This Little-Known Tax Proposal Takes Aim at Your Trading Account [Bloomberg Business News]
NEW YORK & CO (NWY)
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Source: Bloomberg Business News
Minimizing capital gains will become tougher under Senate plan Brokers are in a frenzy urging clients to ‘sell, sell, sell’ Making money in the stock market could get more expensive. The U.S. tax overhaul may severely limit investors’ ability to minimize capital gains on stock -- driving up the taxes they’d owe if the Senate gets its way. That chamber’s version of the bill mandates investors with taxable brokerage accounts sell shares they’ve owned the longest first, a method known as “first-in, first-out,” or “FIFO.” The proposal is among dozens of credits and deductions for individuals Congress is seeking to eliminate to partially offset the cost of lower tax rates. Lawmakers have to make sure the 10-year cost of their tax plan stays below $1.5 trillion under Senate budget rules. The stock sale change would raise a total of $2.4 billion over the next decade, according to estimates by the
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