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Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 3452
Experience:  3+ decades of varied tax industry exp. Tax Biz owner
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I assume that you have my original questions and follow ups.

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. I want to know if there are any new changes to the capital gains tax laws in the next couple of years or is it still at 15%. I was told that one is coming in 2013
Hello, THANK YOU for choosing Just Answer. My goal is to help make your life...a little...LESS taxing.

In brief, the answer to your question is there is a possibility that the capital gains tax will increase from 15 to 20% in 2013. President Obama is calling on Congress to make a number of tax changes for individuals. In addition, the long-term capital gains tax rate would increase to 20%, up from 15% currently.


Among Obama’s tax proposals:

Allows the Bush tax cuts to expire at the end of 2012, raising marginal income tax rates for upper-tax bracket Americans (you know, the ones who create jobs);

Reduces itemized deductions for upper-tax bracket Americans by 30%. Deductions can only be claimed against a 28% rate, even if the individual pays taxes at a 39.6% rate.

Raises estate tax from 35% to 45% and lowers tax exemption from estates worth $5 million to estates worth only $3.5 million.

Eliminates tax breaks for corporations that do business overseas.
Taxes “carried interest” of financial partnerships as ordinary income.

Raises tax rate on qualified dividends and long-term capital gains to 20% from 15%.
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My apologies,

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