As the most significant tax overhaul in a quarter of a century sailed through parliament on Thursday, a mere six weeks after Labor’s budget announcement, a triumphant Jim Chalmers declared it a victory for first home buyers, younger generations and the working class.But bravado isn’t a good look for the treasurer. Especially, when there’s been so much intellectual dishonesty about the impacts of the tax legislation. Labor’s claim that changes to negative gearing and capital gains tax will solve intergenerational inequity have failed to hold up under scrutiny. Treasury itself confirmed the “reforms” were designed to redistribute wealth and extract revenue rather than grow the economic pie or improve housing supply.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles