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Subject Author Date
eliminating the long term capital gains tax malibu.ron 06-15-2006
Posted by malibu.ron on June 15, 2006, 7:07 am
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 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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Posted by Paul Thomas, CPA on June 16, 2006, 2:59 am
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> 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.

--
Paul Thomas, CPA
paulthomascpapc@bellsouth.net

<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Bill on June 16, 2006, 2:59 am
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malibu.ron@verizon.net 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

<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Bill Brown on June 16, 2006, 3:19 am
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malibu.ron@verizon.net wrote:

> 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).

<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

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