http://seminal.firedoglake.com/diary/2005 Just another Firedoglake weblog Sun, 29 Nov 2009 16:31:15 -0600 http://wordpress.org/?v=2.8.6 hourly 1 http://seminal.firedoglake.com/diary/2005/comment-page-1#comment-14823 PascoBill Mon, 24 Nov 2008 19:57:59 +0000 http://oxdown.firedoglake.com/diary/2005#comment-14823 <p>I don’t know John Boehner’s complete suggestion, but the one you quote just refers to Long Term Capital Gains on equity purchases. To qualify, the stocks have to be held for greater than 1 year - so we’re talking about 2009 taxes at the earliest, if by “equities that are purchased” he means “purchased after the law is passed”. And that saves individuals the 15% maximum capital gains tax, as the tax law currently stands. As for other capital gains, such as real estate, there are still a lot of properties that are down from the peak, but well above purchase prices. Selling properties to reduce taxes and raise cash could generate some capital gains taxes. That generally applies to corporations, I’d assume, since selling your residence is largely protected from capital gains taxes.</p> I don’t know John Boehner’s complete suggestion, but the one you quote just refers to Long Term Capital Gains on equity purchases. To qualify, the stocks have to be held for greater than 1 year – so we’re talking about 2009 taxes at the earliest, if by “equities that are purchased” he means “purchased after the law is passed”. And that saves individuals the 15% maximum capital gains tax, as the tax law currently stands. As for other capital gains, such as real estate, there are still a lot of properties that are down from the peak, but well above purchase prices. Selling properties to reduce taxes and raise cash could generate some capital gains taxes. That generally applies to corporations, I’d assume, since selling your residence is largely protected from capital gains taxes.

]]>