Soon we’ll see observations that the Wall Street bailout expression “privatize the gains, socialize the losses” has a flip side.
Note that you can’t take more than $3000 in capital losses per year. Long ago, as is now possible with capital losses, you could spread one-time income over years of taxes. Not now. In effect, the current US tax system is one of “socialize the gains, privatize the losses”.
Ah, to be 17 again – outraged and baffled by the world’s inscrutable workings.