Those in the top 10 per cent of income earners received 83 per cent of the benefit of the capital gains tax discount in 2022–23, and 37 per cent of the benefit of negative gearing.Treasury officials have previously warned that income is not the best way to judge the distribution of the benefits of capital gains tax, in particular because people typically move up the income scale in the year they make the gain.The Grattan Institute has estimated that the wealthiest fifth of Australians, which may be a better measure because it captures assets rather than fluctuating income, capture more than 90 per cent of the benefit.Much of this result is because a small handful of people have very large property portfolios and so enjoy substantial benefits.But there are many people who are not at the top of the scale who negatively gear For instance, by taxing gains from the past at 50 per cent and gains in the future according to inflation.Another uncertainty is whether the proposal will exempt new homes, so that Labor can argue its policy is actively encouraging supply by pushing investors towards new stock.There is a range of modelling available on the consequences of negative gearing and capital gains tax changes, and the results vary.Broadly, economists expect that the main consequence would be that some investors exit the market when they can no longer access tax concessions