Well, until we see that explicitly stated in the tax proposal, I am under the impression it will be on profits made, not "notional value". I mean, what country charges a tax on people who LOSE money? I cannot recall the last time I heard of someone saying they paid taxes on negative income.
1 ES contract is $168200 atm, that would mean $3,36. If required to pay on purchase and when you sell the contract it would be $6,72.
If that is true, then it's .5 of a tick per contract per RT trade, thereabouts. OMG THE SKY IS FALLING!
Belgium does . It gets even worse, you pay 25% on profit made but are unable to deduct losses. For example: $1000 profits and $750 losses so you net $250 profit. However in Belgium you would need to pay 25% on the $1000 ...
100k in account 400k in daily transactions ttf = $400,000 x.002 = $800 100,000/800= 125 trading day/ Your capital is zero after 125 trading days assuming you break even on your trades before the ftt. In five months retail traders have lost all your capital. HFT traders who have a greater turnover would be completely out of business in a shorter period of time. It is shameful that nobody else posts these examples on the thread. I hope Robinhood, Lightspeed and Interactive brokers etc. have good connections Washington D.C. If not their business models are finished. Please skip the nonsense from similar threads I can trade whatever may be exempt from the FTT.