Might as well, since everyone is reporting losses this year anyway. What difference does it make? I'll tell you, it was pretty sad seeing Mitch Daniels out there trying to explain how "no one saw any of this coming." The Dems have a real issue with the budget now, and the President has only himself to blame. Is he going to argue that the Farm Bill was part of the war on terror?
Also eliminate double taxation of dividend payments by making dividends tax deductable to corporations. This would eliminate the major tax advantage of debt financing over equity financing. Everybody says there's too much debt in our financial system, but Congress never wants to take this simple step to raise dividend payments, encourage equity investments, and stabilize the stock market.
What are capital gains?