Comments on: Trader Tax Bill and Petition

By: Futures Trader Tax | Best Futures Broker

Futures Trader Tax | Best Futures Broker — Thu, 01 Dec 2011 15:30:59 +0000

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By: LadyinRed

LadyinRed — Thu, 12 Aug 2010 20:21:49 +0000

Great article, people need to know about this.There can be good things coming with this petition.

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Foreign Earned Income Exclusion

By: hankfreid

hankfreid — Fri, 30 Apr 2010 15:55:37 +0000

Yeah its very good article for businessman. Because they provide great guidelines the use of foreign currency. Thanks for this useful article.

By: John Williams

John Williams — Wed, 02 Dec 2009 05:03:38 +0000

You Trade only 20,000 a year, That is trivial. Most Pro day traders trade that per week if not daily. With this bill the market makers will have a field day scalping your investments, Good luck
getting a fair price. With thin markets the big boys will manipulate the market and soon the SPY will act more like FXI.. Can you stomach 50% volatility on an average basis.

By: John Williams

John Williams — Tue, 01 Dec 2009 23:03:38 +0000

By: llaszews

llaszews — Fri, 04 Sep 2009 17:39:16 +0000

Just looked at this…bill looks good to me….
1. Get rid of many stupid day traders that make and mostly loss money (people that probably end up going on welfare and therefore my taxes go up even more…) on day and nano trading….think this type of trading hurts investors like me.
2. Example given distorts a real example:
A. most stocks don't trade at the price of apple. I own mostly XZY (typically priced stock). So a sale of 100 shares is about $2,200 which would mean a tax of what…$15 dollars….
B. most people (Joe the Plumber if you will) don't even own that many stocks

From Web site: “The body of the bill suggests that such a tax would have a negligible impact on the average investor. I beg to differ. For example, a $10,000 trade (or approximately 100 shares of stock in Apple, Inc.) would increase the cost of a round trip transaction by $50.”

I own more stock and make more money then most people and trade a total of $20,000 a year. This means that I pay $100 more in taxes a year…I am OK with that…over an increase in income tax.

So, this is a tax the wealthy (and reckless day traders) tax which I am not sure is good or not but to get 'Joe the Plumber' worked up is a way of scaring the public so wealthly people can become more wealthy…now that is elitism….

By: Anonymous

Anonymous — Sun, 08 Mar 2009 05:12:53 +0000

Its way worse for future traders. A one point gain on S&P Emini future (ES) is $50. Imagine paying a $170 tax on this trade. A trader’s income consists of large number of small losses and a small number of hugely profitable trades which compensate for the losses.

This bill would simply mean an end to day trading, an end to the futures market and various software jobs that support data feeds, trading software, plugins and such.

This bill has gone to committee. Write to the bill’s sponsors and every member of the committee asking them politely to kill the bill explaining your reasons.

Also write to your congressman and Senator.

By: Iconoclast421

Iconoclast421 — Tue, 24 Feb 2009 23:52:35 +0000

If a tax like this passes, it will KILL the market. Let’s just say my prediction of DOW @ 1600 will be fulfilled. If it even looks like it has a remote chance of passing, I will go all-in on TZA, and then I’ll pay my stupid $50 tax on top of my $50,000 capital gains tax. ROFL

I predicted the crash on sept 19th, because I knew the ban on short-selling would pull liquidity from the market. This tax would be 10 times as devastating. 10 million jobs would be lost in a matter of weeks after this passed. There is NO chance the establishment would ever allow a tax like this to pass, unless they are truly ready to implode the country.

By: Corey Rosenbloom

Corey Rosenbloom — Mon, 23 Feb 2009 18:05:47 +0000

My gosh I wasn’t aware and I bet most traders aren’t aware of that either. That’s how controversial portions get passed – snuck in large “must pass” bills.

Hopefully this is just in the ’suggestion’ part of the bill rather than the actual law-to-be itself.

At least in the Senate, amendments must be ‘germane’ to the bill. Not sure how germane trader tax is with healthcare.

By: Joe_in_Indiana

Joe_in_Indiana — Mon, 23 Feb 2009 17:55:00 +0000

Also watch the following bill HR 676 where it is also introduced in Section 211.

It’s in 2 places now!!!

H.R.676
United States National Health Care Act or the Expanded and Improved Medicare for All Act (Introduced in House)

——————————————————————————–

SEC. 211 . OVERVIEW: FUNDING THE USNHC PROGRAM.

(a) In General- The USNHC Program is to be funded as provided in subsection (c)(1).

(b) USNHC Trust Fund- There shall be established a USNHC Trust Fund in which funds provided under this section are deposited and from which expenditures under this Act are made.

(1) IN GENERAL- There are appropriated to the USNHC Trust Fund amounts sufficient to carry out this Act from the following sources:

(A) Existing sources of Federal Government revenues for health care.

(B) Increasing personal income taxes on the top 5 percent income earners.

(D) Instituting a small tax on stock and bond transactions.