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Arthur Rubin
Arthur Rubin, Tax Preparer
Category: Tax
Satisfied Customers: 1561
Experience:  22 years of tax preparation experience, including individual, trust, and estate returns.
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I have heard or read that Obama will double capital gains tax

Resolved Question:

I have heard or read that Obama will double capital gains tax and also eliminate cap gains for small business. I own a small C Corp. which I wish to sell. As I understand current tax law, a stock sale would result in me paying l.t. cap gains on the after expense net---only. Will/has Obama's cap gains elimination eliminate that tax? Similarly, with an asset sale, the corp would pay for gain vs book value as ordinary income and I would pay capital gains rates on the resulting final dividend. Has/will this change w/the new law?
Submitted: 8 years ago.
Category: Tax
Expert:  Arthur Rubin replied 8 years ago.
Dear "Customer".

The current proposals involve the maximum capital gains rate increasing to 25%, and may recind the maximum "qualified divdend" tax rate, as well as increasing the taxes on the "rich" (approximately, more than $250,000 taxable income for married, and possibly half that for singles). The capital gain exclusion for small businesses has not yet been formally proposed, so I don't know what form it might take.
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