Thursday, January 26, 2012

Capital gains tax basics

  • What is the capital gains tax? A tax on income from the sale of property, stocks, bonds and other investments.
  • When was it created? In 1913, when Congress established the income tax.
  • Who makes the most from capital gains?  About 90% of all capital gains income goes to richest 20% of Americans and about 70% goes to the richest 5%, according to the Congressional Research Service.
  • What is the current rate? The maximum capital gains tax rate now is 15%, for those in the mid- to upper-income brackets. This is the lowest rate since World War II.

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