eliminating the long term capital gains tax


M

malibu.ron

There was considerable talk about reducing or possibly eliminating the
long term capital gains tax. I would appreciate knowing where the
discussions are in Congress. Is this currently an agenda item.
 
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P

Paul Thomas, CPA

There was considerable talk about reducing or possibly
eliminating the long term capital gains tax. I would
appreciate knowing where the discussions are in Congress.
Is this currently an agenda item.
To the extent that you are in one of the bottom two tax
brackets (10% or 15%) your tax on capital gains will be ZERO
in 2008, 2009 and 2010.

For the higher tax brackets, it's still going to be 15% on
capital gains as well as qualified dividends.

I wouldn't be looking for Congress to change that in the
future.
 
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B

Bill

(e-mail address removed) posted:
There was considerable talk about reducing or
possibly eliminating the long term capital gains
tax. I would appreciate knowing where the
discussions are in Congress. Is this currently
an agenda item.
No, not on any serious list. One principal reason is the
argument that _lower_ capital gains taxes result in a boost
to total taxes collected, as people sell investments which
they might otherwise have retained to avoid the
"confiscatory" capital gains tax.

There is a minor movement to completely eradicate "income"
taxes and replace them with a sales tax (The FairTax plan),
but this is not given much chance of happening.

Bill
 
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Bill Brown

There was considerable talk about reducing or possibly
eliminating the long term capital gains tax. I would
appreciate knowing where the discussions are in Congress.
Is this currently an agenda item.
Holders of capital assets will be lucky if the maximum tax
rate on long term capital gains remains as low as 15%. There
is zero chance of that rate being reduced in the current
environment (fiscal and political).
 
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