I’m glad to see our brilliant politicians, who are the ones responsible for this damn financial meltdown, having so much fun spending $700 billion of tax dollars. What a hoot!
Well folks, it looks like this boondoggle, this massive pig of a bail out for the banks, is going to be a done deal.
OK, so where is the bailout for regular Americans?! If the government can bailout these banks and financial institutions who made bad investment bets, then why not the average Joe who has lost money in their investments? Especially since it is the government’s fault that the market has lost over 25% of it’s value this year alone.Follow me closely on this folks… the government caused this financial crisis by their complete mis-management of Freddie Mac and Fannie Mae, and by their policies of forcing banks to give loans to people who couldn’t afford them. The stock market is now down 25% this year because of this financial crisis. So the government causes you and I to lose a ton of our hard earned money, and they are not offering any help to the regular investor?
Here’s what I want. I want the government to get rid of the $3,000 limit to the amount of investment loss that taxpayers can write off thier taxes.
Currently, taxpayers can only write off $3,000 in investment loss each year. That number has $3,000 for years now. It was never indexed to inflation, therefore over the years, the value of that tax deduction has eroded significantly. You see, there is no similar limit on CAPITAL GAIN you have, only on a CAPITAL LOSS. Or to put more simply, the government wants to be your partner for all of your investment wins, and they don’t want to be your partner on your investment losses.
Well, I say if the government can be a partner to banks on their investment losses, it’s about damn time they step up to the plate on partnering with regular Americans on their investment losses… especially since they created the losses in the first damn place!