There are a lot of rich people to tax. Barney Frank said so the other day, and in just those words. Tax legislation needs only a simple majority in the Senate to pass, not the 60 votes that other measures require. The Bush tax cuts are due to expire in 2010, but the Obama administration will surely move that date forward. The maximum rate will move back to 39.5%, capital gains will go up to 20% and it's unclear if dividends will be taxed at the cap gains rate or at the ordinary income rate. Tax-free municipal bonds are likely to benefit. More on taxes in another note.
To read the rest of this story and see where there are investing opportunities in an Obama presidency, please
click here for a free trial to Real Money.
Vincent Farrell Jr. is chief investment officer for Soleil Securities Group and a regular guest on CNBC and other national print and broadcast media.
Prior to joining Soleil in August 2008, Farrell was a principal of Scotsman Capital Management. Before that, he was chairman of Victory Capital Management of Cleveland and chairman of Victory SBSF Capital Management in New York. He was a founding partner of Spears Benzak Salomon & Farrell, which was acquired by KeyCorp in 1995. Vince held a variety of positions in his 23 years at SBSF, including chief investment officer, and he served as the portfolio manager on a number of the firm's largest client relationships.
Prior to joining SBSF, Vince spent nine years at Smith Barney as a vice president, sales.
Vince graduated from Princeton University in 1969 and received his MBA from the Iona College Graduate School of Business in 1972.