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Qualifications. more difficult for families to get that credit and up against higher capal gains andta dividend taxes. it s 15%. you would be looking at a capital gains long term of 20% and dividends taxed at ordinary income rates at 36.6%. that would be an increase of 264%. why you re seeing some investors take the gains off the table in anticipation of what could potentially be down the rad? we have to say the president wants to keep the ild tax credits. he wants to keep that. it s tough to raise taxes in this environment wen peopleare losing their jobs, losing their homes, barely makends he would like to keep the tax cuts for the vastan majority o americans. we re going to see what happens with all that. to be continued. for sure. thanks very much. it is the look that is in these days at school. it s denim. we re going to size up great looks foyou next on msnbc sunday. yellowbook has alway been good for business. but these days you need more than the book. u need website d ....
Break, that may mean a new computer for their kid. it may mean that they re able to make their mortgage payments. it may mean that they can buy a new coat for winter. and that s where our money should be going. carmen wong ulrich is a personal finance expert and joins me now. first of all, i know you have fact-checked this. the president says 97% of americans, 95% of all businesses. absolutely. we re talking about the top 2% of american earners, folks who make over $250,000 per household filing jointly, and singly, $200,000, that s really the top 2%. and they actually pay 50% of our taxes, in full. okay. and what will happen to their tax rate then? listen, it s going to go up from 35%, if this passes, of course, to 39.6%. we re talking about revenues over ten years of over $670 billion from this tax increase. all right. so if you re looking at capital gains and dividend taxes, capital gains, when that was repealed, that was a big deal to ....
They are, don t raise capital gains and dividend taxes. half of the people raising taxes are small business owners and investors. it s hard to create jobs when small business taxes are going up. megyn: it s tough to feel sorry for the people who are so-called millionaires, there is a big gap between 250,000 and a million. it s tough to feel sorry for people who make over a million dollars see their taxes go up. why should middle class people care. because they are the employers in the country. most businesses are not corporations. most small businesses pay their taxes as personal income taxes. we should call the personal income tax the small business profits tax, that s what it is. my point is most of the employers that are hiring right now have to have a profit before they can hire. a lot of these businesses do have profits over $250,000. if you take another hundred thousand dollars out of their coffers that is another couple of workers they can t hire. let me just make one other st ....
350% of all income tax, you re hurting 50% of the taxpayers in this country. if you raise taxes on the rich, it is an enormous tax increase. their top tax rate goes to 41%. capital gains goes from 15% to 20%. dividend taxes go from 15% to 39%. and the estate tax goes from 0% to 55%. that s a huge increase in taxes on the successful people in america. but it s not just on like bill gates. it s on the guy down the street who owns the small business. it s the guy around the corner who is thinking about hiring four more guys. many people who run a small business are taxed at the individual income tax rate. when that goes up, their small business doesn t hire. that s the point. all right. well, we re gonna be watching take that! we ll be watching stu varney on the fox business network. he presides over things starting at 9:20 each and every weekday ....
Gove governor christie is taking on plea unions there. we ll govern as we said we would. i think harold pointed to these rising capital gains taxes and dividend taxes. you can call them tax increases on the wealthy. most will say it s tax increases on investment at a time when we need to create jobs. they ll kick in january 1, 2011, republicans will say we ll keep them in place until the economy is growing again and most americans reject the motion that spending equals jobs. i think most americans also understand the basic arithmetic when you talk about pushing tax cuts that benefit the wealthy and getting tough on the deficit you are talking about it doesn t work the way most people think it works. harold, as a democrat, you proposed some very significant tax cuts when you were thinking about running for senate in new ....