The recent changes to negative gearing and capital gains tax (CGT) in Australia have sparked debate over their impact on wealth inequality. According to federal budget figures, the top 1% of income earners have received over $700,000 in tax concessions throughout their working lives from these policies. In the 2022-23 financial year, the top 10% of earners received 83% of the benefits from the capital gains tax concession and 37% of negative gearing benefits. Most of these advantages were concentrated among individuals earning above the median income of $58,216. Capital gains tax applies to profits made from selling assets like property, with a 50% discount available for assets held longer than a year. Negative gearing allows landlords to deduct property losses from their taxable income, further favoring higher-income earners. Alarmingly, 95% of the capital gains tax benefits went to those earning above the median income, highlighting significant inequality even among the affluent.