Calling all traders! Tax reform is on the horizon, and we need to make sure our lawmakers are aware of our unique tax needs. Traders stand to lose many existing tax breaks and exclusion from a lower tax rate on business income. We lack trade associations or industry groups that advocate for trading businesses, so we need to speak up. Green Trader Tax has constructed a petition to sign and email to your U.S. Senators and members of the House of Representatives. Big Six Tax Writers : Traders Need Fair Tax Reform http://www.standunited.org/petition/traders-need-your-help-with-tax-reform
I'd love to have the short term tax rate cut, going through the hassle of forming a company offshore is a big enough headache that I'd willingly pay 10-15% out of my own profits to fund schools and churches that I believe in. It's a win win for me, and I'd actually feel better about it than I do now.
We need more signatures, otherwise, traders may come up short in tax reform. I can't deliver the petition to the Big Six tax writers until we get more signatures. It just takes a few minutes of your time. Big Six Tax Writers: Traders Need Fair Tax Reform http://www.standunited.org/petition/traders-need-your-help-with-tax-reform I need your help: Without your quick assistance, traders may get the short stick from the Big Six tax writers as they draft tax reform deals and legislation in August. I ask all traders to sign so I can deliver a strong petition to the Big Six by Aug. 21, in time to make a difference. We have 529 signatures now, and our minimum goal is 1,000. Several thousand would be better. Please ask your trader friends to sign the petition through social media, chat rooms and other ways. Thank you. Sincerely, Robert A. Green CPA
Even if you aren't eligible for trader tax status, there are two bullet points in the petition that help investors. • Section 1256 MTM: Futures and other Section 1256 contracts are subject to MTM reporting with lower 60/40 tax rates. Section 1256 does not require TTS or an election; all investors use it by default. I ask that you consider bringing more financial instruments into Section 1256 MTM and safeguard this code section in tax reform. • Lower tax rate on investment income: Tax reform proposals include a lower tax rate on investment income. Alternatively, the House proposed a 50% exclusion of investment income taxed at ordinary rates. These proposals include all capital gains, dividends, and interest income. Current law limits a lower capital gains tax rate to long-term capital gains and qualified dividends. Please support extending the lower rate or 50% exclusion to all capital gains.