India’s Budget 2024 tax proposals, particularly the increased Securities Transaction Tax (STT) and capital gains taxes, have sparked a wave of reactions on social media. While some discuss the implications, others turn to humor, with one Reddit post offering ironic financial advice on avoiding capital gains taxes by deliberately losing money. The post highlights the public’s frustration with the tax changes and the overall impact on the stock market.
India’s Finance Minister Nirmala Sitharaman announced changes to the capital gains tax regime in the Union Budget 2024, including the removal of indexation benefits for property and gold sales. This move is expected to increase tax liability for investors, leading to market fluctuations in the real estate and gold sectors.
Former North Dakota Senator Heidi Heitkamp has expressed skepticism about the Biden administration’s proposed 44% capital gains tax. The proposal aims to raise the long-term capital gains and qualified dividends rates to 37% for taxpayers with taxable income above $1 million. However, Heitkamp believes the proposal has no chance of passing. The Biden administration has been pushing for higher taxes on the ultra-rich, but the proposal has been met with mixed reactions.
The proposed increase in the capital gains inclusion rate has been met with criticism as bad tax policy and cynical pre-legislation enforcement. The government’s implementation scheme, with an effective date of June 25, is likely to trigger a mass disposition of public company shares, as investors rush to sell their assets before the tax hike takes effect. This market manipulation is aimed at reducing the deficit in the short term, but it could have negative consequences for the stock market and the economy as a whole.
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.
Despite the inclusion of a significant housing initiative, the Liberal government’s latest budget has failed to impress voters according to a recent poll. While 65% of respondents support the $8.5 billion housing plan, just 21% expressed a positive opinion of the budget overall. Notably, the plan to increase spending on defense received support from 70% of those over the age of 55 but only 45% of those between 18 and 35. The poll also revealed that 47% of respondents prefer spending cuts to balance the budget, while only 16% advocate for increased spending and deficits. The government’s proposed changes to the capital gains tax, intended to improve generational fairness, garnered support from 60% of respondents over the age of 55. However, the Canadian Medical Association has raised concerns about the potential impact on physician recruitment and retention.
The Canadian Medical Association (CMA) is raising concerns over the proposed federal government changes to capital gains taxation, arguing that they will adversely impact doctors’ retirement savings and potentially affect physician recruitment and retention in Canada. CMA President Kathleen Ross highlighted that many physicians incorporate their medical practices and invest for retirement within their corporations. The proposed changes would entail increased taxes on those investments, adding financial strain to doctors who lack a pension to rely on. The CMA contends that the tax change may also affect recruitment and retention of physicians in Canada.
The Canadian Medical Association (CMA) has raised concerns over the federal government’s proposed capital gains tax increases, claiming they will significantly impact physicians and potentially drive some out of the profession. The proposed changes include increasing the capital gains inclusion rate from 50% to 67%, meaning more of the income generated from the sale of assets will be taxed. This is particularly concerning for physicians, as many operate their practices through small businesses, making them more sensitive to changes in capital gains rules. CMA President Kathleen Ross expressed担忧 that the tax changes, combined with existing challenges such as high patient counts and limited government funding, could lead to an exodus of physicians from the profession. The CMA has called for medical professional corporations to be excluded from the capital gains changes, while Ontario Premier Doug Ford and the province’s medical association have also criticized the new tax measures.
