The Greens wealth tax

[king1]

king1 said:
But personally I don't think you will find too many people here or elsewhere feeling sorry for someone with say a 1.5M dollar property in a trust whose tax bill goes up by $25,000.  I presume she is making a bit of money off that asset in order to have a tax liability?  Is it not simply a cost of ownership and doing business?

Pardon? our house had a value of $1.2M 18 months ago. For us to find $25,000 for tax on that would be a dream! So many people are sitting on a market driven high value assets without having a lot of cash in the bank.

Ridiculous idea!

If the Trust has a tax liability, it is because the Trust is making taxable income - subsequently it needs to pay a fair share of tax...   At a guess I would say that house in the trust that dken1 mentioned is being rented out, but the tax liability would seem to be a bit excessive for a single rental - more details on that would be needed...

Edit: I assumed the tax liability (currently paying 20K?) was the trusts, which would suggest the Trust is making taxable income? Maybe i'm mistaken on that?

The wealth tax also being proposed is a different matter where people like yourself would need to find the cash, or the liability deferred until the asset is sold or some such...  Not sure I agree with that one...