Wednesday, April 7, 2010

Call to Action

Are you as tired as I am of the Federal Government taking so much of your money?

It's never more evident than now during "tax time".

And what irks me every year is that I have more than $60,000 of stock loss carryforward of which I get to deduct only $3,000 a year!

What a joke
-- because if I made $60,000 from stock sales in one year, then I would have to report all of it and pay income taxes on my gain. I'll have to live at least 20 more years just to take those losses.

If you too have excessive stock losses, how about writing to President Obama and let's see if we can't start a movement to increase the annual stock loss deduction on our Federal Tax Return to $10,000.
If you agree, please send an email to President Obama and forward this info to all your friends who have suffered stock losses.

Below is an outline you can use.
Just fill in your dollar amount & # of years it will take you to use your deduction (your $ loss/$3,000).
You can cut it out below, go to the website and then just paste.

I would like the maximum stock loss deduction per year of $3000 increased to $10,000 per year in light of all the losses that we citizens have incurred over the past few years. Also that $3,000 maximum stock loss has not been increased for many years.

I still have a loss carryover of over ________________(fill in your amount) from previous stock market crashes. That loss amount coupled with my current losses means I will have to live for more than _______ years just to take my losses. How is that fair when I have had to declare the full amount of gains in one year and pay tax. If we could at least take a deduction of $10,000 per year that certainly would help us retirees.

No comments: