You don't remember asking for my review. I didn't realise I needed you permission. If YOU are running hotcopper let me know and I'll leave.
So your premise is that the retail sector is at multi year lows the stock market has gone nowhere and the banks are making money and your grand idea to balance everything, your answer is remove negative gearing on property.
Ah okay.
I realise that you don't understand what I mean by Socialist, because you although being one don't understand what it is.
Here is one of your poster boys views on negative gearing, sounds like you.
'In Victoria for example more than a third of people rent for a decade or more, and most see their rents increase regularly. Landlords encourage new renters to secretly bid against each other, and will accept more than the advertised price. This practice needs to be outlawed. Rents should be linked to wages and the cost of living, and kept below inflation. Landlords often get loans for rental properties and ‘negatively gear’ them. Negative gearing allows investors to write down the interest costs against other income at tax time. This system benefits landlords with an estimated $36 billion worth of tax breaks each year. Alongside landlords it is the major banks that profit from this situation.
The billions of dollars in tax breaks and interest payments made to the banks gives a glimpse of the huge amounts of wealth associated with the housing sector. If these funds were pumped into the building of new public housing stock and private landlords were properly regulated affordable housing could be made the norm in no time.
A socialist approach to housing is essential if we are to stamp out homelessness, housing stress and ensure the right to an affordable home is provided to all.'
By David Elliot, The Socialist Party.
http://www.socialistpartyaustralia.org/archives/6877
I love the bit were it says rents should be linked to wages and the cost of living and kept below inflation. The leftist Utopia in Australia LOL
