Knollenberg bill would increase federal capital loss deduction

knollenberg_marty Republican State Rep. Marty Knollenberg of Troy is looking to ease the pain of the downturn in the housing market with the introduction of a bill that would increase the federal capital loss deduction from $3,000 to $6,000.

“The crisis in the housing market, coupled with the credit crunch, has forced many in the middle class to cash out their stocks at a loss just to pay their mortgages, feed their families and make ends meet,” Knollenberg, the son of former U.S. Rep. Joe Knollenberg, said in a statement.

“This simple reform would go a long way to help alleviate the effects of this recession on the middle class. As our state and nation adjust to the realities of these new economic forces, the federal government should step up and come to the aid of families.”

The loss deduction is part of the Internal Revenue Service code, and gives tax relief to those who have suffered losses to their investments. The current deduction of $3,000 is used on tax returns when an individual loses more on assets than originally invested, which Knollenberg would like to see raised to $6,000 in his recently introduced House Resolution 65.

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Who is Marty Knollenberg?: Hezbollah & Syria Back Candidate for Michigan’s Legislature
By Debbie Schlussel
Why are agents of Hezbollah and Syria and supporters of their occupation of Lebanon giving big dollars to a candidate for the Michigan Legislature?
That’s the question all voters in Michigan’s 41st House District, in suburban Detroit, should be asking of Republican primary contender Marty Knollenberg.
For a tiny state legislature seat, Knollenberg–the son of Republican U.S. Congressman Joe Knollenberg–has received some interesting contributions from outside the State of Michigan:

Marty Knollenberg Wants to be Hezbollah’s Rep. in the Michigan House

* Nijad & Zeina Fares–Nijad Fares is the son of Hezbollah-backed, Syrian installed former Deputy Prime Minister of Lebanon, Issam Fares, deposed not long ago. At the time of his and his wife’s contributions to Knollenberg, Issam Fares was still in power as Deputy Prime Minister. The Fares Family are strong supporters of Hezbollah and Syria and are believed to be conduits of Hezbollah campaign contributions in America, since they are naturalized U.S. citizens and legally able to contribute to American political campaigns.
Nijad Fares also gave thousands to Marty Knollenberg’s father, Congressman Joe, after he pushed through Congress about $86 million in USAID funds to Hezbollah-controlled Southern Lebanon at the request of pro-Hezbollah/pro-HAMAS Jim Zogby of the Arab American Institute in 2000. Knollenberg’s then-Chief of Staff, Paul Welday, aided in this allocation. The money was never traced. Who knows how many missiles and rockets that paid for?
* Abdallah Bouhabib–Bouhabib was the Lebanese Ambassador to the United States at the time that the U.S. Marine barracks were bombed by Hezbollah and over 241 U.S. Marines were murdered. He complained that President Reagan’s only concern in Lebanon was the Marines. Since then, Bouhabib settled in the U.S., where he became an official in the World Bank facilitating meetings with and billions of dollars for P.L.O. leader Yasser Arafat.
American Lebanese activists in the “March 14th Coalition” (a group of Christians, Sunnis, Druze and others who are working to free Lebanon entirely of Syria and Hezbollah) say that Bouhabib worked against them and supported Syria’s occupation of their country.

Bouhabib and Mr. and Mrs. Fares gave Marty Knollenberg $500 a piece. That might seem small to you, but it’s the maximum allowed under Michigan law per election cycle.
No state in the Union should have elected officials who take money from agents of Hezbollah and Syria. And Michigan is no exception.
What will Marty Knollenberg do for Hezbollah and Syria in the Michigan Legislature? We hope voters in his prospective district (containing Detroit suburbs of Troy and Clawson) don’t give us a chance to find out.

http://www.debbieschlussel.com/2203/who-is-mart…

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Knollenberg bill would increase federal capital loss deduction