Facts

Capital gains tax is a tax imposed by the government on the profit or gain realized from the sale of a capital asset, such as stocks, real estate, or artwork. The amount of capital gains tax owed is calculated as the difference between the sales price of the asset and its cost basis, which is …

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Income tax is a tax imposed by the government on an individual’s or a business entity’s financial income. The amount of income tax owed is based on a person’s taxable income, which is calculated by subtracting allowable deductions and exemptions from their gross income. The tax rate applied to a person’s taxable income which is …

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