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These gains don't cause pain. A capital gain is the amount of money you pocket by selling one of your investments for more than you paid for it. Technically, capital gains only count for what's called a capital asset, but that's really just anything you own for investment purposes. Stocks and bonds obviously qualify, but your house and household furnishings can also count.
For tax purposes, capital gains are classified as either long-term (held for more than one year) or short-term (held for less than one year) and there are different tax implications for how long you hold onto a capital asset. For most long-term capital gains, you're taxed no more than 15% of the value of the asset. Short-term gains get taxed as regular income, so you pay the rate for the tax bracket you're in.
Capital gains can also be realized or unrealized. When you physically sell an asset like a stock, you've realized the capital gain. When you're holding the stock, and it has a value over its purchase price, but you're not selling it, you've got an unrealized gain, and you won't realize it until you sell.
In a perfect world, we'd all have capital gains. But no one¿s that smart or lucky. When the value of an asset at sale is below what you've paid for it, it's called a capital loss. The good news is that the government lets you count that loss against any gains you've had, lowering the taxes you pay. In fact, many people who sell a stock that has risen far over their purchase price tend to sell some stinkers, too, at the same time for the tax benefit. This is known as a capital-loss offset.
Home / Markets / Industries / Industrials
Thursday, June 26, 2008
Steelworkers Reach Settlement With FreightCar America to Provide Pensions and Severance Pay to Johnstown Workers When Company Laid Off Workers to Avoid Pension Eligibility
Comtex
JOHNSTOWN, Pa., June 26, 2008 /PRNewswire-USNewswire via COMTEX/ ----The United Steelworkers announced today that a tentative settlement has been reached with FreightCar America (FCA) that will provide pensions to 201 union members and severance pay to another 110 who were laid off in 2007. The settlement will resolve a lawsuit supported by the Union which claimed that FCA unlawfully laid off employees in 2007 in order to deprive them of pension benefits, and will resolve an arbitration won by the Union which found that the Company violated the Union's contract by laying off employees with 20 or more years service.
(LOGO: http://www.newscom.com/cgi-bin/prnh/20080131/DC12982LOGO)
Most of the affected workers were hired during 1988-89 and were nearing pension eligibility. FreightCar's CEO called the union committee into his office during the summer of 2006 and told them that he would not allow the workers to accrue enough seniority to qualify for pensions.
In addition to the mass layoffs, the company ceased railcar production, removed equipment and assigned the work to other locations.
The union immediately supported an ERISA lawsuit asserting that layoffs motivated by a desire to prevent pension eligibility constituted unlawful discrimination. In January, Judge Kim Gibson of Johnstown federal district court ordered laid off employees reinstated. The order was appealed by the Company, which also sought to vacate the arbitration award.
The settlement will resolve all outstanding issues between the parties. It will grant pensions to workers who would have worked until the end of 2009 and qualified for a pension. Most pensions include retiree healthcare as well as a $400 monthly supplement until age 62. It also provides $750,000 to be disbursed to union members; settles all outstanding grievances with monetary payments to individual members; and recognizes an official plant shutdown date of May 15, 2008 for the purposes of collective bargaining, providing vested pension benefits to additional employees.
"We've gotten justice for our members," said USW Local 2635 unit president Jeff Anderson. "My only regret is that we've lost jobs in Johnstown because the company took our technology and our processes and moved them to other locations.
"We've been making rail cars in Johnstown since 1901," he said. "History will record that we were noted for making two things - freight cars and company millionaires," he said. "Now, both are gone, but we have salvaged fair treatment for our members with this settlement."
The settlement must be approved by the Court.
SOURCE United Steelworkers (USW)
http://www.steelworkers-usw.org
Copyright (C) 2008 PR Newswire. All rights reserved
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