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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 ...
The top marginal tax rate on long-term capital gains of 20%, provided for under the expiration of the 2003 portion of the Bush tax cuts, was retained. This was an increase from the 2003–2012 rate of 15%. [4]
The genesis for what eventually became the capital gains tax was proposed in the budget presented by Gov. Jay Inslee on December 17, 2020. The 2021 budget proposal included a proposed 9% tax on capital gains, something Democrats in the state legislature had sought to pass in previous years but has lacked the votes to pass. [7]
Maximum long-term capital gains rates stood at around 25 percent after World War II, but rates began to rise following passage of the Tax Reform Act of 1969. The law, signed by Republican ...
For the highest earners — those with taxable income above $1 million and investment income above $400,000 — the long-term capital gains tax rate could reach 44.6% with a combination of proposals.
Most long-term capital gains will see a tax rate of no more than 15%, though certain assets (like coins and art) can be taxed at a rate up to 28%. Depending on your income, you may even qualify ...
The underlying policy has been criticized by Democratic Party congressional opponents for giving tax cuts to the rich with capital gains tax breaks. [ 9 ] Statements by President Bush, Vice President Dick Cheney , and Senate Majority Leader Bill Frist that these tax cuts effectively "paid for themselves" have been disputed by the CBPP, [ 10 ...
The capital gains tax rate for long-term assets is 0%, 15%, 20%, 25% or 28%. You only pay capital gains tax if you sell an asset for more than you spent to acquire it.