Stamp duties in New South Wales could be removed after the election of the state, David Leyonhjelm, Liberal Democrats' main candidate, announced Thursday that he would lobby for of this change when he takes office.
Stamp duty currently adds nearly $ 43,000 to the median cost of buying a home, and the politician said it prevented homeowners from executing their plans for their housing . "Stamp duty is a cruel obstacle for those who wish to own their own home. It also discourages current homeowners from moving, causing people to stay in homes that are too big, too small, or too far from their current job. Stamp duty potentially contributes more to family frustration and tension than any other tax, "said Leyonhjelm.
Leyonhjelm also criticized the stamp duty on car purchases.
"When buying a car, a stamp duty of 3 or 5% is applied. This discourages us from modernizing, which means that our vehicle fleet is one of the oldest in the developed world. This reduces safety and adds to road tolls and emissions. At the national level, taxes on cars and fuels exceed the cost of roads by more than $ 4 billion a year, "he said.
He is also opposed to stamp duty applicable when buying insurance. Leyonhjelm said this no makes sense and dissuades people from managing their risks.
Leyonhjelm said that each year, the New South Wales government receives more stamp duty per person than other state governments, or $ 1,100 instead of $ 1,000. If the abolition took place, there would be an annual tax reduction of $ 9 billion in New South Wales.
The Liberal Democrats' plan to abolish stamp duty is part of a fully costed alternative budget, to be released later this month. Each state must generate budget surpluses as well as significant tax cuts and public spending.
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