell assets to pay for the unrealised gains tax. And if there is a later loss, they must wait for capital profits to get the money back.

Worse still, the valuation of assets will be left to the Australian Taxation Office to decide and, as we have seen so many times, there are bad as well as good people in the ATO. If the “baddies” don’t like a particular person, they will do nasty things and valuation will be used as a weapon. The new Chalmers tax will clearly cause a substantial reduction in innovation and productivity in Australia.

It’s almost like Dr Chalmers is trying to destroy investment and productivity in the economy. This is by far the worst tax policy ever conceived in Australia. Chalmers and all parliamentarians have a different superannuation scheme. They have the gravy train politician retirement scheme that will pay approx $200K per year tax free. As such unrealised capital gains will not affect them so why would they care?

Dr Chalmers did a PhD at ANU 20 years ago. You can read it here: Brawler statesman: Paul Keating and prime ministerial leadership in Australia. Enjoy.

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« Last Edit: Yesterday at 10:38am by Frank »

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KangAnon Gold Member Online The Sandstorm is coming 🎵Doo doo doo doo🎵 Posts: 19056 Mianjin (Brisbane)	Re: Albo is Biden lite - unrealised gain tax Reply #2 - Yesterday at 11:48am Seems it would have veen wiser for the rich to pay their fair share without needing to put forward legislation such as this?
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Frank

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Re: Albo is Biden lite - unrealised gain tax
Reply #3 - Yesterday at 11:58am

KangAnon wrote Yesterday at 11:48am:

Seems it would have veen wiser for the rich to pay their fair share without needing to put forward legislation such as this?

Tax on UNREALISED gains is stupid.

You either do not understand it (you are stupid) or you understand it and still support it (vicious AND stupid).

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John Smith Gold Member Online Australian Politics Posts: 75932 Gender:	Re: Albo is Biden lite - unrealised gain tax Reply #4 - Yesterday at 12:59pm Frank wrote Yesterday at 11:58am: Tax on UNREALISED gains is stupid. Why? You borrow money on unrealised gains. Is that stupid too?
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Frank

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Re: Albo is Biden lite - unrealised gain tax
Reply #5 - Yesterday at 1:02pm

John Smith wrote Yesterday at 12:59pm:

Frank wrote Yesterday at 11:58am:

Tax on UNREALISED gains is stupid.

Why? You borrow money on unrealised gains. Is that stupid too?

I knew you wouldnt understand it.

Unrealised capital gains tax is actually simple to understand.

Say you have $100,000 in Commonwealth Bank shares. This year the bank’s stock price has gone up 7.3 per cent. If you don’t sell those shares then you have made an unrealised capital gain of $7300. Now pay $2190 of that or 30 per cent to the government.

Don’t have the cash? Bad luck. Sell something.

Got a family farm worth $1 million? Value goes up 4 per cent in a year. Even if you haven’t sold, you now owe the government 30 per cent of $40,000. So $12,000. Don’t have the cash? Bad luck.

[highlighthighlight]And if the value goes down? Well don’t even think about a reimbursement of the tax you have already paid.[/highlight]

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philperth2010

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Re: Albo is Biden lite - unrealised gain tax
Reply #6 - Yesterday at 1:20pm

Another rort the Coalition will not touch....Why should the rich pay any tax at all???

Quote:

New figures show capital gains now outstrip wages – and yet mostly they go to the rich and untaxed

The amount of capital gains each year is now greater than the amount of wages earned

The latest figures on Australian wealth reveal that inequality is being driven by capital gains that overwhelmingly go to the wealthiest and are mostly untaxed.

https://australiainstitute.org.au/post/new-figures-show-capital-gains-now-outstr...

