Comments on: Playing the blame game… http://www.footnoted.com/market-meltdown/playing-the-blame-game-2/ Morningstar's guide to what's hiding in SEC filings Fri, 10 Feb 2012 20:24:57 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Brandon http://www.footnoted.com/market-meltdown/playing-the-blame-game-2/comment-page-1/#comment-6434 Brandon Fri, 03 Oct 2008 13:58:48 +0000 http://www.footnoted.com/?p=2716#comment-6434 Yea this is bad. Can they do a bank freeze? I read here (http://www.gotoguy.com/?p=367) that next week they could freeze all banking activities. That seems like it would be a big mistake. Can it happen? Yea this is bad. Can they do a bank freeze? I read here (http://www.gotoguy.com/?p=367) that next week they could freeze all banking activities. That seems like it would be a big mistake. Can it happen?

]]> By: Frank Graham http://www.footnoted.com/market-meltdown/playing-the-blame-game-2/comment-page-1/#comment-6429 Frank Graham Fri, 03 Oct 2008 01:25:09 +0000 http://www.footnoted.com/?p=2716#comment-6429 PAYING FOR THE BLAME: From a Marketwatch.com piece today. Senate slips in this. Seems outflows might be on paper but when they want Revs electronic means are most useful.... Investors may not like one of the Senate's bill's revenue-raisers: It requires securities brokers to report to the IRS investors' cost basis on stock transactions. While plenty of taxpayers honestly report their cost basis to the IRS each year, the Senate estimates that an additional $6.67 billion over 10 years can be collected by instituting this extra check on the process. Lawmakers "believe they'll pick up a fair amount of revenue because they'll get more accurate information," said Stephen Kunkel, a Los Angeles-based certified public accountant and tax practice leader with CBIZ MHM LLC. PAYING FOR THE BLAME:
From a Marketwatch.com piece today. Senate slips in this.
Seems outflows might be on paper but when they want Revs
electronic means are most useful….

Investors may not like one of the Senate’s bill’s revenue-raisers: It requires securities brokers to report to the IRS investors’ cost basis on stock transactions. While plenty of taxpayers honestly report their cost basis to the IRS each year, the Senate estimates that an additional $6.67 billion over 10 years can be collected by instituting this extra check on the process.

Lawmakers “believe they’ll pick up a fair amount of revenue because they’ll get more accurate information,” said Stephen Kunkel, a Los Angeles-based certified public accountant and tax practice leader with CBIZ MHM LLC.

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