tag:blogger.com,1999:blog-7895164153505105997.post3473098054770177563..comments2024-01-17T00:45:37.075-08:00Comments on Bud Meyers: Does GOP Support "Small" Business?Bud Meyershttp://www.blogger.com/profile/02065020063363023395noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-7895164153505105997.post-83448517813771436902015-01-21T07:26:32.370-08:002015-01-21T07:26:32.370-08:00LA Times: "The capital gains preference is go...LA Times: "The capital gains preference is gold, pure gold."<br /><br />The capital gains preference is uncapped. The larger the gain one reports, the greater the tax break — that differential between the 23.8% top cap gains rate and the 39.6% top marginal rate is gold, pure gold.<br /><br />There's another aspect that makes the capital gains preference entirely too profitable. Taxpayers can defer it indefinitely simply by deferring the sale of taxable assets [and] put off your capital gains liability for your entire life.<br /><br />Then comes the biggest loophole of all, the so-called trust fund loophole. This allows capital assets to be passed on to one's heirs at their appreciated value [and] the accumulated capital gains tax liability is utterly extinguished. Hundreds of billions of dollars escape capital gains taxation each year because of the 'stepped-up' basis loophole that lets the wealthy pass appreciated assets onto [job creators, such as Paris Hilton and Kim kardashian.]<br /><br />Sen. Orrin Hatch (R-Utah) claimed eliminating these all tax loopholes would hurt small businesses.<br /><br />But the Treasury estimates that 99% of the revenue raised by boosting the capital gains tax rate and closing the inheritance loophole would be paid by the top 1% — and four-fifths of it would come from the richest tenth of 1%.<br /><br />http://www.latimes.com/business/hiltzik/la-fi-mh-capital-gains-20150119-column.htmlBud Meyershttps://www.blogger.com/profile/02065020063363023395noreply@blogger.com