Well the vote is Sunday, I just sent an email to my senator. http://www.rallycongress.com/2/2159/please-vote-no-on-universal-health-care-legislation
If I'm reading this correctly, this shouldn't apply to traders as our gains are already taxed at the short term capital gains rate, which is just the regular income tax, and not at the long term capital gains rate which is what this tax increase covers. Someone correct me if I'm wrong.
US states sue EPA to stop greenhouse gas rules: 37 states are fast at working putting amendments to their State Constitutions to protect them from the Fed Health Care Bill. 3 states, including Texas are drafting up legal documents to sue the Fed Gov over Health Care and stop their states from being under the Rules of Nationalized Health Care. There are plenty of things going on right now to warn the Gov. Wallmart is not going to take any new Medicare Clients after april 17th. CAT. said that it would cost them 100 million just the first year, signals massive layoff warnings to Congress. So, warnings are going out to congress not to pass this bill. Now, if they do, the additional tax on Dividens and Interest will be a big thorn in the side of "Markets" and Banks. However, it will only increase the amount of money that I raise for Oil Ventures. The wealthy will remove their money from Bonds, stocks, and CDs, and start to put more of it to work in Private Placments with major Tax Advantages, like Oil and Gas, they will probably look at serious short term protection like Tips as were the can roll in and out trying to keep pace with inflation and the additional tax. What is very interesting to me is the US Stock Market seems to be looking past all this into the Nov Elections. Unless we crash next week, which I doubt, the Market is predicting a major victory in congress for the Republicans, who may then, by Super Majority, or more repeal the Obama Health Care Plan and or file suite against the President to Impeach and remove him for violation of the Consitution if passed behind close doors ,using the 51, reconcillation vote. This is just a hunch as, the bill is very damaging as CAT has warned. Walmart is just the first of many drug stores to hault new clients. Oil is up near 80s again, on weak economic data as flight to Quality and Futures markets point to 99 a barrel by NOV. Unlike life, living in the moment is blinding when it comes to what is going on. Reading between the lines, will make you money if not very wealthy in years to come with Obama in office. Next Stop, massive volitility for the US MARKETS and EURO LAND, which will be great for all the "True" Traders on this site. Plenty of money to be made!
bigarrow...no shit. I feel like I'm back in Chicago with the hail and cold that just hit San Antonio this AM. Took the dogs out on the riverwalk, big mistake, too damn cold. Blood has thined out since I got my ass down to South Texas.
How big were the hail stones. Getting close to roofing season for me, don't like to travel and work but don't like missing a pay day even more.
The way I read it is that all capital gains (long and short) along with interest income, dividends, annuities, royalties and rents will be taxed the 3.8% tax if it is over the 200k/250k threshold. Interest income, dividends, annuities, royalties and rental income are all taxed at ordinary rates now. Short-term capital gains are also taxed at ordinary rates. Why would Congress exempt short-term capital gains and not interest income ?, etc... (Does not make sense, although nothing from Washington DC makes sense these days...) The only difference is for long-term capital gains, which gets a lower tax rate. I guess the devil is in the details. We will know on Sunday? maybe? The WORST thing that could happen is that the Health Bill passes and we get the extra 3.8% tax AND somewhere down the line Congress also passes the 1/4 % tax on stock trades. See separate thread for the details on the 1/4 % tax idea. What is this world coming to?