Senate to end preferential tax for commodities?

Discussion in 'Politics & Religion' started by Jayford, Aug 1, 2008.

  1. Looks like congress may take away the beneficial tax treatment for trading futures. Not sure if its just going to be for energy futures, or just for institutional investors. Either way, its the first nail in the coffin for higher taxes on trading. Guess I won't bother trading all day if this happens. Higher taxes certainly kills my incentive to work.

    http://www.sfomag.com/StraightTalk/...008&STID=6630E0B7-6927-4F6A-96C9-B941366AEF8E
     
  2. Kills revenue coming in to the government too. But you won't here any complaints from the Marxist-socialist-communist-Nazis that make up 90% of so called traders here.
     
  3. Yeah, I find it amusing how many liberal "traders" are on ET. You would think nearly all traders would be anti tax types. Apparently not.
     
  4. Lucrum

    Lucrum

    I'm thinking they're not traders to begin with. I think they believe it's their mission in life to hang out at websites populated with capitalists and "change" our way of thinking.
     
  5. I love the 60-40 tax treatment of futures, but, to be honest, it really isn't fair to others.

    Traders really do not produce anything; we buy and sell what others produce.

    Why, then, should traders have more favorable tax treatment than producers?

    ntraday, I trade the S&P e-mini, which is a basket of stocks, and get the 60-40 treatment. Yet if someone wants to intraday trade one of the stocks that make up the S&P, they get their short-term gains taxed as ordinary income. How is that fair?

    We futures traders have been getting special treatment since the early 80's. I'd love for it to continue, but one has to be pretty naive to think that they did not see this day coming. It is only a matter of time until this loophole is closed.

    When it is closed, I'll still trade. Why would I stop? After all, I'm a trader.
     
  6. Brandonf

    Brandonf ET Sponsor

    Why? Look at who the financial industry is giving money to. Obama has gotten a lot more money from the financial industry, including hedge funds, than McCain has.
     
  7. What, not afraid of the boogie man? How dare you.
     

  8. Traders don't contribute anything? Let's regulate trading to buy and hold until retirement so that volume drops 99% and see what lack of trading does to the overall economy.


    Let's make it fair by giving to those that do not have, those that trade stock should get the 60/40 as well.

    I would really like to see volume drop on various low volume futures without the 60/40.
     
  9. Apparently they are afraid Obama will win. They are paying protection money. Please Obama, please don't regulate the financial industry and increase capital gains so much, remember who contributed to your campaign!
     
  10. What exactly do traders produce, other than "liquidity"?

    In short, trading is a parasitic industry. That is not necessarily a bad thing; it is what it is.

    As for the impact of trading to the economy, the sum contributions of trading worldwide to the world economy is zero - minus commissions - minus spread (winners minus losers minus vig).
     
    #10     Aug 2, 2008