Tim Wilson questions Labor’s new 30 per cent investment tax

Shadow Treasurer Tim Wilson has questioned Labor’s new 30 per cent investment tax.

“Jack earns $25,000 income and realises a capital gain of $10,000. The tax on Jack’s capital gain is $1,400, equal to his marginal tax rate of 14 per cent. As Jack’s marginal tax rate is lower than Labor’s new 30 per cent investment tax, Jack needs to pay an additional $1,600 in tax,” Mr Wilson said.

“Prime Minister, why is this government stealing $1,600 of Jack’s future home deposit and taxing lower-income earners and undermining the tax-free threshold?”