If Albanese’s newest budget can tame discretionary trust tax dodging, it will be a good step in ensuring the rich are treated the same as the rest of us
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When it comes to how wealth and high income is taxed in this country, it is not hard to agree with F Scott Fitzgerald’s line that “the rich are different from you and me”.
The difference between the rich and the rest is abundantly clear when you look at how most people make money. Whereas most of us get money from salary and wages, those who earn $1m or more a year generate most of their income through capital gains, dividends and partnerships and trusts: