WASHINGTON, Feb. 14, 2017 /PRNewswire-USNewswire/ -- The Wall Street Fraud Watchdog is urging the US Congress to amend ridiculous IRS tax codes that prevent an investor from writing off a major stock loss in the same tax year the loss occurred. As it stands right now the most the investor can write off is $3000 per year. If the stock loss was $30,000 the investor would have to wait ten years to fully write off the loss. However, if the investor has a significant short term gain in the stock market the IRS will expect the investor to pay the full tax in the same tax year the short-term gain occurred.
It would seem like every time Republican members of Congress are up for re-election they suggest they want lower taxes, or a simplification of tax codes-and it never happens. The ridiculous IRS maximum $3000 short term tax loss rule would a great place to start. http://WallStreetFraudWatchdog.Com
The Wall Street Fraud Watchdog says, "Current House Speaker Ryan talks about lowering taxes and or tax simplification all of the time as do many of his Republican colleagues. Tax law should be simple, and filing out an IRS tax return should not require a rocket scientist from MIT to fill out the form or forms. The $64,000 question for us is at what point does the Republican held Congress deliver on their promises?
"We are advocates for investors in the stock market and we are urging House Speaker Ryan and his colleagues to get in place a modification of the current IRS rule that forces a small investor to only write off $3000 of a stock loss each year. Tax laws should be fair. To repeat-how is it fair that if an investor has a significant short term capital gain the IRS is on the spot looking for their money-down to the last cent? However, if a small investor gets a haircut with a significant stock loss he or she gets stuck with the IRS's $3000 maximum deduction each year. http://WallStreetFraudWatchdog.Com
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SOURCE Wall Street Fraud Watchdog