eliminating the long term capital gains tax

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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Reply to
malibu.ron
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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 snipped-for-privacy@bellsouth.net

Reply to
Paul Thomas, CPA

snipped-for-privacy@verizon.net posted:

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

Reply to
Bill

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).

Reply to
Bill Brown

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