through the 80's there was an exclusion on cap gains usually about 50 or 60% of total cap gains. Also, there was a max tax rate of 25% until the 60's. During times of 90% max income tax rate, cap gains were only taxed at 25% and still had an exclusion for cap gains after being held 6 months. There was a brief two year period 88-90 when cap gains were taxed at the same rate as income, but the max income tax was 33% until you hit 273k and then it DROPPED to 28%.
At ZERO point in this country's history has anyone paid 39% taxes on cap gains. Don't lie about it just because you don't like it.
http://www.ctj.org/pdf/regcg.pdf
From Politifact:
Obama also vowed to increase capital gains and dividends taxes from 15 percent to 20 percent for those making more than $250,000 (for couples) or $200,000 (for individuals). The fiscal cliff bill raised those taxes to 20 percent, but only for taxpayers earning $400,000 (for individuals) or $450,000 (for couples) and up. So the deal executed most of what Obama promised on capital gains and dividends, but it did so only above a higher income threshold. We rate this a Compromise.
In 2008, Obama promised to limit personal exemptions and itemized deductions for high-income tax filers. These provisions were in force in the 1990s, but were minimized under Bush and eliminated by 2010. The fiscal cliff bill did something very close to what Obama pledged in 2008, bringing back the Personal Exemption Phaseout, commonly known as PEP, as well as the "Pease limitation." We rate this a Promise Kept.
http://www.politifact.com/truth-o-meter/article/2013/jan/02/fiscal-cliff-deal-gets-heart-obamas-tax-promises/
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As to the estate tax, Again from PolitiFact:
In revising the estate tax law -- another long-running battle -- Obama and congressional Republicans met in the middle.
Obama wanted to exempt the first $3.5 million in value of estates and impose a top rate of 45 percent. When the fiscal cliff deal was negotiated, Obama had to yield on those numbers. The fiscal cliff bill set the top tax rate at 40 percent -- halfway between Obama’s pledge and the reported 35-percent rate favored by some Republicans -- and estates smaller than $5 million will be exempted. Going forward, that $5 million limit will be indexed for inflation.
Given that both sides had to give ground here, we classify this as a Compromise.
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Please stop lying and twisting words to make your case. Your claim that dividends were ever taxed at 39% is a flat out lie, and Obama did increase taxes on the wealthy. He specifically campaigned on an increase to 20% of cap gains and fulfilled that promise. As to the ordinary dividends and qualified dividends, no the Romney types have greater ordinary dividends because they buy and sell stock frequently. Often relying on quasi-insider info. That is why the Republicans put the carried interest exemption into the tax code. It is one of the most unfair tax laws ever created. It was done to offset the tax liability for Romney types and keep them from paying the rates of ordinary dividends.
You can hate Obama all you want, but don't tell lies about the tax code to make your case.
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