Vice President Kamala Harris has introduced a new tax plan aimed at long-term capital gains, proposing a 28% tax on households earning $1 million or more annually. This plan, which departs from President Biden’s previous proposals, aims to incentivize investment in American innovation and small businesses. The announcement comes amidst growing scrutiny within the Democratic Party about its stance on capital gains and ahead of a debate against former President Donald Trump.
The Indian government has reversed its decision to eliminate indexation benefits on real estate, giving taxpayers the option to calculate capital gains tax with or without indexation. This move provides relief to those who purchased property before July 23, 2024.
Norway’s plan to expand its exit tax on capital gains is facing criticism from entrepreneurs who fear it will drive out wealthy individuals and hinder economic diversification. The government argues that the measure is needed to prevent tax avoidance and promote equity, but opponents claim it could have detrimental effects on investment and innovation.