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« Last Edit: Yesterday at 1:47pm by philperth2010 »

If knowledge can create problems, it is not through ignorance that we can solve them.
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Dnarever Gold Member Offline Australian Politics Posts: 59736 Here Gender:	Re: Albo is Biden lite - unrealised gain tax Reply #7 - Yesterday at 1:33pm Quote: Albo is Biden lite I bet you think that is an insult.
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John Smith Gold Member Online Australian Politics Posts: 75932 Gender:	Re: Albo is Biden lite - unrealised gain tax Reply #8 - Yesterday at 2:02pm Frank wrote Yesterday at 1:02pm: I knew you wouldnt understand it. I merely asked you a question ... are you struggling to find an answer?
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SerialBrain9

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Re: Albo is Biden lite - unrealised gain tax
Reply #9 - Yesterday at 8:08pm

Quote:

Tucker Carlson goes nuclear on Albanese who he says is bought and paid for by the Chinese.

‘My guess is you could probably buy Albanese for less than it costs to buy a Tesla.

This is a person with no job prospects. No obvious skills . Who has the respect of nobody including his wife.’

The reason he knows this is because the country is being invaded through unsustainable mass migration.

Selling out the future of our children.

💯%

https://x.com/saikate108/status/1916797137720942744?s=61&t=pr9sQbfDnRXI42Hsv2j5a...

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Beware the Fury of a Patient Man.

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Brian Ross Gold Member Offline Representative of me Posts: 43336	Re: Albo is Biden lite - unrealised gain tax Reply #10 - Yesterday at 8:17pm Tucker Carlsen? Wasn't he sacked by Fox News in the US for being incompetent? What makes him qualified to comment on Australia? An American WOFTAM. Tsk, tsk, tsk...
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Frank

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Re: Albo is Biden lite - unrealised gain tax
Reply #11 - Yesterday at 8:24pm

John Smith wrote Yesterday at 2:02pm:

Frank wrote Yesterday at 1:02pm:

I knew you wouldnt understand it.

I merely asked you a question ... are you struggling to find an answer?

Borrowing money is not the same as paying tax, you thicko. Just because they both involve money doesn't mean they are interchangeable, you thick, debit.

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Frank

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Re: Albo is Biden lite - unrealised gain tax
Reply #12 - Yesterday at 8:31pm

Brian Ross wrote Yesterday at 8:17pm:

Tucker Carlsen? Wasn't he sacked by Fox News in the US for being incompetent? What makes him qualified to comment on Australia? An American WOFTAM. Tsk, tsk, tsk... Roll Eyes

It's Carlson, you wacist parochial scandiphobe ignoramus.

Carlsen would be Danish or Norwegian. Carlson is Swedish. Everyone knows that, you igorant wacist oik.

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Bobby. Gold Member Offline Australian Politics Posts: 109107 Melbourne Gender:	Re: Albo is Biden lite - unrealised gain tax Reply #13 - Yesterday at 8:38pm Mar 19, 2025 Australia has trapped itself and as a result people are being PUNISHED for earning more. It's call the 'Welfare Trap' and it's a serious thing which needs some political courage to fix. But where will we find some of that?
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Bobby.

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Re: Albo is Biden lite - unrealised gain tax
Reply #14 - Yesterday at 8:44pm

https://www.skynews.com.au/australia-news/politics/federal-election-2025-peter-d...

Federal Election 2025: Peter Dutton bemoans stark ‘reality’ of Labor’s planned

unrealised capital gains tax on super accounts

Peter Dutton has painted a stark picture of the “reality” Australians face
if Labor legislates its plan to tax unrealised gains on assets in super funds.

James Harrison

Business Reporter
2 min read
April 28, 2025 - 5:25PM

Opposition Leader Peter Dutton has painted a stark picture of the “reality” Australians face if Labor legislates its plan to tax unrealised gains on assets in super funds.

The government has so far failed to pass legislation which would double the tax rate to 30 per cent on super balances over $3m - with the threshold also not indexed over time.

Labor's legislation would also mandate that Australians pay taxes for gains on assets - such as farms and properties – above the threshold in their super funds, even if they had not realised the return from these assets.

Speaking to reporters in the last week of the Federal Election campaign and following the final leaders debate on Sunday night, Mr Dutton tore into Labor’s planned changes to super and warned a minority government could hurt Aussies in their hip pocket.

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