One of the big surprises included in President Joe Biden s first budget is the retroactive application of the near 100% capital gains tax hike. With this retroactive income tax hike, the White House seeks to take one of California s most controversial policies national.
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Biden Budget Proposal Outlines Social Spending, Business Tax Hikes
The Biden plan comes as the White House is seeking an agreement with Senate Republicans over infrastructure spending.
ANDREW TAYLOR
WASHINGTON (AP) President Joe Biden’s $6 trillion budget proposal for next year would run a $1.8 trillion federal government deficit despite a raft of new tax increases on corporations and high-income people designed to pay for his ambitious spending plans.
Biden had already announced his major budget initiatives, but during a rollout Friday he will release them as a single proposal to incorporate them into the government’s existing budget framework, including Social Security and Medicare. That provides a fuller view of the administration’s fiscal posture.
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Developers Threaten to Stop Building Over New Victorian Land Taxes
A major Melbourne-based property developer is warning it will stop looking for new construction opportunities until the Victorian government releases the details of its plans to raise land and property taxes for the ninth time.
Sam Tarascio, managing director at one of Australia’s largest developers, Salta Properties, told The Australian that the company would put the assessment of future developments that involve rezoning on hold until they thoroughly understood the proposed tax.
“Until we see that detail, we cannot quantify the new costs associated with the tax,” Tarascio said, referring to the new windfall taxes where up to 50 percent of land value uplift as a result of rezoning will go to the government.