Short Term Captial Gains Taxes

[Chunkee]

If you gamble and buy GM stock now and they shoot back up in a few months, are the rates below ~ accurate for capital gains taxes?

Short-term capital gains (STCG) One year or less Ordinary income tax rates up to 35%
Long-term capital gains (LTCG) More than one year 5% for taxpayers in the 10% and 15% tax brackets (zero percent starting in 2008) 15% for taxpayers in the 25%, 28%, 33%, and 35% tax brackets
Collectibles One year or less STCG tax rates up to 35%
Collectibles More than one year 28%
Small Business Stock Gains (Section 1202) More than five years 28% on the gain not excluded
Real Estate Main Home One year or less STCG
More than one year LTCG taxed at 5% or 15% after any exclusion amount

 

[Fenixgoon]

damn, they hit you hard on short terms 🙁

 

[EagleKeeper]

They look like I remember from last year

%35 & %15

 

[her209]

Short term capital gains is taxed at your income rate.

 

[Billb2]

Originally posted by: Chunkee
If you gamble and buy GM stock now and they shoot back up in a few months, are the rates below ~ accurate for capital gains taxes?

Yes, those rates are accurate, unless Congress/Obama changes them for 2008 tax year.

But, no, there won't be any capital gains taxes due because GM aint gonna "shoot back up in a few months".

The government won't help people that fly to congressional hearings in private jets ...it's bad for re-election. And when GM declares bankruptcy, the unions, retirees and shareholders are going to get screwed.

Vegas/roulette/black would be a much safer bet.

While I'm not a licensed stock analyst, I have stayed at a Holiday Inn, just not last night.

 

[BoomerD]

ALL gains should be taxed at the same rate as "regular income."

Why the fuck should my wages be taxed lower than money made by investing? (yes, I understand the "lower taxes spurs more investments" idea.)

BUT, "easy money" that is earned without any actual work should be taxed at least as high as money made by "the sweat of our brows."