Capital gains tax and negative gearing benefit the 1% and this chart shows it

More than half of the benefit of the CGT concession went to the top 1% of income earners, the most recent data shows Want to get more charts in your inbox every fortnight? Sign up for The Crunch here. This year’s federal budget includes changes to negative gearing and capital gains (CGT) and discretionary trust tax concessions – policies that some blame for fuelling housing speculation and that disproportionately benefit the richest.The top 1% of lifetime earners alone have received more than $700,000 in tax concessions over their working life from capital gains tax, negative gearing and discretionary trusts, according to figures in the budget. Continue reading...