By Thomas Henry
Prominent fund manager Geoff Wilson has slammed the government’s plan to axe the 50 per cent capital gains tax discount, describing the measure as a “brutal raid” on young Australians.
As revealed by The Australian last month, Jim Chalmers is poised to dump the current taxation scheme in favour of inflation indexation on new investments across every asset class, with current investors set to receive some protection from partial grandfathering.
The chairman of Wilson Asset Management said the policy was “economic vandalism disguised as fairness”, claiming the change would in effect double the tax on “long-term success”.
“This isn’t reform. It’s a direct assault on aspiration, risk-taking and wealth creation. Younger Australians locked out of property and relying on equities and entrepreneurship get hammered hardest, while the government lectures about ‘intergenerational equity’,” Mr Wilson posted to X.
“The hypocrisy is breathtaking. Boomers and Gen X built wealth under the 50 per cent discount for decades. Now the government is pulling up the ladder and calling it progress. This is intergenerational betrayal, not equity.”
Mr Wilson said Australia did not need more “tax grabs”, instead calling for additional incentives for private investment and innovation to drive much-needed productivity gains for the economy.
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