snoqueen wrote:Offsetting investment gains with investment losses? Sure, it's part of the tax code right now, so to do so is legal.
It SHOULD be part of the tax code. The passive write off was ditched in 1986--as it should have been. But if someone, say an evil, rich corporation like yourself snoqueen invests in your dream catchers and also, kicks in some money to invest in a construction company, both should be combined to get your total tax liability.
I mean, other than leftists, people think only profit should be taxable, so if you invest 10 in your dream catchers and 10 in jane's construction, and you make 10 in your garage, but jane loses your 10, you actually made obamadollars, I mean zero dollars.
This shouldn't be rocket science.
Hey, you guys are the ones wanting to reform the tax code. You give me your answer.
Take politics and rocket science out of it.
Make less than 15k/yr, zero tax (no EIC).
15.1 to 35K, pay 10%
More than 35K/yr, pay 15%.
Done, zero more after that.
On capital gains, it's a lot more complicated, but I assume you're just talking income tax as that's the holy grail of the misguided leftists.