To be fair if the tax cut could be rammed through using reconciliation this probably could to, so the Senate could probably get it done with a simple majority.A majority in the House, a super-majority in the Senate (to provide a cloture vote on an expected filibuster), and then a Dem in the White House who'd not need to get re-elected. (So Biden -- who knows on which side of his bread lies the butter -- would be a safe veto. I "would not say that" about the others.)
In short? To waste any time on this shows either the idiocy or the insincerity of the candidate.
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Breaking: Interactive Brokers lite commission free
- Thread starter ZBZB
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If you trade algorithmically then you can simply locate your server outside the country. Tax on transactions is assessed based on where the decision of order submission has been made. That fact was the biggest factor why almost all algorithmic trading has left Japan after the financial crisis to Hong Kong and Singapore.
We (in Belgium) have a transaction tax of 0,35% for stock and is has a huge impact on my profits. That is why i am moving my trading to the Netherlands soon, i live close to the border anyway and no transaction tax there.
That is ridiculously high and puts almost everyone out of business. I would not spend a second in a country that would kill my career. I would seriously look into moving your trading business out of Belgium.
Correct, all stock transactions, not only stocks listed in Belgium. Also both when you buy and sell a stock. So you pay 0,35% on the purchase amount and 0,35% on the amount you sell the stocks for.
So if you buy stock worth $10,000 you pay $35. When you close the position for $11,000 you pay $38,5. So $73,5 total.
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If you trade algorithmically then you can simply locate your server outside the country. Tax on transactions is assessed based on where the decision of order submission has been made. That fact was the biggest factor why almost all algorithmic trading has left Japan after the financial crisis to Hong Kong and Singapore.
It isn't as easy as just setting up a business abroad and running the algorithm from there.
I will need to prove that i am managing my business in the country it is based in. If i am unable to provide that evidence or the government can prove that i haven't been managing my business from that country then i am doing illegal tax evasion.
It is possible to set up a business with a local and make him/her a partner in the business so they can do the management, but that also means they can access other information about your business you might want to keep private.
Since i am living a 15 minute drive away from the border with The Netherlands i will start a business there. In total i will be paying around 50% tax but this is standard in the EU for country's like The Netherlands, Belgium, France, Germany, ...
If my understanding is correct then you can split income from regular business operations and income from trading operations. For the former I agree with what you said regarding proof of business operations and its location. For the latter it should matter where the execution occurs, not where the algorithm was developed. The devil is obviously in the detail and Belgium, like every other country has its own laws, I just know from an associate that how I described it is how it works in Germany and Switzerland.
It isn't as easy as just setting up a business abroad and running the algorithm from there.
I will need to prove that i am managing my business in the country it is based in. If i am unable to provide that evidence or the government can prove that i haven't been managing my business from that country then i am doing illegal tax evasion.
It is possible to set up a business with a local and make him/her a partner in the business so they can do the management, but that also means they can access other information about your business you might want to keep private.
Since i am living a 15 minute drive away from the border with The Netherlands i will start a business there. In total i will be paying around 50% tax but this is standard in the EU for country's like The Netherlands, Belgium, France, Germany, ...
If my understanding is correct then you can split income from regular business operations and income from trading operations. For the former I agree with what you said regarding proof of business operations and its location. For the latter it should matter where the execution occurs, not where the algorithm was developed. The devil is obviously in the detail and Belgium, like every other country has its own laws, I just know from an associate that how I described it is how it works in Germany and Switzerland.
I will ask my accountant again to be sure.
There is another reason to not trade stocks in Belgium. If you hold the stock for less that 6 months you have to pay taxes on all profits made without being able to deduct the losses.
Meaning if you make €200K profit and €100K losses in one tax year, you have to pay 25% tax on the €200K profit you made instead of paying taxes on the net profit you made, then there is also additional taxes if you want to withdraw the money from your business account to your personal account (up to 50%), social security taxes, city taxes, ...
It is basically impossible to trade stocks in Belgium and make some profit after tax.
Are you sure you are not allowed to file and pay tax on your trading in box 3?Since i am living a 15 minute drive away from the border with The Netherlands i will start a business there. In total i will be paying around 50% tax but this is standard in the EU for country's like The Netherlands, Belgium, France, Germany, ...
I plan to contact the Dutch tax authorities to ask whether my trading belongs to box 3 or not? I suspect it does not.
I have not been able to find an email address on their site:
https://www.belastingdienst.nl/wps/...ct/calling/tax_information_line_for_residents
Are you sure you are not allowed to file and pay tax on your trading in box 3?
I plan to contact the Dutch tax authorities to ask whether my trading belongs to box 3 or not? I suspect it does not.
I have not been able to find an email address on their site:
https://www.belastingdienst.nl/wps/...ct/calling/tax_information_line_for_residents
It depends, if you start a business or trading is your only income then it will be taxed in box 1.
If you have a full time job and do some trading on the side then it will be taxed in box 3.