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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 »
Congress recently passed and the President signed the Temporary Payroll Tax Cut Continuation Act of 2011. This act temporarily extends the two percentage point payroll tax cut for employees by continuing the reduction of their Social Security tax withholding rate from 6.2 percent to 4.2 percent of wages paid through February 29, 2012.
The Obama administration is exploring a temporary tax cut for employers on their payroll tax obligations.