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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.
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Thursday, July 31, 2008
Sununu Praised for Helping Lead Senate Effort to Stop Bush Medicare Cuts from Going into Effect
Comtex
CONCORD, N.H., July 31, 2008 /PRNewswire-USNewswire via COMTEX/ ----NH Senator Leads Successful Bipartisan Effort in Congress to Stop $3.8 Million State Medicare Cut
State and national long term care leaders today praised New Hampshire Senator John Sununu for helping to lead a successful, bipartisan effort in Congress to stop the Bush Administration from moving forward with a Medicare regulation that would have cut Medicare-funded nursing home care by $5 billion over the next five years and $770 million in fiscal year 2009. Senator Sununu's action ensures New Hampshire seniors will be protected from cuts of $3.8 million in the year ahead.
"The Bush Administration's planned Medicare cuts not only threatened New Hampshire seniors' access to quality health care throughout our state, but would have also negatively impacted our state and local economy," stated John Poirier, President of the New Hampshire Health Care Association (NHHCA). "Senator Sununu's effort in Washington to protect his most vulnerable constituents reflects the independent thinking and action New Hampshire needs, deserves and appreciates."
"The bottom-line news from today's announcement is that New Hampshire's Medicare beneficiaries are deservedly the big winners," stated Bruce Yarwood, President and CEO of the American Health Care Association (AHCA), in Washington, D.C. "Thanks to Senator Sununu, New Hampshire seniors will retain ready access to the high quality care they need and deserve."
Alan G. Rosenbloom, President of the Alliance for Quality Nursing Home Care, stated, "From a policy standpoint, this is an outstanding development in terms of both meeting seniors' changing health care needs, and doing so in a manner that uses Medicare funds efficiently. Senator Sununu deserves enormous credit for working in an intelligent, collegial, bipartisan manner to help achieve today's positive results."
Poirier also noted that Medicare cuts from Washington would have had a severely negative impact on the strength and viability of New Hampshire's Medicaid program. "Because nursing homes rely on Medicare to make up for chronic underfunding by the Medicaid program - an average of $13 per day for every Medicaid beneficiary in nursing homes nationwide - it was critically important to ensure Medicare reimbursements remain steady and consistent," Poirier concluded.
SOURCE American Health Care Association
Copyright (C) 2008 PR Newswire. All rights reserved
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