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Capital Gain Tax

May 27, 1997 | PATRICE APODACA
With the Clinton administration and Congress apparently headed toward a cut in capital gains taxes, sales of companies could ratchet up, said David H. Troob, chairman of the Geneva Cos., an Irvine merger and acquisition services firm. The mergers and acquisitions market is already very active, Troob said, with company owners looking for ways to cash out of the businesses they've built. Reduced taxes on profits from these deals "should drive it even further," he said.
November 25, 2012 | Liz Weston, Money Talk
Dear Liz: My wife and her brother are selling their parents' home. The parents transferred the deed to their children's names years ago. My wife should receive about $85,000 from the sale. Our yearly income (one salary; she's a stay-at-home mom) is around $75,000. My wife is worried about capital gains taxes and wants to reinvest in another real estate property because she's heard that that will eliminate the capital gains tax. Is that correct? I would really rather invest that money in our current home (finish the basement into a family room, update some items)
June 7, 2000
Summa cum aes alienum (debt)--because of capital gains tax! Stock for college, received at age 7 months, will be taxed 18 years later when sold for tuition. I fear this will still be true in two years, for my grandson. A longer-term (10 years) tax rate of 0% would avoid taxing inflation and education or retirement money saved after taxes. June is for dads and grads, except for the tax law. FRANK ATHA Pacific Palisades
November 21, 2012 | Michael Hiltzik
It would be bad enough if the purveyors of economic and fiscal misdirection had done no more than describe a certain event looming at the end of this year as the "fiscal cliff. " The imagery evokes an elemental crisis that can be avoided only by the heroic efforts of our statesmen in Washington. But in fact it's entirely their creation. The automatic tax increases and deep spending cuts could be avoided by the stroke of a pen. But they haven't stopped with merely applying a misleading label.
October 8, 1989
The vote to cut the capital gains tax is one more indication that the prevailing mood of the country continues to be one of greed and self-interest. Pious political protestations to the contrary, substantial economic thought says that not too many new jobs will be created. The net result will be reduced taxes for the extremely wealthy which they will promptly spend on luxuries, all the while expressing dismay at the increasing crime and violence in society. And to the leadership of Coca-Cola which just sold Columbia to Sony, this will rank along with New Coke as their contribution to the American success story.
May 18, 2012 | By Jim Puzzanghera, Los Angeles Times
WASHINGTON - Eduardo Saverin fled Brazil as a boy and lived the American dream by helping found Facebook Inc. Now two U.S. senators want to make sure he never sets foot in the U.S. again unless he pays tens of millions of dollars in taxes he will owe after the company's initial public offering Friday. Saverin renounced his U.S. citizenship this year and is living in Singapore, a country with no capital gains tax. Sens. Charles E. Schumer (D-N.Y.) and Bob Casey (D-Pa.) denounced him Thursday as a tax dodger and introduced legislation to punish anyone who gives up citizenship to duck big tax bills.
January 15, 2012 | By Anthony York, Los Angeles Times
The future of California's public schools, universities and health programs could be linked partly to the fictional town of FarmVille. The popular virtual world is the creation of Zynga, a San Francisco online game company that raised $1 billion in an initial public stock offering last year. Because California receives much of its income from capital gains taxes, such moves by businesses like Zynga can mean hundreds of millions of dollars for state coffers. More California technology companies are poised to go public this year - including a widely expected $10-billion offering from Facebook - than at any time since the dot-com boom, experts say. Their success could relieve state officials of the need to cut state services more deeply in the budget year that begins in July, but Gov. Jerry Brown and his fellow Democrats are already squaring off over whether to count on the fruits of those transactions.
February 11, 2011 | David Lazarus
There's an e-mail going around warning that anyone who sells their home after 2012 "will pay a 3.8% sales tax on it" to help fund President Obama's healthcare reform law. "Oh, you weren't aware this was in the Obamacare bill?" says the e-mail, which is being forwarded by many people but the origins of which remain a mystery. "Guess what, you aren't alone. There are more than a few members of Congress that aren't aware of it either. " The e-mail was called to my attention by Chino resident Ken Burton, who wanted to know whether it was legit.
July 25, 2010 | Michael Hiltzik
Is it too much to ask that the best-financed statewide political campaign in the country — maybe in U.S. history — get things right about a central tenet of its electoral platform? The question arises from GOP gubernatorial candidate Meg Whitman's new glossy campaign brochure, titled "Creating Jobs for a New California." In it she proposes killing the state tax on capital gains. "California is one of a few states in the country that taxes capital gains at a higher rate than traditional income," the booklet states.
June 23, 2010 | By Henry Chu, Los Angeles Times
Britain's new coalition government on Tuesday unveiled the country's most painful budget in a generation, outlining a program of deep spending cuts and tax hikes in line with the mood of public austerity sweeping across Europe. George Osborne, chancellor of the exchequer — Britain's equivalent of Treasury secretary — said drastic measures affecting everyone were unavoidable to mollify jittery investors and tackle the nation's biggest national deficit since World War II. The emergency budget calls for rises in sales and capital gains taxes and reductions in welfare benefits to help erase the government deficit within six years.
April 8, 2010 | George Skelton, Capitol Journal
A major feature of Republican Meg Whitman's plan to create jobs as governor is to eliminate the state tax on capital gains. Not merely tax investment profits at a lower rate than wages, as the federal government does, but scuttle the state tax completely. Most people don't need to worry about paying taxes on capital gains. They're not so fortunate. But a relatively few wealthy Californians pump substantial sums into the state treasury, which would leak even more red ink if those payments ceased.
WASHINGTON--The biggest unanswered question facing American homeowners at tax time this year might strike you as odd: What is an "unforeseen circumstance" and how can you claim one to avoid capital gains taxes on a profitable home sale? That question has been pending before the Internal Revenue Service for more than a year with no answer in sight. Yet the issue has potentially large financial significance for anyone who has resold a home at a profit after occupying it for less than two years.
Republican gubernatorial candidate Bill Simon Jr. laid out a plan to jump-start California's economy Wednesday, calling for swift cuts in both the state's capital gains tax and its budget. Saying that Gov. Gray Davis could not wait until next year to deal with a possible $13-billion deficit, Simon cited as ripe for cutting $100 million in "pork" that was added to the next year's budget to win the Republican votes needed for its recent passage.
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