Budget backlash over small business tax changes

Small business owners and young Australians are expressing concern over recent budget changes that increase capital gains tax to 47% on business sales and affect multiple wealth creation pathways including negative gearing, share investments, and employee share schemes. The changes particularly impact entrepreneurs who start businesses with minimal capital but take on significant personal risk and sacrifice, only to face heavy taxation when selling their ventures. Critics argue the budget removes alternative wealth creation ladders that young Australians have adopted after being priced out of owner-occupied property markets where median house prices in Sydney are 14 times the average annual income.See omnystudio.com/listener for privacy information.