Historic 2024 Autumn Budget Unveiled by Chancellor Rachel Reeves
The 2024 Autumn Budget, presented by Chancellor Rachel Reeves, marks a historic moment as the first budget delivered by a woman in the UK. With plans to increase government spending by 2% of GDP annually, the budget focuses on enhancing public services, including transport and housing, while introducing significant tax changes like higher employer National Insurance contributions and capital gains tax. This budget aims to restore economic stability and address pressing issues in the UK economy.
Biden Proposes Major Increase in Capital Gains Tax Rate for 2025 Budget
President Biden’s budget proposal for 2025 includes a substantial increase in the top capital gains tax rate to 44.6%, potentially exceeding 50% in some states. This proposal raises concerns about the lack of inflation indexing and the impact on businesses, investors, and families. The proposed rate in the U.S. would be more than double that of China, raising questions about competitiveness. Additionally, Biden’s plan to eliminate stepped-up basis could result in mandatory capital gains taxes during wealth transfers.