Wednesday, November 29, 2017 11:25:22 AM
TD Ameritrade believes it's important to stand on the side of our clients. We have reviewed the Senate Tax Cuts and Jobs Act, which was released last week. Section 13533 of the Senate Bill imposes a single cost basis methodology for investors, "first in, first out" ("FIFO"), on all sales of securities (except mutual funds).
For the average investor, this means possibly being required to pay the highest capital gains taxes where a stock has appreciated over time.
On behalf of our approximately 11 million client accounts, we strongly oppose this provision. We believe it will harm individual investors by eliminating their freedom to decide when to take losses or gains on their investments, potentially resulting in an increased tax burden.
An Example
Suppose you hold a significant amount of a company's stock, accumulated over a 20-year career. You're now retired, and you want to sell some company stock to diversify your portfolio. Assume the purchases over time range from $5 per share up to $90 per share, but the stock now is trading at $50.
If you sell at $50, rather than being able to take losses on the stock purchased above $50, the Senate Bill could require you to pay capital gains taxes on the appreciation of the stock from $5 to $50. That is, even if you have experienced sizeable paper losses on the purchases above $50, the Senate Bill might force you to pay taxes calculated on the largest gains possible.
We don't think that's fair. We feel the Senate should stand up on behalf of individual investors and reject imposing a FIFO cost basis requirement on sales of securities.
Recent GROW News
- Form 8-K - Current report • Edgar (US Regulatory) • 05/09/2024 08:23:41 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/09/2024 08:21:34 PM
- U.S. Global Investors Reports Resilient Results for a Challenging March Quarter, Expands Brand in the U.K. • GlobeNewswire Inc. • 05/09/2024 08:05:00 PM
- U.S. Global Investors Announces Merger of Europe-Domiciled Airlines ETF into the Travel UCITS ETF (TRIP), Expanding and Diversifying Investment Opportunities in Global Travel Industry • GlobeNewswire Inc. • 04/23/2024 02:00:00 PM
- U.S. Global Investors Announces a Substantial Increase in February’s Stock Buybacks Compared to Last Year, Continuation of Monthly Dividends for Past 13 Years • GlobeNewswire Inc. • 03/07/2024 09:19:21 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/01/2024 06:09:19 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/01/2024 05:52:47 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/09/2024 09:19:39 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 02/08/2024 09:31:40 PM
- U.S. Global Investors Reports Strong Results for December Quarter • GlobeNewswire Inc. • 02/08/2024 09:05:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/01/2024 07:40:48 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/01/2024 07:26:45 PM
- Form 13F-HR - Quarterly report filed by institutional managers, Holdings • Edgar (US Regulatory) • 01/23/2024 07:15:31 PM
- U.S. Global Investors Announces Share Buyback Numbers for December 2023; Provides an Update on Competitive Year-End Performance for Quant Gold ETF • GlobeNewswire Inc. • 01/12/2024 07:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/02/2024 06:00:32 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/02/2024 05:43:20 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/20/2023 04:50:40 PM
- U.S. Global Investors Announces Continuation of Monthly GROW Dividends, Provides Update on Gold • GlobeNewswire Inc. • 12/19/2023 08:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/15/2023 08:22:12 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 12/14/2023 09:34:17 PM
- U.S. Global Investors Reports Financial Results for the First Quarter of 2024 Fiscal Year • GlobeNewswire Inc. • 12/14/2023 09:21:07 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/07/2023 09:24:43 PM
- U.S. Global Investors Launches Gold Royalty GOAU ETF on Peru’s Lima Stock Exchange, Provides Update on Share Buyback Program • GlobeNewswire Inc. • 12/06/2023 02:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/01/2023 05:07:29 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/01/2023 04:50:44 PM
Avant Technologies Equipping AI-Managed Data Center with High Performance Computing Systems • AVAI • May 10, 2024 8:00 AM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM