A Message to David Abney

FEGuy

Well-Known Member
Your recent email via "Corporate Employee Communications" regarding the current GOP tax bill was interesting. You are very concerned about a provision changing some aspects of stock sales. So concerned, actually, that you are urging us all to "lend your voice to this effort." Stock sales. Out of all the changes this proposed bill would bring about, this is the one that riles you to the point of calling for action.

Shame on you, Mr. Abney.

This bill cuts taxes for US corporations which are enjoying record profits and valuations and for individuals which are wealthier than ever. It does so on the backs of the middle class, raising their taxes, and eliminating many of the tax relieve provisions specifically enacted for their benefit, including a wide variety of service cuts to help pay for the wealthy tax cuts. Medicaid, Social Security, Medicare and Children's Health Insurance will all be cut.

It is so controversial that the US Senate is forced to ramrod it through in a secretive, sloppy and haphazard manner.
The morality of this bill alone is shameful. Among the things being eliminated are tuition tax credits (again, a huge benefit to the middle class), and medical expense deductions which impact senior citizens and low income individuals.
The tax cuts for the wealthiest Americans will increase our bloated deficit by $1 trillion dollars or more.
These highlights are merely the tip of the iceberg on this disastrous and unfair tax bill. And out of it all, Mr. Abney, you choose to speak out on a provision changing stock sales for the retired millionaires of UPS.

I repeat, shame on you, Mr. Abney
 

worldwide

Well-Known Member
And out of it all, Mr. Abney, you choose to speak out on a provision changing stock sales for the retired millionaires of UPS.

I repeat, shame on you, Mr. Abney

Actually, it has nothing to do with "retired millionaires of UPS" as I don't believe that everyone that retires from UPS and has some UPS stock in their portfolio is a millionaire. It also impacts ANYONE that owns stock from ANY company, not just UPS.

Under current law, shareholders who purchased stock at different times at different prices may select which blocks of stock to sell. To minimize current capital gains, the shareholder might select the stock bought at the highest price. To “harvest” losses to offset other gains, the shareholder might select the stock with the lowest cost basis. Mutual funds use the same methods to reduce, or smooth out, the reported capital gains distributions for their shareholders as they rebalance their portfolios.

Why are you opposed to taxpayers having the ability to choose which shares of their stocks to sell? Why should the government dictate which shares a taxpayer should sell? This proposal does not just impact UPS shareholders but any shareholders of stock from any company.

Will FIFO appear in the final version of the tax bill? Experts weigh in

Senate Tax Reform Bill Restricts Choice of Which Shares to Sell First - Tax Foundation
 
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TearsInRain

IE boogeyman
"guys i just found out the wealthy are disconnected from normal society!"

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