| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 551.1 | | VMSDEV::HAMMOND | Charlie Hammond -- ZKO3-04/S23 -- dtn 381-2684 | Tue Aug 17 1993 07:42 | 23 |
| > Wealthy professionals will see greatest negative impact. Attorneys and
One could argue that the wealthy are wealthy because they have
skills in high demand. Thus they can raise prices to offset the
impact of the new tax rates. This leads to a rich-get-richer,
poor-get-poorer scenario, which could be augmented by a generally
depressing effect of the tax package on the economy. I'm only
speculating here, not arguing pro-or-con.
My opinion is that Health Care Reform could have *MUCH* more
impact that this new tax package. But "could" and "will" are not
the same. My guess is that its substance (economic impact) will be
much less than its form. Politicians don't like having to stand up
and be counted. Since they were just forced into doing so on the
tax package they'll make every effort to avoid a similar situation
over Health Care.
On the other hand, rightly or wrongly, a lot of people seem to
believe that health care professionals are grossly overpaid and
that the system does need major reform. So, who knows???
Opps... this is a New Tax Package note.
Sorry for the health care tangent.
|
| 551.2 | please post 93, 94 rates | POTDAM::POTTER | | Fri Oct 29 1993 10:14 | 4 |
| Could someone please post the '93 and '94 tax rates?
Thanks,
John
|
| 551.3 | question on short .vs. long term gains | PARVAX::WARDLE_M | | Wed Dec 08 1993 20:29 | 12 |
| Not sure if this belongs here...but...wth
We've been considering taking a gain on one of the stocks we hold. I
don't have a tax reference handy and was wondering if anyone can
clarify the tax effect of short term .vs. long term gains.
This sale would qualify as a short term gain.
To clarify, what I'm curious about is how much of a difference in taxes
there is between short and long term.
Marie
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| 551.4 | | ZENDIA::FERGUSON | Red X | Thu Dec 09 1993 09:44 | 9 |
| re <<< Note 551.3 by PARVAX::WARDLE_M >>>
-< question on short .vs. long term gains >-
> To clarify, what I'm curious about is how much of a difference in taxes
> there is between short and long term.
In MASS (is this where you live?), short-term gains are taxed at 12% and
long-term gains at 6%.
|
| 551.5 | Capital gains still 28% ??? | CSCMA::BALICH | | Thu Dec 09 1993 09:54 | 7 |
|
re .-1
I thought short term or long term capital gains where BOTH taxed at 28%
(thats assuming your in the 28% tax-rate)
I'd be *very* interested in hearing where you read this ???
|
| 551.6 | We are talking fed and state here... | USCTR1::BJORGENSEN | | Thu Dec 09 1993 09:59 | 5 |
| .4 is talking about STATE taxes only - fed taxes short and long term
gaines equally (28% or whatever) So if you live in Mass, your total
short term tax burden is 28% (or whatever your rate is) + 12% for a
wop'n 40%. Long term would be 28% + 6% for a total of 34%.
|
| 551.7 | | PARVAX::WARDLE_M | | Tue Dec 14 1993 19:17 | 5 |
| I was asking about fed taxes...I should have clarified that. Anyway, I
thought the rate was the same for short or long term but haven't had a
short term gain for awhile and was curious.
Thanks....
|
| 551.8 | Long term capped at 28% | KOALA::BOUCHARD | The enemy is wise | Wed Dec 15 1993 10:33 | 3 |
| The IRS taxes short and long term gains at the same rate up to the 28%
income bracket. Beyond that short term gains are taxes are your income
bracket (31%, ...) but long term gains are capped at 28%.
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| 551.9 | Feel lucky? Go ahead, make their day. | VMSDEV::HALLYB | Fish have no concept of fire | Wed Dec 15 1993 11:36 | 5 |
| > bracket (31%, ...) but long term gains are capped at 28%.
But remember that Congress is not above raising taxes retroactively.
John
|