A recent bipartisan proposal is picking up steam in the U.S. Senate, and it could increase capital gains taxes, according to Bloomberg.
The Gang of Six proposal does not have any mention of capital gains or dividends, but would likely require higher investment taxes, which could become a problem for companies. It would lower income taxes and widen the tax base as a whole, the news source reported. If the proposal follows other similar plans would be the first time in more than 20 years that capital gains would be considered typical income.
House Budget Committee chairman Paul Ryan recently authored a study commenting on the lack of clarity on the specifics of the tax cuts.
"It does not provide annual spending and revenue totals by category, relying instead on savings relative to three different baselines," the House Budget Committee's report said. "So, it is unclear what exactly the spending and tax proposals are."
Day trading companies may be wary of the new tax increases. More taxes could severely hurt day traders' bottom lines.
In order to alleviate some of the difficulty surrounding this situation, it may be a good idea to hire an accounting firm or a bookkeeper. Having an expert keep tabs on the ever-changing
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