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From 1998 through 2017, tax law keyed the tax rate for long-term capital gains to the taxpayer's tax bracket for ordinary income, and set forth a lower rate for the capital gains. (Short-term capital gains have been taxed at the same rate as ordinary income for this entire period.) [ 16 ] This approach was dropped by the Tax Cuts and Jobs Act ...
Under the Harris/Biden proposal, all households with more than $100 million in net assets would pay a minimum tax of 25% on their combined income and unrealized capital gains. This would most ...
For assets held for more than a year, the long-term capital gains tax rate for tax year 2024 ranges from 0% to 28%, depending on your filing status, income and asset type, and few people qualify ...
One of Vice President Kamala Harris' proposed tax plans is to implement an unrealized capital gains tax for individuals with net wealth above $100 million. ... 25% minimum tax rate on income over ...
The tax rate on long-term gains was reduced in 1997 via the Taxpayer Relief Act of 1997 from 28% to 20% and again in 2003, via the Jobs and Growth Tax Relief Reconciliation Act of 2003, from 20% to 15% for individuals whose highest tax bracket is 15% or more, or from 10% to 5% for individuals in the lowest two income tax brackets (whose highest ...
Put simply, what we’ll call the “min-tax” would impose a floor levy of 25% on the total of regular income plus capital gains on all taxpayers holding a net worth of over $100 million.
However, if taxpayer instead sells the widget for $1300, because their adjusted basis is $600, the result is a $700 gain. Of that amount, $400 of the gain (equivalent to the total amount of depreciation taken during the time owned) is taxed as ordinary income, and the remaining $300 is taxed at the more favorable capital gains tax rate.
The proposal would impose a minimum 25% tax on a combination of income and unrealized capital gains, according to The New York Times. But the targeted nature of the proposed tax is critical ...