Require Taxpayers to Report More Detail on Capital Gains Taxes

Promise Honored President Obama made the following promise:

During Mr. Obama's campaign interviews with the Tax Policy Center he said he would require taxpayers to report the initial value of their investment, called the basis, on which they pay capital gains tax. This measure is expected to deter underreporting of capital gains and increase tax revenues. — Tax Policy Center

Source: http://www.taxpolicycenter.org/UploadedPDF/411749_updated_candidates.pdf

Other promises regarding taxes.

UPDATES:

Updated: Tuesday, January 13th, 2009

Congress actually passed this before Obama was elected.

The measure, which will take effect in 2011, is intended to stop underreporting of capital gains taxes. It was passed with the Emergency Economic Stabilization Act of 2008, which the Senate passed on Oct. 1, 2008. The House passedit on Oct. 3, and President Bush signed it into law the same day.

Even though it happened before he took office, we're going to give him credit for it. He promised it, and it is now the law of the land.

Sources:

Government Printing Office, Emergency Economic Stabilization Act of 2008.

Interview with Eric Toder of the Tax Policy Center.

Cost Basis Reporting Resource Center


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