to a deeper family story. order your kit at ancestry.com. trish: despite today is a late day turnaround, a whole of investors actually losing a lot of money. it has been a rough couple of days. there are ways to actually write off some of your losses on your taxes. cpa dan goucher is here with some tips on how you can do that. good to see you, dan. so if you lost money in the market this year let s talk about the capital loss rules. if you have capital losses, which may have happened after this past month, you are allowed to offset them against your capital gains. if you have more capital losses on capital gains, you get to take an additional $3,000 against ordinary income, and if you have even more capital losses after that, you have to
answer the question since then, it hasn t been asked since then. because michael finnegan was not miked, you can not hear him. so now i ll read word for word what michael finnegan actually said. romney tried to evade the question and how michael finnegan actually tricked romney into actually asking the question. question, why shouldn t voters know what you yourself paid, in particularly in 2008 and 2009 the when many high-income americans had capital losses which were enough to bring their taxes to zero. i have described my view on question, many high-earning americans bring tear tax rates to zero. so i m wondering why voters shouldn t know what your tax rates were in those years. you know, i just have to say,
let s just make sure we unpack this now. in private equity, they you a choir a firm, the reason they are able to make such very high returns is that they are generally not using much of their own money at all. they are using borrowed money. any interest that they pay against that debt they then deduct from their tax liability. so it is a huge tax boon for those investors. what do you think is in mitt romney s tax returns? do you think he didn t pay a bunch of money? i really don t know. they are starting to be some thought i think this may be correct, that it is not that he paid 15%, he may have paid something like 1% 2shgs%. i mean, there are years in which people with those kinds of investments, there are people that years of those investments that really have, you no i because of their capital losses have very, very tiny tax liabilities. that may be when he s trying to protect there. ability to lie, liability. we will talk about it. our thanks to jared bernstein for jo
his tax rate, mitt romney reveals his tax rate. fair or unfair? and fact or not? are the congress members back in session refresh and ready to change the world or not? let s go outfront. well, good ooevening, everyone. i m erin burnett and outfront tonight, and welcome back, congress. we missed you. we really did. after well, that may have been a bizarre and appropriate slip of the tongue. but members are back in the house today to make up for frankly an abysmal 2011. the track record. full of failures. they didn t raise the debt ceiling which caused america s credit rating to be cut which hurts all of us. and they didn t agree on a budg budget. and they didn t have a super committee deal. and no tax cuts. so it is no surprise that the cnn poll shows that 11% of americans approve of the way that congress is handling the job. that is an all-time low. more people approved of how bp handled the gulf coast oil spill. while members were off, some took trips abroad. maj
want to talk about what is going to happen in washington. places like mexico on taxpayer junkets, and we will be joined we have had divided governments in the past and everyone says it is not worse, but they fixed it and got better and that is the american can-do way. all right. we want congress the feel the heat, but see the light. let s make them work. we are joined by congressman sewell from new york, and congresswoman grimm. i am glad you are smiling after the intro, but you are sitting here a democrat and a republican, and are you going the work together? i think that one thing i have learned as a freshman is that it is important to collaborate. collaboration is important. i have hope because in alabama my delegation had to come together after the april tornadoes. republicans and democrats, in order to provide for disaster assistance for the constituents so with that hope springs eternal. i can tell you that i am standing next to one of my favorite freshmen colleague