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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: David Jones who wrote (52612)	9/20/2001 5:01:20 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Can we still income average, I was told "No". I remember people talking of this years ago. Is this still used ? :0) Thanks Stan

To: David Jones who wrote (52612)	9/20/2001 9:49:27 AM
From: BWAC	Read Replies (2) \| Respond to of 70976

<"..better serve the consumer by allowing you to carry losses Backwards for a refund. Rather than the carryfoward to future gains.." Are you thinking along the lines of income averaging?> Yes. Along those lines. It would take some consumers a long time to get any relief with just a $3000 capital loss exemption each year. Or whatever they can offset against gains. I mean if you paid $20,000 in capital gains tax last year, and have a capital loss which equals $20,000 of tax credits this year, the best way to help the consumer is allow some sort of income averaging or carryback. That would put the "eventual" tax refund in the consumers pocket now, rather than over a for example 5 year period. Of course it would also wreck the government budget possibly.