Tech founders use AI-generated images to poke fun at Anthony Albanese in protest against tax changes

Key points

• Tech entrepreneurs have mocked the government’s capital gains tax changes by posting AI-generated photos of Anthony Albanese as their “new founder” and warning that increased taxes could push people away from working for new businesses or send startups overseas.
• Startups and entrepreneurs may yet receive a carve-out in the federal government’s planned changes to the CGT discount, with the prime minister saying he wanted to support innovation and the treasurer, Jim Chalmers, revealing that consultation was continuing with the sector.
• The CGT changes – replacing the 50% tax discount on profits with “cost-base indexation”, meaning tax on profits after inflation, and a minimum 30% tax rate – were strongly opposed by some tech founders.
• Early stage startup companies with little cashflow often offer employees equity in the company, or stock options, in lieu of higher pay, while founders can be motivated to take risks with new ventures by a large...