tag:blogger.com,1999:blog-3015748.post8549437790386144377..comments2023-09-06T06:08:33.061-07:00Comments on Random Thoughts, Notes, & Incidents: Why 15% Should Matter to the 99%Ken Goldsteinhttp://www.blogger.com/profile/14352088132228110064noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-3015748.post-36962465547186466542012-02-02T10:24:08.212-08:002012-02-02T10:24:08.212-08:00Yes, there's a limit of $3,000 of deductions f...Yes, there's a limit of $3,000 of deductions for you or me (losses against "ordinary" income), but the point of the blog post is that folks like the Romnefellers operate by a different set of rules.<br /><br />Mitt managed a deduction of $4.8 million on his 2010 return for "carried-over long-term capital losses." Considering the $3,000 limit for us, again I ask, how is this fair?<br /><br />Source: http://www.smartmoney.com/taxes/income/a-closer-look-at-mitt-romneys-tax-return-1328192154575/?link=sm_newsticker (scroll to section E)Ken Goldsteinhttps://www.blogger.com/profile/14352088132228110064noreply@blogger.comtag:blogger.com,1999:blog-3015748.post-82188065430908860282012-01-30T09:04:00.091-08:002012-01-30T09:04:00.091-08:00>But, of course, that's why losing investme...>But, of course, that's why losing investments >can be written off as business expenses and >deducted from one's over-all income, reducing >one's taxes.<br /><br />Ken, it may be news to you, but only $3000 can be deducted in a tax year. Of course, you know that, but conveniently didn't mention this in your post.vfishmanhttps://www.blogger.com/profile/04136349463578840354noreply@blogger.com