HAMISH MCRAE: Will Joe Biden trigger tax rise here?
3 years, 7 months ago

HAMISH MCRAE: Will Joe Biden trigger tax rise here?

Daily Mail  

Joe Biden certainly spoilt the party last week with his plan not only to increase taxes in the US, but to tax capital gains as income. Finger on the pulse: Joe Biden certainly spoilt the party with his plan not only to increase taxes in the US, but to tax capital gains as income The prime reason why this should be so is that there is logic to the idea. If President Biden succeeds in getting most of his tax proposals through Congress – never certain in the US system – that would give political cover for other countries to do something similar if that is what they wanted to do. Before you conclude that Rishi Sunak will also tax capital gains as income – and I think that highly unlikely – there are some crucial differences between the US and the UK tax systems.

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History of this topic

Reeves warned against ‘perilous’ pension and capital gains tax rises
3 months ago

Reeves warned against ‘perilous’ pension and capital gains tax rises

The Telegraph  

Rachel Reeves has been warned of the “perilous” impact of increasing pensions and capital gains taxes, as economists claimed this would damage living standards, discourage saving and harm growth. It said that launching a blanket raid on capital gains would also backfire, with tax increases acting as an “ever-greater drag on saving and investment”. ‘Jumbled tax system’ The IFS said: …

Biden urged to raise income tax to tackle dangerous US debt
5 months, 4 weeks ago

Biden urged to raise income tax to tackle dangerous US debt

The Telegraph  

Joe Biden must raise income tax and cut pensions spending to slow the dangerous rise in the US national debt, the Organisation for Economic Cooperation and Development has said. Corporate taxes also need to go up, economists suggest, while the US president needs to find a way to control spending on healthcare. The group urged Mr Biden – or Donald …

Labour capital gains tax rise speculation grows as top aide likes post
6 months, 1 week ago

Labour capital gains tax rise speculation grows as top aide likes post

The Telegraph  

Laura Trott, the Chief Secretary to the Treasury, said: “Labour think they can hide these secret tax rises until after the election, but we won’t let them get away with it. “Keir Starmer should come clean with the British people.” Labour has repeatedly insisted that it has no plans to raise taxes beyond the targeted raids it has already announced …

Rishi Sunak’s tax bombshell has blown up in his face
6 months, 2 weeks ago

Rishi Sunak’s tax bombshell has blown up in his face

The Independent  

After last night’s TV debate, relieved Conservatives claimed Rishi Sunak had detonated another “Labour tax bombshell” with his repeated claim that the party’s £38.5bn of unfunded spending commitments would cost every working household £2,000. Sunak’s tax attack captured today’s front-page headlines and it might plant some seeds of doubt about Labour among the wavering Tory voters Starmer wants to win. …

Rishi Sunak tax cuts won’t ease burden, economists warn, as national insurance rate drops
11 months, 2 weeks ago

Rishi Sunak tax cuts won’t ease burden, economists warn, as national insurance rate drops

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. It came as Labour accused Mr Sunak of offering voters a “raw deal”, claiming the …

Rishi Sunak considers tax cut for five million highest earners
1 year, 2 months ago

Rishi Sunak considers tax cut for five million highest earners

The Telegraph  

Downing Street is considering a tax cut for five million high earners next year to galvanise Tory voters after suffering historic by-election defeats in two “safe” Conservative seats. The threshold for paying the 40 per cent higher rate of income tax could be raised in an effort to plot a path to re-election despite polls predicting a Labour victory. Surveys …

Economic boost for Sunak - but fresh tax cuts calls erupt
1 year, 2 months ago

Economic boost for Sunak - but fresh tax cuts calls erupt

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Treasury minister Andrew Griffith said they were "not for the moment" when asked about the …

Tax burden to rise by more this parliament than any other during peacetime, IFS says
1 year, 2 months ago

Tax burden to rise by more this parliament than any other during peacetime, IFS says

The Telegraph  

Former prime minister Liz Truss told the Telegraph: “This unprecedentedly high tax burden is one of the reasons that the British economy is stagnating and why we need to cut taxes to help make Britain grow again.” Taxes have soared since the last election as a result of a stealth raid through frozen thresholds and new levies on businesses. Mr …

Rishi Sunak plotting autumn 2024 election ‘after income tax cut’
1 year, 8 months ago

