IRS records reveal how the wealthiest avoid income tax

Re:IRS records reveal how the wealthiest avoid income tax by PaulDavisThe1st on Tuesday June 08, 2021 @10:35AM (#27435720)

You may never have future gains to match the loss.

Why would we want a system that taxes people on an unrealized gain and then (maybe) gives it back to them over coming years?

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Re:IRS records reveal how the wealthiest avoid income tax by munk-a on Tuesday June 08, 2021 @02:38PM (#27439112)

I think we'd want that tax income because a dollar today is more valuable than a dollar tomorrow - making sure we increase cash flow in the short term and stabilize expected cash flow allows us to more accurately set the budget.

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Re:IRS records reveal how the wealthiest avoid income tax by pnutjam on Tuesday June 08, 2021 @12:00PM (#27436898)

Most American's live in that system, it's called being an employee...

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Re:IRS records reveal how the wealthiest avoid income tax by sangnoir on Tuesday June 08, 2021 @11:42AM (#27436631)

> You may never have future gains to match the loss.

C'est la vie. That's how Capital Loss deductions, Electric Vehicle credits and other non-refundable tax credits currently work: individuals may not have enough upside to maximize their benefits, That's just how the system works as it is impossible to balance everyone's competing scenarios. If you are eligible for a $7500 EV credit but only paid $3000 in taxes, you'll only get that $3000 back, and not the full $7500.

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