The Presidental Canidates On Capital Gains Tax

October 20th, 2008 categories: For Homeowners, Real Estate News

There are many issues that you will not hear addressed by the media or candidates during the debates. However, after some basic research I found where the Presidential candidates stand on the capital gains tax.

Capital gains tax is a tax imposed on a profit made by the sell of a property if the home has not been lived 2 out of the last 5 years. If an owner has lived in a property 2 out of the last 5 years an owner can currently keep 250k of the profit they make on a home tax free. If they owner is married they can keep up to 500k tax free. The current capital gains tax rate is 15%.

For the sake of a fair comparison, I have copied and pasted directly from the candidates sites what their plans are for their this tax which will effect many home owners in this area who at some point hope to make a profit on their homes.

Obama’s Plan: Families with incomes below $250,000 will continue to pay the capital gains rates they pay today. For those in the top two income tax brackets- likewise adjusted to affect only families over $250,000- Obama will create a new top capital gains rate of 20 percent.

McCain’s Plan: John McCain will maintain the 15 percent rates on dividends and capital gains.

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