Jun 21, 2014
N4PIP, just what world are you living in?
The rate on short-term capital gains is equal to ordinary income tax rate, which is 39.6% for the "wealthy".
The rate on long-term capital gains for those in the top bracket is 20%. Ah but there's even more...For the "wealthy" even higher rates apply. On depreciated types of property, there is the "recapture" of that depreciation when you sell, and the resulting gains get taxed at 25%. Meanwhile, for sales of collectibles, gold, silver and small-business stock, a 28% rate applies.
And even more specially for the "wealthy", hidden in the Obamacare bill was the extra 3.8% tax on top of all those others. Starting last year, this income tax started to apply for high