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Coalition vows to repeal Labor’s ‘toxic’ negative gearing and capital gains tax budget changes

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The Coalition has vowed to repeal Labor’s proposed changes to negative gearing and capital gains tax in they win power, setting up a major fight before the next election over key tax reform measures from the budget. The shadow treasurer, Tim Wilson, and the opposition leader, Angus Taylor , said a future Coalition government would reinstate more generous rules for property investors, as well as for Australians minimising their tax through trusts, pledging to fight the proposals in parliament in coming weeks. Taylor said the Coalition would only support a new $250 tax offset for workers, and new hospitals funding announced on Tuesday night. “Absolutely, our position is we’re going to do everything we can to stop these bad taxes, toxic taxes, from getting through the parliament,” he told Sky on Wednesday.…

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