Rishi Sunak plotting autumn 2024 election ‘after income tax cut’

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. A senior government source told the newspaper: “It’s all about …

Tax expert questions whether PM’s capital gains tax arrangement should continue
1 year, 9 months ago

Tax expert questions whether PM’s capital gains tax arrangement should continue

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Rishi Sunak is benefiting from …

Rishi Sunak made £1.9m last year as PM releases tax returns
1 year, 9 months ago

Rishi Sunak made £1.9m last year as PM releases tax returns

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Rishi Sunak has published his long-awaited personal tax returns – revealing …

Biden to propose 25 percent minimum tax on US billionaires
1 year, 9 months ago

Biden to propose 25 percent minimum tax on US billionaires

Al Jazeera  

US president’s reported budget plan would also nearly double capital gains tax on investments. United States President Joe Biden will call on Congress to impose a 25 percent minimum tax on billionaires as part of a series of proposed tax hikes on wealthy individuals and corporations, according to a US media report. Biden’s proposed spending plan would also nearly double …

Tories increase taxes, cut spending as recession looms
2 years, 1 month ago

Tories increase taxes, cut spending as recession looms

The Hindu  

The Rishi Sunak government announced a £55 billion “consolidation” package of tax hikes and spending cuts in an attempt to get Britain’s public finances back on track partly to undo the damage caused by former Prime Minister Liz Truss’s September ‘Mini-Budget’, which had startled markets. The ‘Autumn Statement’, which was a response to the soaring cost of living, high energy …

British PM candidate Rishi Sunak vows 20% income tax cut by 2029
2 years, 4 months ago

British PM candidate Rishi Sunak vows 20% income tax cut by 2029

The Hindu  

Rishi Sunak, trailing in the race to become Britain's next prime minister, has vowed to slash the basic rate of income tax by 20% by 2029 in a potentially make-or-break throw of the dice by the former finance minister. Mr. Sunak said he remained focused on tackling inflation but once that was achieved he would follow through on an already-announced …

Rishi Sunak promises biggest income tax cut in 30 years
2 years, 4 months ago

Rishi Sunak promises biggest income tax cut in 30 years

The Telegraph  

Rishi Sunak has promised the biggest income tax cut in 30 years, vowing to slash the basic rate from 20 per cent to 16 per cent if he becomes prime minister. Mr Sunak’s campaign argued that the move was consistent with his previous stances, given the tax cut would only be adopted once inflation drops and would not be funded …

Rishi Sunak could introduce 1p income tax cut this year
2 years, 7 months ago

Rishi Sunak could introduce 1p income tax cut this year

Daily Mail  

Rishi Sunak is considering bringing forward a 1p income tax cut and increasing the warm home discount by hundreds of pounds amid urgent calls for the Government to tackle the cost of living crisis. Also, the basic rate of income tax cut from 20p to 19p is set to take effect in April 2024, but Treasury sources said Mr Sunak …

Column: A billionaires tax is a necessity. Even the White House knows it
2 years, 8 months ago

Column: A billionaires tax is a necessity. Even the White House knows it

LA Times  

After years of largely theoretical discussion among Democrats, the idea of a billionaires tax has now become official policy. — President Biden, introducing his billionaires tax Biden has now made it mainstream, though his plan is somewhat more modest than the others — his proposal for a wealth tax would raise about $360 billion over 10 years, according to the …

Rishi Sunak drops strongest hint yet that he could slash income tax
2 years, 9 months ago

Rishi Sunak drops strongest hint yet that he could slash income tax

Daily Mail  

Rishi Sunak is planning a Government blitz on the soaring cost of living as he declares it his mission to cut taxes for hard-pressed households. As Chancellor he cut the basic rate of income tax by 2 percentage points in 1988 Also writing in today's Mail on Sunday, Labour's Shadow Chancellor, Rachel Reeves, says Mr Sunak should 'grasp the seriousness …

White House, Democrats tangle over Biden bid to raise taxes
3 years, 3 months ago

White House, Democrats tangle over Biden bid to raise taxes

Associated Press  

WASHINGTON — President Joe Biden has a simple message for fellow Democrats about his plan to raise taxes to remake large swaths of the American economy: look beyond the bottom line. “Establishing an artificial $3.5 trillion spending number and then reverse-engineering the partisan social priorities that should be funded isn’t how you make good policy,” Manchin wrote in The Wall …

