Capital Gains Taxes - Obama’s Plan
Dow Jones Newswire: Obama’s capital gain tax plan may include:
Increase the top two marginal tax rates from their current levels of 33 percent and 35 percent to 36 percent and 39.6 percent, respectively. Based on 2009 income thresholds, that would result in a tax increase on singles making $171,550 or more and married couples making $208,850 or more.
Taxpayers in those brackets also face increased taxes because Obama plans to restore phase-outs of personal exemptions and itemized deductions. This means that high-earners would not only face higher tax rates, but they would also lose some or all of their personal exemptions and itemized deductions.
Obama has also proposed raising the tax rate on capital gains income from 15 percent to 20 percent for single taxpayers making more than $200,000 and for married couples earning more than $250,000 annually.
Exempting seniors earning less than $50,000 from income tax.
Of course, nothing is set in stone yet but high net worth individuals will be looking for astute advice regarding taxes and the impact on estate taxes.