looks good. . . from the Senate website on floor action yesterday. 26. S.AMDT.680 to S.1054 To provide an amendment. Sponsor: Sen Grassley, Charles E. [IA] (introduced 5/15/2003) Cosponsors: 1 Latest Major Action: 5/20/2003 Amendment SA 680, previously agreed to, was modified by Unanimous Consent. I can't find what the mod was, though.
Sammybea, I received this in an email from Ellen Resnick at the CME. I have attached the word document that was sent to me. MYD
Was this amendment believed to be the idea of Senator Charles Grassley of Iowa or was he listed on it because he is Chairman of the Committee on Finance?
Well, at least I know how to contact my Congressman now. Thanks to those that alerted us to this fact and then its positive outcome. Perhaps it might have been better if I never knew this took place? Lets hope for a lower cap gains to come out of this, how would that be for going full-circle! This is why I 'tune' in to Elite Trader every once in a while. Well done, thanks all!!
The problem here is the artificial and arbitrary distinction between long term and short term cap gains. I'm not sure when this idea arose, but it reflects some sort of outmoded view that speculation is evil and should be punished. It causes a lot of grief as people struggle to hang onto some POS stock to get LT treatment. Of course, then they have an AMT problem, so it wasn't worth it anyway. I wonder how much money was lost in the aftermath of the bubble by people who held on so they didn't incur the tax? Any cap gains tax is by definition double taxation, since the money has already been taxed once whne it was earned. I think the Thomas bill which treated dividends and cap gains alike was actually a good idea, but the real key is to scrap the LT/ST difference, then lower the tax to as close to zero as possible. I am very very skeptical when someone says a specific tax break is being scrapped in the interests of lowering rates. Bitter experience teaches us that the rates will be increased as soon as a Democrat congress gets in charge, but you will never get that break back.
Then you will have to build a statute in my honor for the service rendered : I'm sure you prefer that they do not reverse
i used to be mainly a stock trader. i sent that form to the IRS saying i want MTM. i'm wondering if going with MTM has any problems with 60/40 and futures? what's the best thing to do? i think i once read that someone wrote to the irs saying they want mtm for stocks only or something like that......