The number of Australians paying the top income tax rate has tripled over the past two decades, enticing more people to invest in property to exploit negative gearing and the capital gains tax discount to reduce their tax bill.
As the Albanese government considers changes to the 50 per cent CGT discount and negative gearing limits before the May 12 federal budget, tax experts say Treasurer Jim Chalmers should also consider cutting the maximum 47 per cent income tax rate.
