President Obama is seeking to raise Capital Gains Taxes again. Capital Gains Taxes were raised during his first term in office.
The President says that the Capital Gains Tax only affects the “wealthy”. Capital Gains Taxes affects anyone who might ever own their own home, whether it is a house, condominium, or land. Further, it affects anyone that does any kind of investing for their future, whether it is someone who purchases a stock, a mutual fund, or owns a retirement account. Given that savings accounts at banks are paying interest of less than one-half of one percent, record numbers of people have entered the stock market either through purchasing a mutual fund stock or investing in some form of a retirement account.
It appears that the President’s desire to raise taxes again will be met by strong resistance by the Republicans in both the Senate and House of Representatives. The Republicans have the majority in both houses of Congress. We will wait and see if the President is successful in raising Capital Gains Taxes. The Tax Code and changes in the law are things that are changing regularly. Other things that change that affect estate planning are the relationships you have and the things that you own. These three pieces are always changing which is why you need to keep your Estate Plan current with the Law, with your relationships, and what you own.
At the Law Firm of Steven Andrew Jackson, Attorney and Counsellor at Law, we have helped hundreds of families protect themselves and their loved ones, avoid Estate Taxes and Probate Costs, and keep their Estate Plans current with the law through The Customized Protective Estate Planning Solution™.