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Capital Gains Taxes: What Are They and Why Are Canada’s Ultra Rich Freaking Out?

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Manage episode 415324174 series 3407224
Content provided by PressProgress Sources. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by PressProgress Sources or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

Capital gains – what are they and why is everyone talking about them?

This year’s federal budget, released on April 16, is rolling out changes to the way capital gains are taxed in order to make wealthy Canadians “pay their fair share.”

According to Finance Canada, these changes are targeted at the wealthiest of the wealthy – Canada’s top 0.13%, a group of approximately 40,000 Canadians with average incomes of 1.4 million dollars.

As one can imagine, the capital gains tax changes are already generating pushback from business lobby groups and right-wing think tanks who want to maintain the status quo and say the changes will damage the economy and disincentivize investment.

But it’s also undeniable that the current capital gains tax rules disproportionately benefit people like CEOs and corporate executives, people who play the stock market or flip houses, because the way capital gains are taxed represents, if not a lucrative tax loophole, certainly a double-standard in how the tax code works.

DT Cochrane, Senior Economist with the Canadian Labour Congress, speaks with PressProgress Editor Luke LeBrun on this episode of sources to explain what capital gains taxes are and what these new changes mean.

Support the show

  continue reading

37 episodes

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iconShare
 
Manage episode 415324174 series 3407224
Content provided by PressProgress Sources. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by PressProgress Sources or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

Capital gains – what are they and why is everyone talking about them?

This year’s federal budget, released on April 16, is rolling out changes to the way capital gains are taxed in order to make wealthy Canadians “pay their fair share.”

According to Finance Canada, these changes are targeted at the wealthiest of the wealthy – Canada’s top 0.13%, a group of approximately 40,000 Canadians with average incomes of 1.4 million dollars.

As one can imagine, the capital gains tax changes are already generating pushback from business lobby groups and right-wing think tanks who want to maintain the status quo and say the changes will damage the economy and disincentivize investment.

But it’s also undeniable that the current capital gains tax rules disproportionately benefit people like CEOs and corporate executives, people who play the stock market or flip houses, because the way capital gains are taxed represents, if not a lucrative tax loophole, certainly a double-standard in how the tax code works.

DT Cochrane, Senior Economist with the Canadian Labour Congress, speaks with PressProgress Editor Luke LeBrun on this episode of sources to explain what capital gains taxes are and what these new changes mean.

Support the show

  continue reading

37 episodes

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