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Politics : Liberalism: Do You Agree We've Had Enough of It?
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To: TimF who wrote (71751)9/10/2009 8:30:38 AM
From: tonto2 Recommendations  Read Replies (1) of 224733
 
More focus and pressure by citizens should be placed on Obama regarding the huge tax increase on capital gains that they are trying to slide through the health care bill.

"The Health Care Bill that is currently under consideration will increase the capital gains tax rate to 24% after 2010. After adding state tax rates that range from 6% to 10%, the combined state and federal capital gains tax rate will range from 30% to 34% after next year, depending upon your state of residence. There is also the possibility that Congress will accelerate the capital gains tax rate increase to take effect as of this coming January rather than January of 2011.
Given this fact, many owners of privately held businesses are looking for ways to sell part or all of their businesses in order to lock in the current, historically low capital gains tax rate.
Other owners are simply looking to sell their businesses and retire before mounting budget deficits bring back sky-high interest rates that make it all but impossible to sell their businesses.
But even now, owners are finding it difficult to attract much interest either from private equity funds or from strategic buyers due to the uncertain state of the economy and the lack of bank credit for buyout transactions."
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