Canada's Capital Gains Tax Rate Jumps To 67%: 'Highly Indebted Western Governments Have Promises To Keep, Wars To Fund,' Strategist Says
Canadian Tax Increases:
- Canada announced new tax increases in its latest budget to address public debt.
- Capital gains tax will spike to 67% for earnings over $250,000 annually, making Canada the highest globally.
Global Debt Dilemma:
- Governments worldwide are dealing with high public debts due to pandemic fiscal policies.
- Canada's public debt-to-GDP ratio rose from 87% in 2019 to 107% in 2024.
Economist Reactions:
- Economists express concerns about Canada's tax hikes amid economic struggles and inflation pressures.
- Predictions of persistent inflation, climbing yields, and increased taxation until central bank intervention.
Market Impact:
- iShares MSCI Canada Index Fund EWC experienced a 3% decline, the worst since October 2023.
Future Outlook:
- Speculation on potential unrest among capital allocators and the impact of Western governments' fiscal policies.
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Prime Minister's Concerns: Singapore's prime minister expresses worries about the country's future and economic stability.
Investor Sentiment: Despite the prime minister's concerns, current investor sentiment remains positive and unaffected.
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