The Buzzing Trends | Biden’s proposed tax reforms: What does it mean for the stock markets?

Australian shares closed lower on Monday after hitting a record high earlier in the session. ASX 200 crossed 7200 mark for the first time but finally closed 0.3 per cent lower as COVID-19 cases in the populous state of Victoria continued to swell while investors awaited signs of hawkishness in the central bank meeting due this week. The market is continuing with the downward trend today as well. ASX 200 is currently trading at 7130 after dropping by 31.60 points at 12:21 pm AEST.

Organization for Economic Corporation and Development (OECD) said on Monday that they do not see Global Tax Deal to come across until October this year. Global tax deal is to overhaul taxation rules and make multinationals pay more in countries where they operate. Next up. Adavale Resources (ASX:ADD) has obtained the Ruiza North East (NE) license, the Company informed on 1 June 2021. Ruiza NE covers a standout nickel sulphide target comparable to Kabanga Nickel Deposit. 

The budget proposes tax reforms, which are in line with his previously announced reforms in April, aim to help fund the American Families Plan. The proposal calls for a 43.4 per cent capital gains tax (CGT) rate (including a 3.8 per cent Medicare surtax) for Americans earning more than US$1 million per year (US$500,000 for couples filing separate tax returns).

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