Investors beware: tax changes are in the air, and they could come when you least expect them.
Taxes are back in the spotlight, and the recent buzz around potential policy changes is creating ripples of concern among investors, business owners and everyday Australians.
And it’s not just happening here – Canada’s recent tax changes offer some clues about directions other countries may take. Tax is also a contentious issue in the lead-up to the US elections. On one side, Donald Trump promises a corporate utopia . On the other, the Democrats are floating a proposal to increase the corporate tax rate from 21 per cent to 28 per cent.Additionally, they plan to hike the top rate on long-term capital gains to 28 per cent for those earning more than $1 million annually. Wealthy individuals could also see their net investment income tax rate rise from 3.8 per cent to 5 per cent.
Britain’s five-year political terms give Labour Prime Minister Keir Starmer the time to make significant changes. A sweeping majority of 200 seats almost guarantees a win in the next election, allowing Labour up to 10 years to implement its plans. History suggests tough policies often come early in a government’s term to avoid backlash closer to the next election.
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