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>....This is a very mercenary administration which wants to "...spread the
>wealth around...",...
Just prior to the TRA of 1986, 50% was the top tax rate and
there was a =60%= exclusion for LTCG. Hence the =maximum=
tax rate for LTCG was =20%=.
Now, here we sit 14 years later and it doesn't look like
much has changed.....EXCEPT:
1) The 1986 Act limited the deductibility of margin
interest, eliminated the dividend exclusion, decimated tax
shelters, introduced a 2% AGI floor for itemized deductions,
and concocted the kiddie tax.
2) The 1990 Act increased social security taxes, further
reduced itemized deductions for taxpayers with AGI of $100k
or more, and, so say many, was the second largest tax
increase in history.
3) The 1993 Act increased the maximum tax rate to 39.6%,
increased AMT rates, instituted a phase-out of personal
exemptions, increased corporate, estate, and trust tax
rates, etc, ad nauseum.
IMHO, these "administrations" appear to be fungible; each is
just as mercenary as its predecessor.
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