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OTTAWA, Ontario (AP) \u2014 Canadian Prime Minister Justin Trudeau<\/a> \u2019s government announced Tuesday it is imposing higher taxes on the wealthiest Canadians as part of the federal budget.<\/p>\n The budget proposes to increase the capital gains inclusion rate, which refers to the taxable share of profit made on the sale of assets.<\/p>\n The taxable portion of capital gains above $250,000 Canadian (US$181,000) would rise from half to two-thirds, which the federal government says will only affect 0.1% of Canadians and raise nearly $20 billion Canadian (US$14.5 billion) in revenue over five years.<\/p>\n \u201cI know there will be many voices raised in protest. No one likes paying more tax, even \u2014 or perhaps particularly \u2014 those who can afford it the most,\u201d Finance Minister Chrystia Freeland said.<\/a><\/p>\n \u201cBut before they complain too bitterly, I would like Canada\u2019s one per cent \u2014 Canada\u2019s 0.1% \u2014 to consider this: What kind of Canada do you want to live in?\u201d<\/p>\n Freeland presented the federal budget, which pledges $53 billion Canadian (US$38 billion) in new spending that she says is focused on economic justice for younger generations.<\/p>\n Freeland denied that her latest budget is mainly a political exercise \u2014 but nonetheless acknowledged that for anyone under 40 in Canada, it\u2019s \u201cjust harder to establish yourself\u201d than it was for the generations that came before.<\/p>\n Freeland delivered a budget that she said capped the federal deficit at $40 billion Canadian (US$29 billion).<\/p>\n Trudeau’s Liberal government is trailing badly in the polls amid concerns over the cost of living in Canada.<\/p>\n<\/div>\n