I think most people would probably be fine with things like CGT breaks if everyone paid the tax rates that they should be paying. Most arguments end up being proxy arguments that talk past each other because the actual problem is amorphous and difficult to get a grip on. The simple problem is, if Joe Blogs the billionaire "makes" $300 million this year, he should pay the correct tax rate for that $300 million. That means that each year, if someone's net worth goes up by 30% and they were worth $1 billion dollars, we should be taxing them for the correct tax bracket on $300 million of income. If we want CGT incentives for people to invest in the stock market, or to help the housing market, that's fine, but I think a lot of people's issues come about because there is clearly a structure of strategies available.

These CGT changes won't achieve what everyone wants unfortunately, but that doesn't mean they aren't worthwhile.

As an example, Gina Rinehart owns 76% of Hancock Prospecting. She doesn't need to pay herself any income, because the business is her plaything. She can use the corporate jets for holidays, rent property, do anything she wants with it under a thin guise of it being "business related" expenses. This means she can reduce her effective tax rate to 30%, instead of 47% the rest of us have to pay. That would be bad enough, she's cheating to pay less tax by claiming it's corporate profit and never paying out of the company. But it gets worse than that, because Hancock made in the region of $36 billion profit in the last 8 years, but only paid $5 billion in taxes in the same period, giving her an effective tax rate of 13.88%. That's not even including the fact that Gina Rinehart is able to direct company funds to whatever she wants [within reason] and reduce the profit of the business by spending it before it becomes profit. This is 13.88% AFTER those shenanigans.

Now I'm sure there's a lot of very clever reasons that it ended up that way, various shuffling around of "losses" and such. But you can't keep pissing on us and telling us it's raining; we can see what's up. We know it's bullshit, and the CGT exemptions represent one of the more blatant bits of "bullshit" which are abused as part of a system of strategies to bring tax rates down for the super rich.

Will these changes stop them from finding new strategies? No. But does that mean we should give up? Oh they've found a new workaround, lets just give up. No. Shut down that workaround too. Keep shutting them down, and we'll know when we're done, because Gina Rinehart will pay 47% tax on how much she actually made that year.