This year’s federal budget includes changes to negative gearing and capital gains (CGT) and discretionary trust tax concessions – policies that some blame for fuelling housing speculation and that disproportionately benefit the richest.

The top 1% of lifetime earners alone have received more than $700,000 in tax concessions over their working life from capital gains tax, negative gearing and discretionary trusts, according to figures in the budget.

In 2022-23 – the most recent data – the top 10% of income earners received 83% of the benefit of the capital gains tax concession and 37% of negative gearing. The vast majority of the benefit of both went to people earning above the then median income of $58,216.

Illustration: Guardian Design

Capital gains taxes are the tax paid on the profits (the “gains”) when you sell an asset – like a house – for a profit.…