Following on from the Social Liberal Forum's open letter to Nick Clegg and Danny Alexander about the emergency budget, three prominent Liberal Democrat parliamentarians have echoed
our concern on Capital Gains Tax.
Not exact matches
Just a brief update by way of keeping tabs
on a
concern previously raised
on this blog: the new
tax law signed by the President yesterday retains a 15 %
tax rate
on capital gains and dividends through 2012.
First, Cameron and Osborne kowtowed to Tory backbench
concerns by limiting the rise in
capital gains tax to 28 per cent, after the Business Secretary had accused the likes of David Davis and John Redwood of «reinventing the wheel»
on CGT.
NAR and other industry groups were
concerned the law would increase the
tax on carried interest in real estate and other investment partnerships by treating it as ordinary income rather than as
capital gains, but that provision was left out.
Also
concerning real estate professionals is the potential elimination of 1031 exchanges, which allow investors to defer
capital gains taxes on property sales via reinvestment.
FYI: Although the June article» NAR Backs
Capital Gains Exclusion; Urges Boards to Lobby for Cosponsorship,» page 10, specifically addressed homeownership benefits of the proposed legislation, C&I
concerns and opinion were reflected in the July issue: «NAR Issues «Call for Action»
on Capital Gains Measure,» page 11; and in the April issue: «
Capital Gains Tax Relief Could Be in Sight,» page 13, and «From the President: Changing
Capital Gains Taxes,» page 21.