With all the positive media coverage about Joe Biden, “you may have missed” that the new Biden administration has outlined a raft of tax increases, says Sky News host Sharri Markson.
“The most controversial of which is a plan for a new tax on unrealised capital gains,” Ms Markson said.
“That’s an annual capital gains tax on assets someone holds on paper – not just at the point of sale.
“This could be a house or shares.
“There are also plans for an increase to the company tax rate.”
Ms Markson spoke to The Australian’s Adam Creighton about the issue.
Discussing the plan for a new tax on unrealised capital gains, Mr Creighton said, “I think there’s almost zero chance of it actually being introduced”.
“It would be very unworkable”.
“I’d be very surprised if it got through,” he said.