Australia's Capital Gains Tax Overhaul Could Boost Budget by $5 Billion
Economists Back Return of Capital Gains Tax
Canberra, Australia - A comprehensive overhaul of Australia's capital gains tax system is being proposed, with leading economists supporting a return to the previous tax structure. The proposed changes could significantly improve the federal budget by an estimated $5 billion annually.
Biden's Budget Proposal Includes Capital Gains Tax Increase
In the United States, President Joe Biden's Fiscal Year 2025 Budget proposal includes a substantial increase in the top capital gains tax rate to 44.6%. This proposal, coupled with state taxes, would significantly impact individuals with taxable incomes exceeding $518,900, who currently pay a 20% long-term capital gains tax rate.
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