Tuesday, December 11, 2012

John Carney Wants Treasury to Tax Itself

The stupidity of CNBC columnist John Carney is beyond words. Carney believes that 234 million shares of AIG stock to avoid paying a higher capital gains tax next tax year.

One question that comes to mind is whether the timing of this sale of the last of the Treasury's stake in AIG allowed the Treasury to avoid rising capital gains taxes in 2013. In 2013, when the law that temporarily lowered capital gains rates expires, the rates on long term capital gains are set to rise from 15 percent 20 percent. Lots of investors are attempting lock-in gains now to avoid paying the higher rate. Did the Treasury just do the same thing?

Carney then goes on to cry about the Treasury Department being tax exempt. The harsh injustice of it all. What Carney fails to realize that on the AIG share sale the point is moot. The IRS is part of the Treasury Department. Carney cries about Treasury not paying capital gains taxes on the AIG sale. If Treasury did pay taxes on the AIG sale it would just collect the money back through the IRS.

The stupidity of the people that work at CNBC amazes me.

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