Yup where there is a will there is a way and its been done before but I want it to be easy. I remember day trading equities in the late 90s where as a customer we could borrow funds from another customer in our firm for overnight margin calls. We would get a margin call everyday and only cover the highest one each week by borrowing money each week. That was before the firm structure now. I traded with 50k but traded any amount I wanted, I was not licsensed at the time nor did we need to be. We just borrowed money once a week. NOW thats illegal but wasnt then, we thought we were doomed when they closed that loophole. But there is always a way!
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
Yup where there is a will there is a way and its been done before but I want it to be easy. I remember day trading equities in the late 90s where as a customer we could borrow funds from another customer in our firm for overnight margin calls. We would get a margin call everyday and only cover the highest one each week by borrowing money each week. That was before the firm structure now. I traded with 50k but traded any amount I wanted, I was not licsensed at the time nor did we need to be. We just borrowed money once a week. NOW thats illegal but wasnt then, we thought we were doomed when they closed that loophole. But there is always a way!
Quote from rsikit:
Yup where there is a will there is a way and its been done before but I want it to be easy. I remember day trading equities in the late 90s where as a customer we could borrow funds from another customer in our firm for overnight margin calls. We would get a margin call everyday and only cover the highest one each week by borrowing money each week. That was before the firm structure now. I traded with 50k but traded any amount I wanted, I was not licsensed at the time nor did we need to be. We just borrowed money once a week. NOW thats illegal but wasnt then, we thought we were doomed when they closed that loophole. But there is always a way!
Adaptation is the key to this business
Quote from TraDaToR:
I don't find Pelosi talks comforting.
I actually do take comfort in her and Timmy G's comments today since the U.S.-only version would be more immediate and dramatic at 0.25%. You have to assume that even if the international version went forward, it would take years to develop and implement and would probably be of the 0.05 to 0.005% varieties, since those are the numbers most cited for the international tax. So you'd have a few years to adjust your strategy.
You should be able to trade those markets with brokers in that country.
Wouldn't this depend on how the tax is collected? If collected from brokers and financial institutions only, then maybe this would work. But what if they just added a few new columns to your individual tax return? Then there would be no escaping the tax. Defazio alluded to this the other day when he said they would draft it in a way to prevent U.S. entities from escaping the tax.
While any implementation of this tax is outrageous, the tax mentioned on futures is adaptable at .02% and at .005% people and I hate it but could adapt to make a living at that. But no matter what the .25% they have mentioned is absolutely absurd!! You cannot really adapt to that and trade
Plus international rule as Nazi Pelosi stated is not just who signs on, but who collects, if the tax is cross border what country gets the money, does it goto IMF UN or what. Does it pay for home based domestic projects or UN Development goals for thrid world countries to many things to agree on internationally, an easy out for pelosi
In other news, a proposed 0.25 percent tax on over-the-counter derivatives transactions and stock trades is a hard sell to key lawmakers in the House and will likely die in the Senate, says Reuters. The proposal could raise $150 billion per year, which lawmakers say would go to reducing the deficit and go towards job-creating measures like road construction. It seems like a tiny tax, but for traders and investment managers who trade frequently, it could add up to quite a bundle. Furthermore, House speaker Nancy Pelosi says any tax imposed on financial transactions like this one would have to take effect internationally to prevent Wall Street jobs from moving overseas.
http://registeredrep.com/advisorlan...merica_merrill_ceo_trading_tax_unlikely_1119/
http://registeredrep.com/advisorlan...merica_merrill_ceo_trading_tax_unlikely_1119/
Quote from drukes1234:
The tax could be avoided if it came in I'm sure, but trading would change IMMENSELY and it would be very hard to put on serious size... let's just do our parts and make sure it never comes to that.
your response is a realistic post. posts about cfds and binary options and knockout options and US residents opening accounts overseas are absolute nonsense. somethings in life cannot be adapted to. if conditions do worsen tremendously you have to move on and consider some other way to make a living.
it is not only serious size but less than serious size which would be affected by the disappearance of liquidity.
Here is some more color on what Pelosi said courtesy of the hill:
http://thehill.com/homenews/house/68629-stock-tax-less-likely-for-jobs-bill
-Guru
http://thehill.com/homenews/house/68629-stock-tax-less-likely-for-jobs-bill
-Guru
Comments needed. No registration required.
http://www.zerohedge.com/article/tr...y-does-it-bring-benefits-table#comment-136104
http://www.zerohedge.com/article/tr...y-does-it-bring-benefits-table#comment-136104