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In reply to the discussion: Surely every American must realize any cuts hereinafter made to social security, Medicare, or [View all]hay rick
(7,603 posts)20. Some info.
From the Wikipedia article on dividend taxation: http://en.wikipedia.org/wiki/Dividend_tax
Had the Bush-era federal income tax rates of 10, 15, 25, 28, 33 and 35 percent brackets been allowed to expire for tax year 2012, the rates would have increased to the Clinton-era rate schedule of 15, 28, 31, 36, and 39.6 percent. In that scenario, qualified dividends would no longer be taxed at the long-term capital gains rate, but would revert back to being taxed at the taxpayer's regular income tax rate. However, the American Taxpayer Relief Act of 2012 (H.R. 8) was passed by the United States Congress and signed into law by President Barack Obama in the first days of 2013. This legislation extended the 0 and 15 percent capital gains and dividends tax rates for taxpayers whose income does not exceed the thresholds set for the highest income tax rate (39.6 percent). Those who exceed those thresholds ($400,000 for single filers; $425,000 for heads of households; $450,000 for joint filers) became subject to a 20 percent rate for capital gains and dividends.
I believe the long-term capital gains would have gone up (back to Clinton rates) for all those not in the old/new 39.6% bracket. The rate returns to 20% only for those high earners- everyone else keeps the Bush capital gains tax cut. Of course, the majority of capital gains go to high earners...
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Surely every American must realize any cuts hereinafter made to social security, Medicare, or [View all]
indepat
Jan 2013
OP
From me all you get is agreement, the US gov. does not exist to serve "we the people," rather
RKP5637
Jan 2013
#1
Too many old people with ever expanding life expectancies and uncontrolled medical expenses.
dkf
Jan 2013
#26
They are elderly and are double covered from their jobs and Medicare..both of them.
dkf
Jan 2013
#34
So what you are saying is that the BIG money is in the gap between 250 and 400k??
JoePhilly
Jan 2013
#7
Yes. I was one of the ones who said that when it was being done. And I kept getting comments like
plethoro
Jan 2013
#19
Much more open now about being greedy and screwing the old, infirmed, and poor f/b/o
indepat
Jan 2013
#31