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The Water Cooler
General Discussion
Senate Republicans Block Tax Cut Plan that Leaves Out High Earners
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<blockquote data-quote="vvvvvvv" data-source="post: 1385184" data-attributes="member: 5151"><p>I'm not sure that you've looked at the tax forms.</p><p></p><p>Short term capital gains (such as equities that were only held for under one year) are taxed at the same amount as income. Long term capital gains are taxed at 15%, with the exception of the two lowest income brackets which are not taxed.</p><p></p><p>Your total capital gains are <strong>added</strong> to your income on Form 1040. However, you are able to take a credit on Form 1040 of the capital gains taxes that you paid.</p><p></p><p>If your only income is capital gains, then you generally still pay income taxes in addition to the capital gains tax.</p><p></p><p>Just because you heard it on talk radio doesn't mean its true.</p></blockquote><p></p>
[QUOTE="vvvvvvv, post: 1385184, member: 5151"] I'm not sure that you've looked at the tax forms. Short term capital gains (such as equities that were only held for under one year) are taxed at the same amount as income. Long term capital gains are taxed at 15%, with the exception of the two lowest income brackets which are not taxed. Your total capital gains are [B]added[/B] to your income on Form 1040. However, you are able to take a credit on Form 1040 of the capital gains taxes that you paid. If your only income is capital gains, then you generally still pay income taxes in addition to the capital gains tax. Just because you heard it on talk radio doesn't mean its true. [/QUOTE]
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Senate Republicans Block Tax Cut Plan that Leaves Out High Earners
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