Excuse what may be a completely incorrect conjecture here, but is it possible that the intent of this measure is to move liquidity back to the ailing US equities markets, and save the NYSE from what looks like slow death? Also, is it possible that under a similar line of reasoning, those in favor of this change might believe the futures markets drag the market down faster, especially without an uptick rule, and thus this is a shrouded attempt to prop up the market while funding state budgets?
Chicago has the money and weight to lobby the right people. I'm sure they have enough forsight to be all over this. If not, they are just screwing themselves.
Hopefully. But, all of us should contact our congressthieves anyway. It's easy, doesn't take long, and could a very big difference come 4/15/2004. Thousands and thousands of dollars to each and every one of us futures traders.
ABSOLUTELY! Don't take this lightly! Make your voice heard NOW! We need a CONCERTED effort to circumvent this BS!
Dear [Appropriate Salutation Will Be Inserted Here]: I am writing to express grave concern over the proposed removal of section 1256 from the tax code, as approved in the senate version of the budget bill S.1054, specifically S.A. 680 on May 15th. I am an independent futures trader, and have built my small business on this tax benefit which has been in existence for 20 years. Removal will seriously jeopardize my ability to support myself and my family. I would like to request that you take my concerns to heart, and help ammend or reject this portion of the Senate bill. Sincerely,
all starting to become clear isn't it? This BS tax cut isn't a "tax cut" at all. It's a massive tax shift! Bend over and take it like a good compassionate conservative. BTW AAA- NYS and CA pay for more in taxes to the federal government than they ever see back. By a long long long shot. Who the heck do you think pays the red-state land barons NOT to farm??? Yeesh. http://money.cnn.com/2003/05/20/news/buffett_tax/index.htm Buffett slams dividend tax cut One of world's richest calls plan 'voodoo economics,' says it puts burden on low-income families. NEW YORK (CNN/Money) - Renewing his criticism of the dividend tax cut laid out by the Senate last week, Berkshire Hathaway's Warren Buffett called the proposal "voodoo economics" that uses "Enron-style accounting." The Senate's plan for dividends to be 50 percent tax free in 2003, 100 percent tax free in 2004 through 2006 and then face the full tax in 2007 would "further tilt the tax scales toward the rich," Buffett wrote in an opinion piece in the Washington Post. Buffett posed a hypothetical situation in which Berkshire Hathaway, which does not currently pay a dividend, paid $1 billion in dividends next year. Through his 31 percent ownership of the company, Buffett said he would receive an additional $310 million in income that would reduce his tax rate from about 30 percent to 3 percent, while his office secretary would still have a tax rate of about 30 percent. "The 3 percent overall federal tax rate I would pay -- if a Berkshire dividend were to be tax free -- seems a bit light," Buffett wrote. Instead of the Senate's tax cut plan, Buffett proposed that it provide tax reductions to those who need and will spend the money in the form of a Social Security tax "holiday" or a tax rebate to lower-income people. "Putting $1,000 in the pockets of 310,000 families with urgent needs is going to provide far more stimulus to the economy than putting the same $310 million in my pockets," Buffett added. He closed the piece by saying that the "government can't deliver a free lunch to the country as a whole. It can, however, determine who pays for lunch. And last week the Senate handed the bill to the wrong party." Warren Buffett sits on the board of the Washington Post Co (WPO: up $3.91 to $715.01, Research, Estimates). and Berkshire Hathaway (BRK.B: up $2.00 to $2451.00, Research, Estimates) owns
The problem is the Chicago exchanges have mostly been associated with Democrats. They heavily supported Carol Mosley Brown over Sen. Fitzgerald - so he doesn't give a hoot.
Done deal. Hope it does some good. If not, this just may be another sign that our empire is heading to the destination of all great empires.