Crook Needed

It looks like Bush needs to do what FDR did when he created the SEC and appoint a big securities crook to head it. It took a crook to catch a crook, which is why Teddy Kennedy’s father Joseph was the first commissioner of the SEC.

KMK

Calif. Real Estate Withholding

Spidell has come up with a handy chart showing the rules for withholding income tax from real estate sales in California, both under the current rules that only apply to sellers with addresses outside the state, and the new rules for 2003, which apply to everyone. You can see it on their website and download it as a

Not Happy With PRC Withholding Plans

Here’s someone who is actually a lot more upset than I am about the new rule requiring withholding of tax from sales of California real estate by residents of California. He gives the impression that it is a new additional tax, when it is really just an estimated tax payment that will either be refunded to the sellers or applied against their actual tax liabilities. We need to keep things in perspective here.

KMK

All Talk & No Action

While the chances of anything actually being done this year are slim to none, at least the subject of some tax breaks for investors will be out in the open for the next few weeks in the form of campaign rhetoric.

Rather than holding your breath waiting for our rulers to do anything to help you out, you will need to take steps on your own to reduce your taxes. Of main concern this year is the insanely unfair capital loss limit of $3,000 per person or couple. If you have a lot of losses that would otherwise go to waste on your 2002 1040, you may want to consider selling some assets that will show profits. The wash sale rule, which disallows capital loss deductions when equivalent stock is repurchased within 30 days, doesn’t apply when the sale has a profit. Obviously, close consultation with your personal tax advisor is required to fine tune your strategy for dealing with capital gains and losses.

KMK

DC Fantasy Land

Faced with lower revenues coming in than expected, any business or family would cut back on their spending for non-essential things. That’s not the case with our rulers in DC. Addicted to that vote-buying pork, they’re increasing spending on idiotic projects at a record pace.

KMK

Buying Political Access In Florida