Without specifying what these inefficient taxes might be, we can safely assume this approach won't involve any reform of negative gearing or capital gains tax on property holdings.
Taxes can serve all sorts of positive policy goals including redistribution through a tax on property, which constitutes three quarters of private wealth.
This includes ideas such as replacing stamp duty on residential property purchases with capital gains tax on disposal, or increased inheritance tax on property transferred after death.
Tax on rental income rose overnight from 20 per cent to 35.5 per cent, while capital gains tax on property sales rose from 19 per cent to 34.5 per cent.
