1/4% Tax on all stock trades pushed in NY Times today

Quote from listedguru:

This sounds to me like the closing of a loophole:

http://www.bloomberg.com/apps/news?pid=20601087&sid=amqyBjiOB92Q&refer=home

-Guru
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Can anyone tell what they are talking about in the Obama budget regarding "commodities dealers" and eliminating their preferential tax treatment- “Dealers earn their income from their day-to-day dealing activities and should be taxed at ordinary rates."

It sounds to me like they are going after the 60/40 tax treatment. Anybody else reading it this way?
 
Quote from R. Raskolnikov:

yeah thats what it sounds like. Hey I'll give up the 60/40 tax split to eliminate the 1/4% tax on all transactions proposal any day.
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who gonna trade futures then?
it is not exactly what I could call "small sacrifice". plus, you never satisfy their appetite by concessions anyways, because then they took away EVERTHING, step by step.

the whole approach of theirs is totally wrong, and they are after wrong guys.

wannabe law makers, go home! stop stupidity! do your job, hunt guys aka Madoff, etc., and not us. re-read Butterfly Effect, research the rippling effect of the proposed stupidity and leave us ALONE! enough is enough!
 
Quote from hofficita:

Can anyone tell what they are talking about in the Obama budget regarding "commodities dealers" and eliminating their preferential tax treatment- “Dealers earn their income from their day-to-day dealing activities and should be taxed at ordinary rates."

It sounds to me like they are going after the 60/40 tax treatment. Anybody else reading it this way?
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That's how I was reading it.
 
Why should futures contracts have better tax treatment than stocks or options? Thats was a bullshit favor for sen dan and should be changed
 
Quote from piggie2000:

Why should futures contracts have better tax treatment than stocks or options? Thats was a bullshit favor for sen dan and should be changed
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your mentality is turning the US into a high tax country. divide and conquer works with alot more people than just you. stock transaction tax will eventually be on the list.

1st futures thanit will be stocks. this is the beginning. defazio is lhe leader on transaction taxes for both futures and stock.
http://www.forbes.com/feeds/afx/2009/06/25/afx6587763.html
 
Quote from piggie2000:

Why should futures contracts have better tax treatment than stocks or options? Thats was a bullshit favor for sen dan and should be changed
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Exactly, stocks should be taxed as futures under 60/40 rule.
 
Quote from zdreg:

your mentality is turning the US into a high tax country. divide and conquer works with alot more people than just you. stock transaction tax will eventually be on the list.

1st futures thanit will be stocks. this is the beginning. defazio is lhe leader on transaction taxes for both futures and stock.
http://www.forbes.com/feeds/afx/2009/06/25/afx6587763.html
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DeFazio is a nut case and a lone voice in the House on these transaction taxes. There is no counterpart in the Senate proposing such legislation. Until that happens there's no transaction tax.

It's not time to worry yet except to keep writing your Congressman to tell them why it's a bad idea. You've done this, right? If not, git crackin'.
 
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