If you lose close to a billion dollars, you won't have to pay taxes either. Personally, I don't have a billion or even a million to lose. If I had just lost a billion dollars, I would not be a happy camper. I would not be saying, "Woo Hoo! No new taxes!" Carry forward losses are like roll over minutes. If you have more losses than income in one year, you can carry over your losses into the next year to offset income in that year. This is not some hard to understand loop hole. It doesn't depend on the definition of "is or whether or not email exchanges between the Secretary of State and the President are classified. However, if the rules of a game are stupid, you don't blame the players who live by the rules. You blame the people who wrote the rules. In this case that would be Congress.