The Greens wealth tax

[Oh_hunnihunni]

So you're all frothing at the thought of more money being taken from "the rich" to be given to you...and yet they're the greedy ones?

Also, the Green's policy is poorly thought out and the policy document is written either by people that don't actually understand how the tax system works or they're being deliberately dishonest and misleading; I suspect its probably a combination of the two.

People have this idea that trusts are only used by "rich people" to dodge tax, when that just isn't true for so many people who set one up. For almost all of my many clients who have trusts, any tax benefit (and often there isn't any) is a secondary "bonus" rather than the reason for having a trust. And yet they would all be hammered by the proposed 1.5% trusts tax despite many being on pretty modest incomes. By way of an example, one client is on a salary of $90K and has her own home in a trust to keep it out of relationship property (why should any guy she lives with for 3years get half of it when he never put a cent towards its purchase). Under the Green's tax policy, her annual tax bill would increase from the current $20k she pays up to $45K! And there are plenty more like her.

Personally, I would never consider a relationship where either party had a trust to protect possessions from the other party as one worth having. Such an obvious lack of trust would be a huge red flag to me.

And, if in the case you mention her income is under the line the Greens propose, her income tax would drop significantly. So, if she reassessed her life she could have both a tax break and a solid open relationship...

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Btw, frothing at the mouth?

So derogatory...