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Politics : Sioux Nation
DJT 13.61-3.4%Jan 28 3:59 PM EST
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To: Ron who wrote (98419)2/6/2007 7:54:44 AM
From: Travis_Bickle  Read Replies (1) of 362661
 
"Mr. Edwards said he would also offset the program’s cost by using the estimated $15 billion in capital gains taxes that go uncollected each year by requiring brokerage houses to report capital gains from taxpayers’ stock sales to the Internal Revenue Service, just as interest and dividend income is reported now."

That is not going to work. Currently brokers report gross proceeds on 1099B. They have that info because they are the ones who sold the stock for you.

Regarding the capital gain you enjoyed, they may or may not have that info. If you transferred your account from another broker, they have no idea what you paid for the stock, and therefore can't report the capital gain.
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