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Geithner tells CNBC the Obama administration still hopes to hold the top tax rate on both...

Geithner tells CNBC the Obama administration still hopes to hold the top tax rate on both capital gains and dividends to 20% next year - a big increase over the current 15%. but a lot better than the 39.6% top rate for dividends that some Democrats have said they were planning next year for higher earners.
Comments (10)
  • sladd
    , contributor
    Comments (123) | Send Message
     
    If this administrations had its way they would tax every hair on my head and every breathe I take......
    8 Jul 2010, 03:18 PM Reply Like
  • davidingeorgia
    , contributor
    Comments (2713) | Send Message
     
    be patient, sladd...hair count and breathing taxes are being worked on by congressional staffers even as we speak...
    8 Jul 2010, 03:22 PM Reply Like
  • Paul Zimbardo
    , contributor
    Comments (576) | Send Message
     
    Well they may not tax the number of hairs on your head, but they will tax the haircuts!

     

    www.nytimes.com/2010/0...
    8 Jul 2010, 03:26 PM Reply Like
  • pwitke
    , contributor
    Comments (9) | Send Message
     
    Im sure the CBO can find an analysis where taxes on both air and every hair on our bodies would be good for our economy...until the first revision of the analysis anyways.
    8 Jul 2010, 03:34 PM Reply Like
  • Tack
    , contributor
    Comments (12993) | Send Message
     
    Obama "hopes" to keep tax rate "down" to 20%?

     

    Is this the new political sleight of hand, where the proposed 37% rate is reduced to 20% (i.e., a 33% increase), but, he's a "hero" for "cutting" taxes? Maybe, if he's as good as a Hollywood director, he can entice Congress to pass higher rates, then veto them, in a "surprise" move.

     

    And, folks wonder why businesses are reluctant to make any major investment commitments.
    8 Jul 2010, 03:45 PM Reply Like
  • Jason Tillberg
    , contributor
    Comments (1236) | Send Message
     
    They'll tax us via inflation/debased currency.

     

    Debase the currency, you debase America.
    8 Jul 2010, 03:58 PM Reply Like
  • sladd
    , contributor
    Comments (123) | Send Message
     
    exactly Tack.

     

    The Oconomy is suffering from you know who. Small business is bracing for higher costs - taxes and health care mandate - to affect the bottom line. They retrench as result. Most small business owners view their company as an extension of their checkbook, and manage with an eye to costs.

     

    Why hire when the incremental cost per additional each employee hired is so high. Sometimes the best thing to do is nothing.
    8 Jul 2010, 03:59 PM Reply Like
  • radicall
    , contributor
    Comments (534) | Send Message
     
    It is better than being taxed at regular income tax rates. Everyone here wants the deficit to go down right? Can't cut spending and risk a double dip... the only other way is to increase taxes.

     

    Of course you can cut taxes and increase spending like our buddy George W. did, but you know where that will get us...
    8 Jul 2010, 05:16 PM Reply Like
  • headlocal
    , contributor
    Comments (104) | Send Message
     
    No need to worry - the capital-loss carry-forwards should easily offset the rate increase for years.

     

    And firms can fund internal growth by cutting back dividends, then letting owners cash out for bigger cap gains whenever they choose to.

     

    One point that the Dems may miss is that high earners are usually business owners or capital holders who have significant discretion on when to harvest their high earnings. This year is good to take capital gains, next year capital losses.

     

    Expect a lot of tax-driven selling this fall.
    8 Jul 2010, 05:21 PM Reply Like
  • Duude
    , contributor
    Comments (3368) | Send Message
     
    You have to figure at some point this Congress will grant authority for states to apply their respective sales tax rates on all Internet sales. I wonder how Obamamites Larry Page and Sergey Brin will handle that.
    8 Jul 2010, 06:07 PM Reply Like
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