Lucas saves millions in taxes by selling before Dec 31st
$4.05 billion: 5 percentage point tax increase represents a higher tax tab of about $200 million — and that's just the capital gains tax. The 40 million shares of Disney (NYSE: DIS) stock, which would avoid capital gains.
Then there's the 3.8 percent Medicare surtax on investment income, including capital gains, that kicks in next year.
Plus the $5 million gift-tax exemption drops to $1 million, prompting several business owners of far lesser means than Lucas to decide now is the time to sell what took a lifetime to build.
Jan. 1, which Congress: the federal government is coping with promises it has made to the 10,000 boomers turning 65 every day. That's a lot of people expecting Social Security and Medicare benefits.
Read More: http://www.bizjournals.com/sanfrancisco/blog/2012/10/disney-lucas-fiscal-cliff-taxes-medicare.html?page=all
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