Opinion: Here’s the truth: Raising the capital gains tax won’t hurt the economy
3 years, 7 months ago

Opinion: Here’s the truth: Raising the capital gains tax won’t hurt the economy

CNN  

Editor’s Note: Morris Pearl is the chair of the Patriotic Millionaires, a former managing director at BlackRock, Inc., and the co-author of Tax the Rich! The Biden administration recently released plans to increase the top capital gains tax rate for people earning over a million dollars a year to help pay for his American Families Plan. But the truth is, …

What we know about Biden’s capital gains tax rate plan
3 years, 7 months ago

What we know about Biden’s capital gains tax rate plan

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Under his American Family Plan, the president will reportedly propose raising the capital gains …

Column: Biden wants to hike the capital gains tax. The wealthy will fight him to the death
3 years, 8 months ago

Column: Biden wants to hike the capital gains tax. The wealthy will fight him to the death

LA Times  

President Biden is reportedly looking at reforms to the capital gains tax. As we’ve pointed out before, the capital gains tax is the quintessential rich person’s loophole. Biden could announce a proposal on the capital gains tax next week, Bloomberg reported, with the goal of using the tax to fund part of his infrastructure program. In 2021, couples with income …

What Matters: Taxes will have to go up for someone
3 years, 8 months ago

What Matters: Taxes will have to go up for someone

CNN  

A version of this story appeared in CNN’s What Matters newsletter. Treasury Secretary Janet Yellen laid out the balance sheet, blaming the GOP tax plan for the red ink as she pitched the president’s plan to raise the corporate tax rate. CNN’s Tamie Luhby and Katie Lobosco write: Noting that corporate tax collections have fallen to their lowest level since …

Biden plans to up corporate tax rates to fund infrastructure boom
3 years, 8 months ago

Biden plans to up corporate tax rates to fund infrastructure boom

Al Jazeera  

The corporate tax-cut party President Donald Trump kicked off will soon be over if his successor proves able to enact proposals to roll back half of the 2017 domestic income-tax reduction and to radically revamp levies on profits earned abroad. “They’re not just rolling back the tax cuts from 2017,” said David Noren, a former legislative counsel to the congressional …

Biden tax plan: Here’s how taxes could be raised on the wealthy and corporations
3 years, 9 months ago

Biden tax plan: Here’s how taxes could be raised on the wealthy and corporations

CNN  

Editor’s Note: This story originally ran on March 18, 2021, and has been updated with new details on President Joe Biden’s proposal. Biden has doubled down on vows he made as a candidate, saying that those earning more than $400,000 “will see a small to significant tax increase.” However, he’s pledged that those under that threshold “won’t see one single …

Biden vows to raise taxes on anyone earning more than $400,000
3 years, 9 months ago

Biden vows to raise taxes on anyone earning more than $400,000

LA Times  

President Biden acknowledges he’s unlikely to get support from Republican lawmakers for any type of tax hike but said he would get Democratic votes. President Biden promised Wednesday morning that any individual earning more than $400,000 a year would see some type of tax increase under his forthcoming economic plan. “Anybody making more than $400,000 will see a small to …

Biden mulls first tax hike since 1993 to reboot economy
3 years, 9 months ago

Biden mulls first tax hike since 1993 to reboot economy

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Joe Biden is allegedly mulling the first federal tax hike …

AP EXPLAINS: Biden’s sizable but not radical tax plans
4 years, 3 months ago

AP EXPLAINS: Biden’s sizable but not radical tax plans

Associated Press  

ATLANTA — President Donald Trump describes Democratic challenger Joe Biden as a “tool” of “radical socialists” who are bent on taxing every American business and household into bankruptcy. A look at his tax plans: KEY NUMBER: $400,000 OF TAXABLE INCOME Biden says no individual with taxable income of $400,000 or less would see a federal tax increase under his plans, …

Who would be hit by the new tax rises being explored by the chancellor?
4 years, 3 months ago

Who would be hit by the new tax rises being explored by the chancellor?

The Independent  

It’s time to be “honest” with the public about the tax rises that will need to come in the wake of this economic crisis, according to the chancellor of the exchequer. Capital gains tax currently raises around £10bn a year The tax rate someone pays on capital gains is generally considerably lower than the equivalent rate they would pay if …

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