You’re reading the Prompt 2024 newsletter. Sign up to get it in your inbox. Vice President Kamala Harris is out with her economic plan “to bring down costs for American families.” There’s already a lot of buzz about her proposals to go after corporate “price gouging,” cut taxes for families with kids and offer $25,000 … Read more
Facing a deadline just days away, New Jersey lawmakers Wednesday night introduced and quickly began approving a record new $56.6 billion state budget that’s backed by a new tax hike on large companies, adds some funding for property-tax relief, and includes big spending on public schools and pensions.But Democratic leaders once again faced objections from … Read more
The fact described in the text is that Finance Minister Chrystia Freeland announced an increase in the capital-gains inclusion rate to 66 per cent for corporations and trusts, and for individuals on gains above 0,000, in order to raise nearly billion over five years to pay for housing initiatives.
Fact: Ottawa plans to spend .9 billion more than planned over the next five years, with a projected billion deficit this fiscal year.
Canada will raise capital gains taxes on businesses and wealthy individuals to help pay for new spending aimed at making housing more affordable and improving the lives of young people. Finance Minister Chrystia Freeland said the government will tax Canadian companies on two-thirds of their capital gains, up from half currently.
The federal government’s budget includes an increase in the inclusion rate of the capital gains tax from 50% to 67% for businesses and trusts, generating an estimated billion in new revenue. This change will impact 40,000 individuals and 307,000 companies in Canada. Some members of the business community believe that expanding the taxable amount will hurt productivity, investment, and entrepreneurship in Canada, potentially leading to a brain drain.
Finance Minister Chrystia Freeland delivered a federal budget that keeps the deficit capped at billion, thanks to higher-than-expected government revenues and new taxes that largely offset new spending. The budget pledges billion in new spending focused on economic justice for younger generations. The government plans to pay for most of its new spending initiatives with higher taxes on the wealthiest Canadians and businesses, including increasing the capital gains inclusion rate. The deficit, deficit-to-GDP ratio, and debt-to-GDP ratio are projected to fall every year until 2028-29. The federal budget also includes initiatives aimed at boosting the economy’s productivity, such as expanding artificial intelligence capacity and research support.