Replies to post #34652 on Fannie Mae-No Politics (FNMA)

[JohnCM]

"My CPA told me that I if I were to lose money on other stocks, I can't write it off against gains from FNMA."

???

[Steel Penny]

You must have misheard. All Capital Gains can be offset against both current and carryover capital losses. However, if the sum of current capital losses and carryover capital losses exceed total current year capital gains by more than $3K, then only $3K of the excess capital loss can be deducted against ordinary income. These are the general rules, but like much else that the government regulates, there are exceptions and caveats. So, as is often said on various IHUB boards - know what you own. OR, in the case of tax law, know what the rules are before you act and then enjoy the ride. FNMA - Up, UP and Away.

[IL Padrino]

I respectfully disagree. If you make a blanket 40% tax rate, that hurts the little guy who's making peanuts.

I've always said, the only fair tax rate is a flat tax, no matter what the income source is.
20% of a million is more than 20% of 20,000. Everyone can afford that.

So what if the super rich make more? Why should they be punished for taking the risks and working hard to get to that point?

California is finding out real quick that the "tax the rich" philosophy doesn't work as a mass exodus of millionaires are bailing and taking their job providing companies with them.
Who's going to be left? Illegals and welfare recepients while the middle class bears more of the burden and get's choked.

[UNDAUNTED]

Your CPA is wrong, or you misunderstood him.
The rest of your comment is an argument that belongs on another board set up for that purpose.