Regional news: 
Charlie Rangel wants to tax your capital gains to pay for Obamacare
Tony Ondrusek is founder and publisher of Insurance & Financial Advisor and IFAwebnews.com.
The House has proposed a tax on “wealthy” individuals to pay for its health care reform legislation. Now, New York Congressman Charles Rangel suggests that the U.S. tax unearned income, affecting many more than just the “rich.”
This is a wonderful idea, a stellar proposition if ever I heard one. Thanks, Charlie.
4 Responses
- Matthew Says:
January 13th, 2010 at 4:04 pmOh yeah! Those are the taxes that Mr. Rangel is an expert at avoiding.
Rangel had a credit union account worth at least $250,000 and maybe as much as $500,000 — and didn’t report it. He had investment accounts worth about the same, which he also didn’t report. Ditto for three pieces of property in New Jersey.
Rangel also has failed to report assets totaling more than $1 million on legally required financial disclosure forms going back to at least 2001.
The news comes on top of revelations last year that Rangel didn’t report — and didn’t pay taxes on — income from a villa in the Caribbean. In that matter, the Internal Revenue Service gave him sweetheart treatment; Rangel paid about $10,000 in back taxes but was not required to pay any penalty or interest.
Read more at the Washington Examiner: http://www.washingtonexaminer.com/politics/The-clock-is-ticking-on-tax-cheat-Charlie-Rangel-8177857-56361837.html#ixzz0cWphiUSY
- James Nash Says:
January 14th, 2010 at 7:34 amI’m glad Tony is bringing this topic up. An unfortunate side effect of government spending is that eventually these debts must be paid. At Mystic Capital we have been vocal about how government spending will most likely cause changes to the capital gains tax and what this potential impact will be to owners considering strategic options.
Currently (2010) we still have the favorable capital gains tax rate set forth in the Jobs and Growth Tax Relief Reconciliation Act of 2003 which makes 2010 a good year for owners to monetize their capital assets if they are considering strategic options within the next 5 years.
Two articles which highlight different scenarios and the respective impacts are below:
http://www.mysticcapital.com/articles/1109taxarticle.pdf
http://www.mysticcapital.com/articles/wholesalersalearticle.pdfBest wishes to everyone for a profitable 2010.
Best Regards,
James Nash
Vice President
Mystic Capital Advisors Group LLC
Office: (212) 251-0260
Mobile: (917) 208 3996
Web: http://www.mysticcapital.com
Email: jnash[at]mysticcapital[dot]com - Billy Bob Says:
January 14th, 2010 at 4:09 pmWhy do you call it Obamacare, [expletive deleted]? He didn’t write it. The Congress did. You make me sick.
- Bill Buslee Says:
January 20th, 2010 at 2:02 pmOkay – just so long as he pays his full share. He’s had a way of not paying taxes of late.
