Short term capital gains tax question

Edwards Finance > Capital Gains

Q. Is the short term capital gains tax rate always 28% regardless of your tax bracket, or is it the lesser of the two rates? Anyone know what the short term capital gains tax rate is in Massachusetts? Is this paid on top of the federal short term capital gains tax? If it is, can this be deducted from the federal tax return?

A. >Is the short term capital gains tax rate always 28% regardless of your tax >bracket, or is it the lesser of the two rates? Short term cap gains are taxed the same as ordinary income. >Anyone know what the short term capital gains tax rate is in >Massachusetts? Are you sitting down? It's 12%, highest in the country. Is this paid on top of the federal short term capital >gains tax? Of course. >If it is, can this be deducted from the federal tax return? Dream on.

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