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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: David R. Colby who wrote (1962)	3/7/1999 12:10:00 PM
From: Colin Cody	Read Replies (2) \| Respond to of 5810

David, There is an IRS Publication that covers the ins and outs of gains/losses in stocks. I think it might be pub #550, but if you want one, it is on the Web or you can call 800-TAX-FORM and get a copy sent to you for free, just tell them you want a Pub for capital gains taxes. BTW A "flat tax" is just a political scam. The computation of the TAX is not difficult. What people pay CPAs like me for (and the demand could likely DOUBLE under any "flat tax" or other major change in the laws) is to PLAN their affairs to minimize their TAXABLE INCOME. Once the income is determined it is simply a mechanical exercise to apply the current tax scheme or some new "flat tax" to that income. One other thing to keep in mind: A "flat tax" or ANY proposal can not do what the pols tell us: - "it will lower your taxes". That is because there is a BUDGET passed by Congress. THAT'S where the money is saved or spent. The TAXING SYSTEM simply raises the $$$ to pay for the budgeted items. The flat tax can not lower everybodies taxes, only cutting the SPENDING can lower everybodies taxes. What the flat tax (or any tax change) does do -- is REDISTRIBUTE the TAX BURDEN from me to you, or from you to me. Ask Mr. Forbes if his flat tax will be distributing the burden FROM you and me TO HIM. A truthful answer is that Forbe's tax plan lowers HIS taxes to a significant extent... tens of millions a year. Guess who's gonna "make that difference up" if he saves all those taxes? Colin