May 28, 2026 – 2.56pmThe top 1 per cent of income earners would have paid $400,000 extra tax over their lifetimes if the Albanese government’s proposed tax changes had been in place for the past 25 years, Treasury secretary Jenny Wilkinson has revealed.However, higher taxes on capital gains and trusts and curtailing negative gearing, combined with a $250 tax offset for working Australians, would leave 90 per cent of people aged under 30 financially better off under the tax overhaul, she said.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
Top 1pc would pay $400k more tax under Labor’s plan
If Labor’s proposed tax changes had been in place for the past 25 years, top earners would have lost tax breaks worth hundreds of thousands, according to Treasury secretary Jenny Wilkinson.
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