The capital loss offset in the 1040 Tax Form, the dollar amount shown, is not the dollar amount which reduces the taxes by the amount shown in that year. This is only the remaining amount of loss one lists after any maximum amount reduction is applied, and is typically what is left (carryover) and a lesser amount from the initial loss documented on the Schedule D from a previous year after subtracting the maximum amount of reduction you are allowed to take which in no way even approximates the losses in the case of large businesses or in the case of corrupt real estate and other write offs by corrupt politicians.
For example, Hillary Clinton listed a loss in the 2015 tax return on the capital loss carryover of over $699,000 dollars. This does not reduce her taxes by $699,000+ dollars in 2015, anymore than the amount shown on Trump's 1995 1040 form illegally obtained by the New York Times which the NYT also used the capital loss carryover in their 2014 taxes but in the case of the NYT's the New York Times actually did not pay any taxes in 2014 since their profits were so bad that even the maximum allowed to reduce taxes was higher than their profits.
So in the case of Hillary, the $699,000 dollars plus carryover in 2015 was a carryover from much higher losses from an initial report from years ago and only reflects the amount from the previous year after reducing the line item by the amount that was the maximum reduction in 2014. Likely, the initial loss of Clinton was a much larger amount and in 1995 due to bad real estate deals in the business climate, the same Trump faced. However, I suspect since politicians were involved in the case of Hillary instead of private business heavily audited by the IRS as in the case of Trump, these were corrupt deals and likely corrupt write offs.
The IRS is targetting political enemies and is totally politicized. It is an arm of the regime to harass and silence and persecute political enemies.
I want to eliminate the IRS and replace it with either a flat tax, or only an elevated consumption tax. Perhaps Revoltingest has some ideas or better ideas, but like most Americans I hate the corrupt IRS. The IRS was formed in 1952 and is a modern Service using "career public servants". About 80 years after the foundation of this country, the Commissioner of Revenue was simply under staffed to accurately report revenues so as to set budgets. So a Bureau in the 1800's was formed for Revenue accountability, transports of Alcohol, Tobacco, Gunpower, some raw commodities, Tariffs and so on, and a "multi-partisan" staff and a powerful commisioner. The focus really wasn't on the private citizen, but on the corrupt government officials - for example tariffs were used to collect revenues but corrupt officials were abusing, over reaching, redirecting the revenues to themselves and to corrupt politicians and their pockets and to corrupt court judges and their families and even to Presidents. Court judges were using the collection of government fees designed to collect revenue to line their pockets and to employ hired assassins to murder other competition from lawyers and so on.
The government corruption was really the focus of the audits.
In 1914 under Truman, the income tax was formed to, in claim, pay for the war. Upon analysis, it likely contributed to the great depression in it's own way. In 1941, as part of reforms coming out of the depression, it was determined that business taxes at a time of business losses causes a domino effect to increase the impact of a depression. Thus the capital loss carryover, now business losses can be itemized and an amount of the initial loss can be listed which can reduce the taxes owed by a maximum amount set by Congress (the maximum amount is not the same as the dollar amount listed on the carryover) and the difference can be carried over into the next year to again apply what ever is the maximum reduction allowed by law.
Today tens of thousands of businesses make use of the carryover on losses. Now if Hillary, who also used this method, objects to this then let her (1) fully disclose the Schedule D and associated worksheet forms of her 2015 taxes so that the public can see exactly the itemized "losses" specifically, and (2) announce officially to all the businesses in America that she will eliminate the capital losses carryover provision of IRS law passed in 1939 for most businesses and then in 1941 for all Americans which were part of reforms to help prevent another great depression.
I can guarantee you, within 7 days of revorking this provision and the situation of business and the business climate and reality of today and international competition, America will go into a massive depression in less than two weeks.
As for me, I do not want to see it revoked, but much better I want to get rid of the IRS and replace it with either a flat tax, an increase in a consumption tax which is a system largely on consumption only so we can control our own taxes but which excludes taxes on food, or if someone has a better idea I am all ears.
I believe the shoe is about to drop. We are over $20 trillion in debt. The government is corrupt, out of control and overreach, is totally unaccountable and we have no idea what they are doing with our money as nothing is audited and we are lied to on a daily basis by the government who wants to control us as the peasants of the new aristocracy which is the government class.
Out today.
Unemployment rose today to 5%.
Only 156,000 jobs were created, the 3rd drop in a row of job creation since June and will not keep up with job age population and college graduates seeking employment.
A record 94,184,000 are no longer in the labor force overall, most have given up.
Our GDP is only 1.4, that isn't the 3+ needed to come out of recovery mode and into growth mode that is needed to provide jobs to substain growth much less jobs for college graduates.
Many jobs are going to foreigners as Americans are displaced from jobs. All the 1 percenters from Google, Facebook, Twitter, Microsoft, Oracle, Berkshire-Hathaway, and the others whose agenda is cheap labor and open borders all support Hillary Clinton and donating to her campaign huge amounts of money.
The latest Guccifer data dump shows huge amounts of money that went into the Clinton Foundation which is supposed to be a charity but instead was going to politicians through the proxy of the Foundation, money which went to Democrat politicians who are close operatives with Bill and Hillary Clinton and Chelsea Clinton in order to exceed maximum political contribution limits, top Democrats including Nancy Pelosi funneled TARP Funds to their PACs, Nancy Pelosi (Democratic Party, California) was also using a personal computer for confidential government affairs and had her personal computer hacked by multiple countries, and clearly indicates Nancy Pelosi's Goat Hill Pizza Restaurant was used as a front company to funnel money to the Democrats and herself in far excess of campaign contribution limits.
And Hillary is hell bent on going to war with Russia.
