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Recently there has been a lot of noise about the top 1%. They certainly have taken a beating.
This was highlighted by the Occupy Wall Street Movement last year.
It has received significant attention during the Election.
There are several different ways to define the top 1%. In the interest of simplicity, we are saying its income over $400,000 per year.
Capital assets are generally those held for investment. Stocks, bonds and mutual funds are some examples. If there is a gain on the sale of these assets, a capital gains tax is due.
The Federal Government avoided the Fiscal Cliff...Well, for now any way.
At the very last minute they passed the American Taxpayer Relief Act of 2012. Here are some of the highlights:
The highest ordinary income tax rate is 35%. This is scheduled to go up to 39.6%
Long-term capital gains are for capital assets held longer than a year. Capital assets include stocks, bonds and mutual funds. Collectibles and certain Real Estate are subject to special rules. The stated rate on long-term capital gains is currently 15%. If Congress fails to take any action, this will increase to 20%. The … Continue reading »