Trudeau Announces Capital Gains Tax Hike: Those Affected Are ‘Mostly in Their 60s or Older’

EXCERPT:

TRUDEAU: “That’s the capital gains tax advantage. And it’s not really fair. So, we’re going to change that. Starting June 25th, if someone makes up to $250,000 in capital gains, they’re still going to pay taxes on only half of that. But for anything they make over $250,000, they’re going to pay a little more. They’ll pay taxes on two-thirds of that. So, the very richest people are going to profit a little less off their assets. Only 0.13% of Canadians, to be exact. These are people who have an average income of $1.4 million a year, and are mostly in their 60s or older. So why am I telling you this if the vast majority of you won’t pay a dollar more? Well, for two reasons. First, the conversation always seems to be dominated by the richest people in a society. This is a tax policy change that impacts less than 1% of people, but look at how much attention it’s getting. And second, you should care about your tax system.”