Comments on: Should traders be worried about H.R. 1068 transaction tax?

By: leon elledge

leon elledge — Wed, 12 Oct 2011 20:41:43 +0000

FINALLY YOU GUYS ARE GETTING THE RIGHT IDEA. We need to rethnk not only new sources of revenue ut the whole idea of taxation. My proposal is: throw out all of the tax code – 5% sales tax all tangables – 2% on intangables – i% all stock transactions. NO MORE IRS – NO MORE DEPRECIATION – NO MORE SS or MEDICARE TAX – It’s all tax anyway so call it all TAX – It would be easy to understand the states would collect it and we could sell gas at really low prices make the economy grow and gain the respect of every american. LETS DO IT !

By: Dave

Dave — Thu, 18 Mar 2010 15:14:46 +0000

The tax system should not be used to punish.

By: Swing Trade Investor

Swing Trade Investor — Wed, 24 Feb 2010 22:50:30 +0000

Fury – you obviously don’t trade for a living
This tax will hurt innocent investors and traders (who did not create this mess) and leave those really responsible for the mess off the hook.

By: fury

fury — Tue, 05 Jan 2010 17:15:54 +0000

I don’t like any tax hike. Guys get real 1/4 of 1 percent will dry up ALL transactions – you have got to be kidding. As for individuals many brokers charge far more for doing the trade. I might have a bit of slow down – but I truly doubt that. Mutual funds might be affected, day traders probably a bit but I still doubt it.

By: ABYSS6

ABYSS6 — Thu, 26 Mar 2009 06:45:28 +0000

Need not lose a winks sleep my fellow concerned. The sequence of trial and error will be quite creative this season with the new intentions at the helm, however the efforts will fail And once again the Free float system will mend its momentum and markets continue as we know it.

By: DB

DB — Wed, 11 Mar 2009 17:26:01 +0000

If trading dries up, there will be few transactions to tax and far less profits (capital gains) to tax; overall, tax revenues will fall. Plus, foreigners will be exempt from the tax, hence putting Americans at a disadvantage once more. On the positive side for Democrats, it will further weaken the economy and hence increase government’s control over the massess who see themselves increasingly dependent on government. Their argument for a “global economy” will be buttressed by manufactured destruction of our economy.

By: Jim

Jim — Mon, 09 Mar 2009 14:28:42 +0000

Thanks very much Doug.

By: Doug

Doug — Mon, 09 Mar 2009 01:00:46 +0000

Jim, I suspect the mutual fund would be charged and then pass the expense on to investors. But who knows, maybe they would get an exemption and the investor would be charged. I don’t think it has been clarified. I really doubt this will go anywhere.

By: Jim

Jim — Mon, 09 Mar 2009 00:52:13 +0000

Question re. the proposed Trader-Tax:

Would an individual who daily trades open-ended mutual funds (such as Rydex, Profunds or Direxion funds, priced daily at 4pm) be subjected to this proposed tax? If so, what minimum holding period would be needed to avoid the proposed Trader-Tax?

Thanks for making your blog available.

By: Michael R

Michael R — Sat, 07 Mar 2009 02:31:10 +0000

The danger is that it’s all about the perception of the majority. Only 1 in 100 people understands economics but 99 listen with their mouths wide open to the mass media blaming Wall Street for crisis and the the job losses. Unfortunately it is the 99% majority that the congressmen will be trying to please. Hopefully someone will stand up and explain to the honarable congressmen in laymen terms that this bill is suicidal to US especially at this point in time.