No. of Recommendations: 3
SeattlePioneer asks,

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?


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. Rinse and repeat for the succeeding generations of oligarchs and you'll see why few wealthy pay any tax at all.

As Leona Helmsley said, "Taxes are for the little people".

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.

Print the post  


What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.