BlueToTheBone (1,209 posts)
How we're paying for the new health care bill-Get Ready for the New Investment Tax
Last edited Sat Jun 30, 2012, 08:56 PM USA/ET - Edit history (1)
http://online.wsj.com/article/SB10001424052702304830704577496580986417316.html?mod=googlenews_wsj
It really is happening.
Until this week, investors were waiting to see what the Supreme Court would do about the 3.8 percentage-point surtax on investment income, part of President Obama's health-care overhaul. The Internal Revenue Service hasn't yet released guidance on the new tax.
So when the court affirmed the law on Thursday, investors—and tax advisers—started scrambling.
The new tax, which Congress passed in 2010, affects the net investment income of most joint filers with adjusted gross income of more than $250,000 ($200,000 for single filers). Starting on Jan. 1, 2013, the tax rates on long-term capital gains and dividends for these earners will jump from their current historic low of 15% to 18.8%, assuming Congress extends the current law.
If, on the other hand, Congress allows the tax rates set in 2001 and 2003 to expire on Dec. 31—an unlikely scenario, according to many experts—the top rate on capital gains will rise to 23.8% and the top rate on dividends will nearly triple, to 43.4%.
The good breakdown on the new investment tax is in the article. Wow. Now I know why the pubbies didn't want this to happen!
http://www.democraticunderground.com/1002885185As long as the rich are getting soaked the left doesn't care what consequences go along with it. What I don't get is they use taxes as deterrents for things they don't like, smoking they tax you, don't want to buy health insurance they tax you. Yet somehow if we tax investments at higher rates that will make people want to invest?
cantbeserious (432 posts)
1. About Time The 1% Took A Hit!
eom
Yeah them damn freeloaders aren't paying 100% of the taxes yet.
Sarah Ibarruri (18,349 posts)
12. Yes! nt
Of course the second most stupid woman on the internet loves this.
Ruby the Liberal (18,868 posts)
5. I would prefer to see a transaction tax
to slow down the HFT in the casino, but I'll take a LT Cap Gains tax as a bonus.
safeinOhio (6,708 posts)
8. Feel free to tax
everything I net over $250,000 at 43%. I'd still be happy if you taxed it at 80%. You'd have to give me about $210,000 in a raise to even get started. I'm fine with dat.
I would love to see you get a check for 250k and then have to turn around and give 200k of it to the government. Might teach you a lesson, but I doubt it.
These people think they have a right to money that belongs to someone else, we don't demand that anyone give us any of their money, yet we are the greedy ones.
