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Politics : Politics for Pros- moderated
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To: LindyBill who wrote (422861)4/20/2011 8:24:52 PM
From: Sr K  Read Replies (1) of 794302
 
A lot of people on Silicon Investor believe in holding precious metals including gold as an inflation hedge or a currency hedge.

Gold hit an all-time high today, and if someone bought for 500 and has a 1000 gain and sells, they would owe $280 tax.

I've expected it to be on the table this year.

The 28% rate which at one time was the LT capital gains rate is confiscatory for gold held as a hedge, and also for collectibles and art.

When the LT cap gains rate dropped to 25%, it was not noticed. When it dropped to 20%, it was overlooked. Since 2003 it has been unfair.

There's no reason for it be 28% for gold.

If either party is serious about tax reform, the categories still in the 28% "bracket" should be revisited.
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