As promised...OT: Taxes! LT Cap Gains to be raised? Sell Now?
Last year I painfully took some Long Term cap gains for year 2019 partly in fear of losing some of the lowest tax rates in years for the highest since Jimmy Carter.
Everything now is in post taxed ROTH accounts. I just hope that ROTH laws are not changed to come after me again retroactively!!!
It's not law yet, but...
If you remember, Clinton even made higher taxes retro-active to the previous year!
"The Tax Reform Act of 1993 was one of Clinton's first tax packages, ... The Act was also one of the first bills to retroactively raise taxes"
If Governor Inslee is successful, his constituents are looking at the prospect of a capital gains tax double whammy in 2021, as President Joe Biden is also calling for a federal capital gains tax increase that, if enacted, would result in the U.S. having the highest capital gains tax rate since Jimmy Carter was in office.
“I’m gonna double the capital gains rate to 40%,” President Biden remarked on the campaign trail. “So every single solitary person, their capital gains are going to be treated like real income and they are going to pay 40% on their capital gains tax,” Biden said of his goal.