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Old Nov 26th, 2009, 01:56 PM   #2587
DirkDigler
 
 
Join Date: Jul 2006
Posts: 423
Quote:
Quote from zdreg:

the congress of the US is drunk with its own power. after a health bill is passed a transaction will be steamrolled through congress. all this talk about $100,000 exemption per trade is just hope with no basis in
reality.
Thanks. That's sort of what I suspected.

Also thanks to everyone that has made this thread such a great source of information. I feel like I'm doing my part to keep a local "traders and investment" group involved in fighting this tax. This thread has been a great resource!
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Old Nov 26th, 2009, 02:02 PM   #2588
rsikit
 
 
Join Date: Jan 2008
Posts: 1,046
If zdreg would look into reality he would see its not a per trade exemption. If you actually read what the bill has stated it was the first 100,000 dollars traded or invested annually, anything after your first 100,000 dollars annually would be taxed.
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Old Nov 26th, 2009, 02:18 PM   #2589
zdreg
 
 
Join Date: Oct 2003
Posts: 9,098
Quote:
Quote from rsikit:

If zdreg would look into reality he would see its not a per trade exemption. If you actually read what the bill has stated it was the first 100,000 dollars traded or invested annually, anything after your first 100,000 dollars annually would be taxed.
you should learn how tor read. i was saying that there were people on this thread who thought it was 100,000 exemption per trade.

as to reality u need a reality check. correct me if u were not the author of those posts about cfds and non vanilla type of options which are basically useless to most traders.
u were looking at these instrument through rose colored glasses. get a grip on reality.
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Old Nov 26th, 2009, 02:21 PM   #2590
DirkDigler
 
 
Join Date: Jul 2006
Posts: 423
Quote:
Quote from rsikit:

...the bill...
We are talking about HR 1068 right? I don't see any such reference in that bill (and it's certainly possible I'm missing it!)

Is this still a good link to the bill?
http://www.govtrack.us/congress/bill...bill=h111-1068
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Old Nov 26th, 2009, 02:23 PM   #2591
jj69
 
 
Join Date: Feb 2009
Posts: 146
zdreg, what gives you such confidence that the tax will be "steamrolled" thru congress so soon? Is this just your feeling?
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Old Nov 26th, 2009, 02:27 PM   #2592
rsikit
 
 
Join Date: Jan 2008
Posts: 1,046
Quote:
Quote from DirkDigler:

We are talking about HR 1068 right? I don't see any such reference in that bill (and it's certainly possible I'm missing it!)

Is this still a good link to the bill?
http://www.govtrack.us/congress/bill...bill=h111-1068
That's the old bill, that 100k exemption was not in there yet. That was the bill from the begining of the year. The new bill is Let wall street pay for restoration of main street act 2009, it has yet to be posted and only thing that was floating around was copies to journalists. It should be filed soon. This bill is the one that had exemptions or refunds on the tax for first 100k of the year and some retirement , educational , and health savings accounts. I am not sure if the bill is written in stone yet because there was some conflicting things out there, one is .25% for all instruments, the other was .25 just for stocks and .02 for futures. So we will not know exactly till its filed, and referred to a committee.
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