Edited by pdx5, 16 February 2012 - 07:48 PM.
3.8% Additional capital gains tax coming in 2013?
Posted 16 February 2012 - 07:47 PM
Posted 16 February 2012 - 10:59 PM
"Is there going to be a 3.8% Sales Tax on Homes in 2013?
The Facts on that Rumored 3.8% Sales Tax on Homes
Among the most common tax and housing policy questions we field here at NAHB is whether a 3.8% sales tax will hit home sales in 2013.
The answer is no.
Unfortunately, we’ve been tracking a set of emails that falsely claim that the 2010 health care reform legislation (which contained a burdensome 1099 reporting requirement, now repealed) imposed a 3.8% sales tax or transfer fee on all home sales in 2013. There is an element of fact underlying this rumor, but for the most part this claim is false.
. . .
The housing market has enough policy uncertainties today. We hope this false rumor concerning a 3.8% sales tax on home sales is not among them.
Edited by milbank, 16 February 2012 - 11:07 PM.
"The power of accurate observation is commonly called cynicism by those who have not got it."
--George Bernard Shaw
"None are so hopelessly enslaved as those who falsely believe they are free."
--Johann Wolfgang von Goethe
Posted 17 February 2012 - 01:35 AM
What Will the Capital Gains Rate Be in 2013?
Howard Gleckman | Posted on April 7, 2010, 1:00 pm
My best guess is that the top tax rate on capital gains and dividends in 2013 will be almost 24 percent—a significant increase over today’s 15 percent rate. As a result, the decade-long tax holiday for investors is coming to a gradual end.
At the moment, the fate of all of these tax rates is a bit uncertain. But here is the recipe for big tax increases on investments: Take the tax hikes included in the newly-enacted health law. Combine with other tax changes President Obama has proposed in his 2011 budget. Add huge deficits and the scheduled expiration of the Bush tax cuts in less than nine months. The result is likely to be a big increase in taxes on capital, at least for the wealthiest investors.
Here are the numbers: The top rate on gains and dividends today is 15 percent. If Congress does not act between now and Dec. 31, the maximum rate on capital gains will rise to 20 percent, what it was back in 2001. The top rate on dividends will soar to 39.6 percent, its level prior to those 2001 Bush tax cuts.
Obama has proposed a 2011 tax on investment of 20 percent for both dividends and gains. But remember, the new health law includes an extra Medicare tax of 3.8 percent on investment income starting in 2013. The two changes combined would raise rates on investments to nearly 24 percent, at least for couples making more than about $250,000 and singles earning about $200,000.
Posted 17 February 2012 - 01:57 AM