Revised capital gains tax advances
Homes, small businesses exempt
Last updated 2/24/2021 at 11:05pm
A capital gains excise tax moved one step closer to approval Feb. 17 despite opposition from Republican lawmakers who call the law an unnecessary income tax and warn it will result in a court challenge.
The Senate Ways & Means Committee voted 13-12 to tax 7% of long-term capital gains income for individuals, which would include revenue made from the sale of stocks, bonds, boats, real estate and investments. The tax would not apply to the first $250,000 made by both single and joint filers.
Republican lawmakers submitted 22 amendments to the capital gains tax, none of which were approved....