As Finance Minister Nirmala Sitharaman prepares to present the Union Budget 2024 on July 23, the middle class in India eagerly awaits potential tax relief measures. Memes and jokes abound, reflecting anxieties about income tax scenarios. Expectations range from raising the standard deduction limit to adjusting income tax slabs to ease financial burdens.
Tuesday, July 23, is a busy day for Indian politics, business, and courts. The day begins with the presentation of the Union Budget 2024 by Finance Minister Nirmala Sitharaman, followed by the J&K budget. Other notable events include a SpiceJet board meeting to discuss capital raising, a Supreme Court hearing on Manish Sisodia’s bail plea, and a defamation case against Atishi. The day also sees several other significant developments in politics, technology, health, and sports.
The Canadian government is proposing changes to the capital gains tax, which have sparked debate among experts and stakeholders. The change would increase the inclusion rate, the share of an individual’s capital gains that are subject to income tax rates, from 50% to 67% for gains of $250,000 or more. The government argues that the wealthiest Canadians should pay their fair share and that only a small proportion of Canadians (0.13%) would be affected by the change. Opponents, including tech executives and doctors, argue that the changes would discourage business investment, harm economic growth, and make it harder to recruit and retain skilled professionals. However, economists emphasize that the impact of these changes is difficult to quantify and may have both positive and negative effects. The government has learned from the controversy surrounding tax changes in 2017 and is taking a more explicit and purposeful approach to connecting the tax changes to new spending proposals.
Prime Minister Justin Trudeau will visit Saskatoon today, where he is expected to make an announcement focusing on measures related to youth, education, and health that were included in the recently released federal budget. He will be joined by Dan Vandal, Minister for Northern Affairs and Prairie Economic Development, and Marci Ien, Minister for Women and Gender Equality and Youth. The budget includes a renewed investment of $60 million over five years in Futurpreneur Canada, which provides young adults with access to loans, mentorship, and resources to start businesses.
