Finally fixing capital gains tax is good – but linking it to another tax cut for Australia’s rich is bollocks

‘The new shadow treasurer, Tim Wilson, has followed up his line that unemployment is too low by arguing high-income earners need a tax cut.’ Photograph: Mick Tsikas/AAP

With less than three months to go until the federal budget, you are going to be hearing a lot more about tax. It seems that something is finally going to be done to fix the capital gains tax, but already conservatives are working to give the richest another tax cut.

This week a Senate committee into the 50% CGT discount has held inquiries. My colleague Matt Grudnoff and I made a submission to the committee and Matt provided evidence on Tuesday. Regular readers, however, will not be in any doubt of my position. I have written long and loudly on the topic.