this post was submitted on 30 Sep 2024
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Right, so you'll hope it'll stabilise prices, penalise people for moving home if it doesn't work, penalise people for moving home regardless if they bought before this measure
The general idea is you tax things you want to stop, do you think it's a good idea taxing selling one house to buy another to live in? I thought it was investment properties you didn't like.
People who bought a very cheap house twenty years ago might have a million dollar capital gain and a $30,000 income. If they wanted to move they couldn't sell that house and buy another under your scheme
I quite like the current policy in Canberra, Australia, where land tax is levied on rental properties, but not if you rent it at a lower rent
I will reiterate, that this back-of-the-napkin idea only works with other policies to stabilise house prices. Because yeah, right now, it wouldn't make sense. Would need to be phased in over a long-time (certainly taxing people now on capital gains since they moved in decades ago would be entirely unfair).
Though, it still rubs me the wrong way currently that the haves are getting a way better deal than the have nots. Again, in theory, you could sell up and put yourself in the same position as someone who can't afford a house, by renting, and have a bunch of capital gains tax free, whereas they have to pay a higher tax rate on their total income - that is the normal tax rates - even though they're poorer. Seems unfair (but I'm not suggesting the fix is immediately taxing capital gains on owner occupiers).
Canberra seems to have a few good rental laws then, as last I heard rent increases are capped at 2% beyond inflation. Which at least means they haven't had the stupid rental increases all the othe cities have seen the last few years.