Former Labor prime minister says the wealthy have been beneficiaries of tax system ‘distortion’ for decades
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Paul Keating has rubbished claims from the Coalition and the startup sector that Labor’s reforms to capital gains tax will undermine entrepreneurship, insisting the changes are “marginal” and badly needed to improve housing affordability.
Amid a week-long assault on Jim Chalmers’ budget, the former Labor prime minister said wealthy individuals had been the beneficiaries of preferential treatment for investments for decades – rules he said had distorted the tax system and disadvantaged wage earners.