‘Albo is my cofounder’ meme is wrong about start

You’ve seen the memes on every one of your feeds – “(not so) excited to introduce my new cofounder, the Australian Government, who will take 47 per cent of what I make when I sell my start-up”.

It’s a clumsy and inaccurate metaphor – especially as far as small businesses are concerned, who benefit from their own specific CGT concessions – but it has nevertheless become a shorthand for complaints about the government removing the 50 per cent capital gains tax discount on shares, and for the argument that a higher rate of capital gains tax will discourage entrepreneurship.

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