I am running for Mayor to bring 50,000 jobs to Greensboro and Guilford County over the next 10 years. I want my kids to be able to live and work around Greensboro after they graduate college. The status quo is currently an impediment to the chances of my being able to watch my grandkids grow up close by. We cannot bring in good paying jobs with an uneven playing field for businesses looking to relocate or expand. I believe we don't have a level playing field, which means some of our city's leaders have acted in the name of our community, while favoring a select few in an ethically inappropriate manner.
"Sell for Gains Before Unfriendly 2013"
"Sell. That’s the message from some financial advisers, who are telling wealthy clients that the remainder of 2012 amounts to a last-chance sale on federal tax rates.
Taxes are set to rise in January in the U.S., pushing the top rate on dividends to 43.4 percent from 15 percent and the top rate on capital gains to 23.8 percent from 15 percent.
...Tax cuts first enacted during George W. Bush’s presidency and extended in 2010 are set to expire Dec. 31. Unless Congress acts, the tax increases along with automatic federal spending cuts will combine to form the so-called fiscal cliff.
Federal taxes on ordinary income will rise to as much as 39.6 percent from 35 percent. Long-term capital gains rates will increase to a maximum 20 percent from 15 percent, plus an additional 3.8 percent for high-income earners as a result of the 2010 health-care law.
The opportunity for individuals to transfer up to $5.12 million --- or $10.24 million for couples -- free of estate-and- gift taxes also is set to expire at the end of the year and drop to $1 million.
...With about 10 weeks left in the year, taxpayers waiting on a decision from Congress before making investment moves may run out of time. Lawmakers won’t address tax-and-spending issues until a session after the Nov. 6 election.
...An investor who sells $100 of stock with a cost basis of $20 in 2012 would see proceeds -- after capital gains taxes -- of $88... Next year, if Congress doesn’t act, earnings from the sale would drop to $80.96 if rates rise to 23.8 percent. That means the stock price would need to rise at least 9 percent for an investor to be better off selling in 2013...
...The last time there was a significant increase in the capital gains tax rate -- in 1986 -- positive realizations spiked 91 percent to $328 billion from $172 billion a year earlier...
Most investors waited until December to sell...
Margaret Collins and Richard Rubin
Posted by Hartzman at 10:17 AM