What Will Happen to the U.S. Capital Gains Tax Rates after our November 2008 election?

The U.S. Income Tax Act of 2003 reduced the maximum rate on the net capital gains rate of an individual (net long-term capital gains less net short-term capital losses) from 20 percent to 15 percent. Net capital gains previously taxed at 10 percent were reduced to 5 percent. In order to qualify for long-term capital gains treatment, property must be held for more than 12 months. In 2008, the capital gains tax rate for gains taxed in the lowest tax bracket (5 percent) will be reduced to zero. Unless the U.S. Congress extends them, under Section 102 of the 2007 Act, the capital gains rate reductions will expire December 31, 2010. Then rates will revert to 20 percent and 10 percent.

Question: Will our next President try to raise the capital gains taxes?
Posted by Harrison K. Long, Explore Real Estate, March 29, 2008
[Source: California Association of Realtors]