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Capital gains taxes may increase by 2013 (bend over daytrader)
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Capital gains taxes may increase by 2013 (bend over daytrader)

  #1 (permalink)
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Capital gains taxes may increase by 2013 (bend over daytrader)

Capital gains taxes may increase by 2013

With lawmakers putting an increasing emphasis on the federal budget deficit, Bloomberg reports it is likely those day trading for a living could see a number of tax increase in 2013.
Unless Congress acts, the federal tax cuts extended last year are set to expire at the end of 2012. Once they expire, day traders will see taxes on incomes, capital gains and dividends all rise moving into 2013.
Compounding the issue, those in higher income brackets are also set to deal with higher unearned income taxes in 2013 to pay for the government's health insurance plans.
"The deficit is an issue," Bill Fleming, managing director at New York-based accounting and advisory firm PricewaterhouseCoopers, told the news source. He added many people "have already decided in their minds that something is going to happen and they're going to pay higher taxes."
Bloomberg says the White House has proposed to allow taxes on capital gains and dividends to jump from 15 to 20 percent. In addition, the tax rate for couples earning more than $250,000 or individuals earning more than $200,000 would jump from 35 percent to 39.6 percent.
Last year, a commission set up to brainstorm ways to reduce the deficit proposed dropping the overall income tax rate, but including capital gains taxes and dividends and standard income.
With these ongoing shifts and changes, traders may have trouble keeping up with their tax needs. Experts say some may be better off delegating that work in order to focus more on the heart of the business.

Day Trading Newsletter - Tax Rules, Accounting & Latest in Day Trading from Traders Accounting

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Deficit is not the problem, spending is. If they just cut spending, then deficit will fix itself

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