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Consumer pessimism
Not since the unlamented days of the 1973 oil embargo have Americans felt as gloomy about the economy as they do now
Andrew Leonard [2008-03-25]

  • Change the tax law then

    With the stroke of a pen we could essentially wipe out the housing collapse.

    Allow homeowers to take capital loss carry forwards on real estate JUST LIKE THEY ARE ALREADY ALLOWED TO DO WITH ANY OTHER CAPITAL ASSET.

    Hell, you can write off gambling losses against winnings. But in the US you get hosed on real estate losses. You have to pay the gains tax on the upside but the law has never permitted you to take losses and offset them against current and future gains. Unless the property is income generating.

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    Tuesday, March 25, 2008 09:55 AM
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