Why aren't the trades on stocks taxed?

Discussion in 'Taxes and Accounting' started by rockwill, Mar 3, 2012.

  1. rockwill


    It came to my attention recently that the majority of Wall Street investing is actually gambling. This trading does nothing to help develop needed innovations or businesses so desperately needed for us to meet the challenges of our day. It seems it would be a very good idea to put a very tiny tax on each trade. Such a tax would hardly be noticed by the occasional or serious investor and could lead traders to invest in the countries future. If the traders are not deterred by the tiny tax then quite a bit of revenue could be raised to help pay on the national debt or used for the general welfare of our citizens. I understand this tax was in existence before. Could it help again?
  2. moarla


    the income/profit is taxed, NOT the way to make the profit. That idea come from idiots
  3. For the past few years I have been trading futures in the UK. I trade as a limited company. As a limited company I have to be audited every year and in recent years I find that the audit fees are quite expensive. Although my profits and losses are small ( in the region of 10k to 20k) my auditors tell me that their fee is proportional to my turn over. As I'm sure Elite Trader members are aware turn over when trading futures can be very misleading. For example if I buy 4 lots of FTSE at say 5800 and sell them at 5815 my profit will be £600 but my turnover is £232,000. So if I do this 3 or 4 times a day my turn over would be over a million a day or nearly 300 million a year which is very misleading. My profit and loss for the year may be around 15000 a year and sometimes out of that I have to pay between three to four thousand pounds audit fee. This is because the audit fee is based on a turnover of 300 million pounds

    My auditors tell me that this is the only basis that they know on which limited company fees can be based. I think most auditors are perhaps not familiar with the futures market and I am not sure if this advice is correct. I would be grateful if any one knows a different way that a limited company engaged in futures trading can be audited so that fees are not based on turnover only.
  4. zdreg


    interview a half dozen accountants who have small practices. offer to pay for the job on a take it or leave it basis.
  5. zdreg


    why are u creating a new thread when there is an existing thread with 9000 posts?

    you need to do research on the purpose of the existence of stock markets.

    as to active traders even the smallest suggested tax .001 would wipe out their capital in less than a years time.
  6. Bob111


    really? prove it.

    dunno about you, but i' m already contributing A LOT to this country..in TAXES on my profits. isn't enough?

    did i made this debt? never recieve a dime from gvt.. i'm already giving 50%+ of my income to the government in various taxes and it's still not enough for your politicos in DC. how much more do you need?
    just fucking die,would ya?
  7. Eight


    What he said...
  8. they don't have a clue how to make money. Since they don't unsderstand the stock market they think it must be ok to tax it.

    Ever notice how they never come up with these ideas about things they understand? Like where is the push to tax google and facebook and Apple? They think about it for a minute and quickly realize it would be bad. So they just look around for something they don't understand and decide to tax it.

    As long as somebody is living above the poverty level they assume "We" have money and need to figure out a way to get it.

    They will not reduce spending one dime as long as Warren Buffet has a private jet.

    now take your shit elsewhere you pathetic troll, you're not welcome here
  9. They are idiots (not rare with accountants) ir ignorant.

    Ask them how they would do that for a company acting as insurance agent. They surely would not put the insurance amount in (which neve ris part of the contract with the agent) but only the comission the agent is paid.

    Btw., one point about the financial transaction tax I look forward - an explanaation how they want to keep it reasonable for futures.
    #10     Mar 3, 2012