I paid around 10K in cap gains taxes last year and this bill would definitely take me out of the stock market all together. So I guess the gov't would feel fine about losing my tax revs and all the money I add into the economy with my spending.....and for what? I had nothing to do with subprime mortgages and have lived beneath my means and this is how our "capitalist government" is going to reward me? I guess I should've opted for the $500,000 mcmansion rather than my modest 200K house!
Well if you are a short term trader, most likely most of you capital gains will be offset by capital losses from another individual. So you probably don't contribute much in terms of taxes. I know it feels like you do, but in the grand scheme of things, you probably don't. If you are a long-term investor, then I take that back. Don't you mean a 100k house now? :eek:
for this entire decade, the government has been kicking the shit out of anyone who lived beneith their means, for the benefit of those who live beyond, via actual capital loss for conservative savings through dollar depreciation and ultra low interest rates Now, they're pulling down the curtain of economic martial law because banks stuffed their books full of garbage causing a TWENTY FIVE PERCENT S & P CORRECTION, for the first time in 5 years, which was actually long overdue
Jesus fucking Christ. I pay 50% of my income to the government. If you are a successful trader, you do too, unless you spend thousands to built complex entity structures. Yeah, it's half. Income tax, property tax, sales tax, gas tax, capital gains tax... No, I'm not counting the death tax. Now they want to dick me in my trading. Time to look at overseas futures. There is always an alternative.
Does anyone even know for sure if this is being debated as part of the current bailout package? The scary part is that if we manage to 'dodge a bullet' this time this could be enacted at anytime in the future now that the idea has been floated publicly. -Guru
Yeah, this is why I don't trade the UK markets despite living here. NO ONE daytrades UK stocks, they use CFDs. The liquidity in small caps is appalling because of this tax. It raises a pittance compared to the economic costs of much wider spreads, lower volume, and lower liquidity.
Pittance brings up a very good point. IF this lunacy passes, small cap and microcap volume will EXPLODE and I guess there would be some sort of alternate trading like CFD's
Perhaps we should start coming up with the reasons that Mr. Joe Citizen or Random Small Business would suffer because of this bill (actually make a list we can base a letter off of) and we could send those to our lawmakers? Face it guys, they don't care about a small number of daytraders, but the implications of that go beyond that. If we could all articulate that, I think it would go further than yelling at them. A lot of reasons have been given already. If I have some time after market closes, I'll try to start the list if no one else has.
Your attitude is why this stuff is allowed to even get the slightest bit of attention, let alone gain momentum and traction. Just reading the kind of "language" in that absurd proposal should make every single AMERICAN cringe in their bones. You need a reality check, my friend. I sent letters and e-mails, and called into a local talk show this morning where I highlighted De Fazio's proposal. Now go crawl back into your little make-believe "bubble". Thank you.