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Article: How Capital Gains Tax Affects You
- Article from:
- Chicago Sun-Times
- Article date:
- October 22, 1995
- Author:
CopyrightCopyright 1995 Chicago Sun-Times. (Hide copyright information)
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All taxpayers and investors should be following the debate over
the capital gains tax with interest.
Not only could these taxes affect everyone who has a profit in a
stock or mutual fund, but action on the capital gains tax rate could
have a profound impact on economic growth. Here are the most
commonly asked questions on the capital gains tax - along with some
answers.
Q. What is the capital gains tax?
A. It's a tax on appreciated value of assets held over a
relatively long period of time.
Q. What assets are subject to capital gains taxes?
A. Assets such as a stock or a business or a piece of property
which are sold at a profit after being held for at least one year are
subject to ...