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One Nation MP Barnaby Joyce says entrepreneurs would be smart to leave the country because of the changes to capital gains taxation in the federal budget.
“I think they’re destroying the aspiration of people who are entrepreneurial,” Joyce told the ABC.
Joyce said business owners relied on the premise that when they sell, they can make a substantial capital gain, and that the budget measures represent an overtaxation of that gain.
“The smartest thing for [entrepreneurs] to do is leave Australia,” he said.
In response to the property tax changes, Joyce said it was based on a “fallacy” that there is a “whole range of people out there who are only renting because they want to… And now that we brought in this change, they’ll all just become first home buyers”.
“No, they won’t. They’ll continue renting, and they’ll get pushed down the scale and out of the out of the rental market and onto the street. Paul Keating had a crack at this about, you know, and two years later, he had to reverse it, because you’re getting homelessness.”
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