Posted on 11/28/2017 8:45:01 AM PST by Oshkalaboomboom
Wake me up when there is an actual bill to review! Fact Check my arse!
PS, I believe Tax Reform will never happen this year if ever or at least till the results of the 2018 elections are in.
THat’s what losers the GOPe are!
The republican party are RAISING taxes. I receive an email from the company I trade stocks with (former Scottrade).
TD Ameritrade believes it’s important to stand on the side of our clients. We have reviewed the Senate Tax Cuts and Jobs Act, which was released last week. Section 13533 of the Senate Bill imposes a single cost basis methodology for investors, “first in, first out” (”FIFO”), on all sales of securities (except mutual funds).
For the average investor, this means possibly being required to pay the highest capital gains taxes where a stock has appreciated over time.
On behalf of our approximately 11 million client accounts, we strongly oppose this provision. We believe it will harm individual investors by eliminating their freedom to decide when to take losses or gains on their investments, potentially resulting in an increased tax burden.
An Example
Suppose you hold a significant amount of a company’s stock, accumulated over a 20-year career. You’re now retired, and you want to sell some company stock to diversify your portfolio. Assume the purchases over time range from $5 per share up to $90 per share, but the stock now is trading at $50.
If you sell at $50, rather than being able to take losses on the stock purchased above $50, the Senate Bill could require you to pay capital gains taxes on the appreciation of the stock from $5 to $50. That is, even if you have experienced sizeable paper losses on the purchases above $50, the Senate Bill might force you to pay taxes calculated on the largest gains possible.
We don’t think that’s fair. We feel the Senate should stand up on behalf of individual investors and reject imposing a FIFO cost basis requirement on sales of securities.
What Can You Do?
If you are concerned about these changes, we encourage you to contact your congressional representatives today and make your voice heard. We have created a site so that individual investors like you can stay informed and easily reach out to your government representatives on issues that matter to you. You’ll find a summary of current issues there, along with template letters to help get you started.
TD Ameritrade believes in providing our clients with a voice on issues that stand to impact their ability to confidently save, invest, and plan for the future. We are on the frontlines, communicating your interests to those who can influence policy and bring about change.
By coming together, we can have a more meaningful impact. Please join the conversation.
The House version has a $10K cap on real estate property taxes. The Senate version does not. State and local income taxes and other property taxes are not deductible in either version.
Thank you. Okay, now I’m not sure how I’ll fair.
As near as I can tell I'm hosed. How badly depends on which version is passed, House or Senate.
#14 “Buffet owes $3 billion in back taxes and Soros owes $18 billion which shows the farcical nature of the IRS and tax collection focusing on the little guy...”
I am a little guy and even after settling with the IRS and making payments each month for stock trade money they say I owed (my investments go back to 2003 and I sold in 2014), I get this in the mail yesterday.
See step 2. I cannot trust them as they do not even mention the case that was settled for the same 2014 year earlier this year. Now I have to write back and include a copy of the settlement and mail it Certified Mail which costs money then wait 6 weeks or more for any response judging from past experience. Meanwhile Buffet and Soros who are crooks get to skate. BTW they did not provide any return envelope nor a earlier notice as they say.
You Could Be Subject to Backup Withholding
We recently sent you a notice requesting your tax return or additional taxes owed. We did this because our records show that you either:
1. Didn’t report all your interest and dividends on your federal income tax return; or
2. Didn’t pay the tax on this income.
If you’ve already filed your return or paid all taxes due, please disregard this notice. You don’t need to do anything more.
If you haven’t filed your return or paid all taxes due, you could become subject to backup withholding. This means IRS will notify your payers (banks, etc.) to withhold 28% of the payments you receive for dividends and interest.
The payers will send the money to IRS and you may claim it as a withholding credit on your federal income tax return.
To avoid backup withholding, please answer our earlier notice.
If you don’t have it, you will receive another one soon.
Please send the tear-off stub from either notice with your answer in the envelope we have provided. This will help us process your answer promptly
He may not control it, but he isn’t condemning it. He’s spouting the nonsense about it not being a big deal, that the tax cut was meant for the “middle class”. He never said that during the campaign.
Had seriously considered Florida, but don’t like sinkholes, alligators, bugs, humidity hurricanes and crime! ;)
get you state and city to cut taxes.
He has fully learned what petulant children they are and understands what so many here don’t - in order to get anything done he’s going to have to compromise with a bunch of promise breaking POS little snots - or leave the status quo in place - either way a lot of folks gonna have plenty to do their favorite thing and bitch about him while ignoring the reality of the GOPe/RINOs.
Well, we don’t have a lot of crime here in the panhandle..........................
They did the same thing to me back when I was daytrading Russell futures for a living. Sent me an additional tax bill for $435.00. I didn’t even want to go through my records (so many trades) so I just paid it.
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