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Mutual funds do trade stocks. They will pass those taxes to the shareholders. These people might not realize this but mutual funds shareholders are not immune from this tax.

I would add the real money example with correct wording suited for the letter explaining why this proposal is not economically viable. Investor who has let's say $10,000 of capital and does 1 trade every day with no leverage has to pay: $10,000 * 0.5% / 100 = $50 each day $50 * 250...

The taxes on transactions of underlying stocks that constitute mutual funds will be passed to the shareholders. Maybe he just does not realize it.

The letter was sent.

I want to do more reading on their active involvement to lobby against bill. Do you have any link please?

Why big money like brokers, money makers, banks ( overnight lending) and hedge funds are quiet on the subject as if it's none of their concern?

The first to be contacted: http://www.house.gov/formdefazio/contact.html

Since when investing became a "parasitic activities"? Since when the communists rule America?

Every time the guy speaks the market sells off.

Traders are the short term investors. What is the tangible output of investing?

Do you realize that your annual transaction tax equals to your trading capital so you need to at least double your money to break even? And that's even before capital taxes are applied. If you can more than double your money every year then I take off my hat to you. I am sure not many hedge...

Is it even possible with 0.25% transaction tax that there would be some day traders left who are still profitable? I simply don't see how.

The only speculators that need to be regulated are the speculators with exotic instruments like credit default swaps. The stock market is enough regulated.

I encourage you to point on the s&p 500 chart the time when the daytraders have actually manipulated the s&p 500. Economy is manipulated by the governments not by daytraders.

How can we do that? This is the end of daytrading and the end of capitalism.

The end of the day trading as we knew it. They can just outlaw it all together.

I wonder what Jim Cramer thinks of all this idiocy. Never heard him saying a word about that. I believe that if he speaks against this tax it would be a powerful message from financial mainstream to the Congress.

.005 * $10000 = $50; 0.5% /100 * $10000 = $50. No mistake there.

So I do understand this correctly. It means that if an unleveraged trader doubles his capital after 1 year he still will be unprofitable. Besides this tax is going to deplete the trading capital with the speed of light. Wow.

If I have $10,000 of the trading capital and I am I am doing 1 round-trip trade every day then according to this proposal the government wants $10,000 * 0.005 * 250 trading days per year = $12500 as tax. That's even more than my initial capital. Is this math correct?