Wealthy would dodge 90% of Biden's capital gains tax increase, study says
President's plan could generate $1 trillion in the next decade, but only $100 billion of that is likely to be paid.
www.cbsnews.comHere’s what I can share about the latest on the federal budget and capital gains tax.
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Canada: The capital gains inclusion rate has been a frequent topic in recent budgets. In Budget 2024, the government signaled changes that would raise the inclusion rate for high earners and for corporations/trusts, with a plan to implement around June 25, 2024. Some coverage indicated the changes would apply to gains above a certain threshold for individuals and to all gains for corporations and trusts, but later developments showed continued debate about timing and scope, including discussions to separate or adjust the plan in subsequent fiscal measures. This is a evolving policy area with ongoing parliamentary activity.[2][7]
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United States: The federal budget and capital gains tax have been tied to broader tax reform discussions. Proposals in various years have floated increases to capital gains taxes for high earners, sometimes alongside changes to income tax rates, but actual changes depend on enacted legislation and political negotiations. Recent years have seen proposed increases, but outcomes depend on the administration and Congress.[4][8][10]
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Australia (contextual example): Capital gains tax reforms have been discussed in national budgets, with potential changes to discounts or rates that could affect investors. These discussions illustrate that capital gains policy is a common lever in budget deliberations globally.[9]
If you’d like, I can narrow this to:
- The country you care about (Canada, US, or another),
- The current status as of your preferred date (today, this week, this month),
- Or specific aspects (inclusion rate, discount, thresholds, effective date, transition rules).
Would you like me to focus on Canada’s latest capital gains proposals and current status in Parliament, with a brief timeline and who is affected? I can also provide a quick at-a-glance summary for investors.