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Author: SeattlePioneer Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 58842  
Subject: Re: Romney admits his tax-rate is 15% Date: 1/18/2012 4:23 AM
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<<intercst <<I got it down to 5.8% in 2010 by cashing in some Bush Chickenhawk Years tax loss carry forwards.>>


Do you really think it's inequitable to be able to deduct losses against your gains?

</snip>

Yes, since we have the stepped-up cost basis upon death in our Estate Tax law. Under current law, someone who does a good job at mining his tax losses while he's alive pays little, if any income tax. Then can pass those assets to his heirs with a stepped up cost basis eliminating the accumulated tax burden completely. >>



Whether the tax basis should be stepped up after death is a reasonable question, but has nothing to do with deducting losses against gains while people are alive.


<<Mitt Romney will file a whitewashed 2011 Federal Income Tax return with something close to a 15% tax rate, but the big question is how much deferred taxes (i.e. unrealized capital gains) he's carrying on his balance sheet? I bet if you looked at his last 10 years' worth of tax returns, he's paid little if anything in most years.

intercst >>


Could be, but there are, as I'm sure you are aware, very good reasons for waiting until someone sells property before taxing them on a gain.

A very good argument can be made that there is no gain until property has been sold.


Heh, heh! It's amusing to see that when you get down to the details of intercst's politics he's as screwy as we Republicans!



Seattle Pioneer
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