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.comI don’t have live access to current news streams in this chat, but I can give you a concise picture of the latest landscape on federal budget capital gains tax based on recent reporting up to now.
Direct answer
- The most prominent recent developments involve proposals to change the capital gains inclusion rate (the share of capital gains subject to tax) for high earners and for certain entities, notably in Canada and the United States. In Canada, Budget 2024 proposed raising the inclusion rate to two-thirds (about 66.7%) for high earners and for corporations/trusts, with a June 25, 2024 effective date; subsequent coverage noted that Finance Minister Freeland reiterated a commitment to implementing changes by a later date, even if the budget bill did not include those specifics initially. In the United States, multiple headlines over the past couple of years have discussed increasing taxes on capital gains for high-income earners as part of broader tax reform plans, though the specifics have varied by administration and Congress. For the latest country-specific details and dates, you’ll want to check the most current government or major financial news sources.
What to look for next
- Official budget documents or budget implementation acts from the relevant country, which specify inclusion rates, thresholds, and effective dates.
- Statements from the finance minister or budget office clarifying whether changes apply to individuals, corporations, trusts, or all taxpayers, and the exact realization dates.
- Major financial outlets (Reuters, Bloomberg, CNBC, Global News) for up-to-date coverage on whether changes were enacted, delayed, or modified, plus any regional differences (e.g., Canada vs. U.S. vs. other jurisdictions).
Would you like me to pull the latest country-specific updates (e.g., United States or Canada) and summarize the current inclusion rate, thresholds, and effective dates with direct citations? If you specify the country, I can tailor the snapshot and include recent official sources.