Reply to Why does the govt subsidize stock market gambling?

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[quote=Anonymous]If you lose on the stock market, why should you get a tax loss write off?

I never understood why the govt is essentially subsidizing peoples' gambling on the stock market.  I take advantage of it of course, but I don't get tax write offs when I lose money at black jack in Vegas, yet I can write off all of my losses in a year and get tax deductions for them if I literally gamble on the stock market.

It also creates perverse incentives like tax loss harvesting to reduce the taxes of rich people who control 90+% of all stocks.  They just rebuy their stock after selling and locking in tax losses for tax breaks.

Even though Iove writing off my losses to reduce my taxes for gambling on things like stock options, it is still pretty much messed up I get any tax breaks at all for it.  How come we don't get rid of write offs for losses on the stock market?  People should eat their own losses for risks they chose to take, not ask the country to subsidize their stock picks when they backfire. [/quote]

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