Fairer Tax Reporting, Finally
Thursday 17 February 2011
by: Gerald E. Scorse,
t r u t h o u t News Analysis
Income from wages has been reported to the Internal Revenue Service ever since World War II. Starting in 2011, income from stock market capital gains will effectively begin to get the same treatment.
This closes a loophole that cost the Treasury billions every year. It takes a big burden off taxpayers. And it never would have happened without a man the Left loved to hate.
He's Evan Bayh (D-IN), newly retired from the Senate. His Blue Dog politics rankled liberals, and he was trashed for giving up a seat that would flip to the GOP. All the same, Bayh made tax reporting fairer than it's ever been in America.
He did it by passing a bill that requires brokers to report basis prices to the IRS. Basis prices are what investments cost going in, and brokers didn't have to turn over these numbers. They had to report proceeds, but not basis prices.
(Continued here.)
by: Gerald E. Scorse,
t r u t h o u t News Analysis
Income from wages has been reported to the Internal Revenue Service ever since World War II. Starting in 2011, income from stock market capital gains will effectively begin to get the same treatment.
This closes a loophole that cost the Treasury billions every year. It takes a big burden off taxpayers. And it never would have happened without a man the Left loved to hate.
He's Evan Bayh (D-IN), newly retired from the Senate. His Blue Dog politics rankled liberals, and he was trashed for giving up a seat that would flip to the GOP. All the same, Bayh made tax reporting fairer than it's ever been in America.
He did it by passing a bill that requires brokers to report basis prices to the IRS. Basis prices are what investments cost going in, and brokers didn't have to turn over these numbers. They had to report proceeds, but not basis prices.
(Continued here.)
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