Check out his tweet here. You can reply to his tweet on twitter.
Doug Kass wants to tax retail traders out of existence?
- Thread starter David Donner
- Start date
What the hell is wrong with everyone. Market sells off heavy, and everyone is crying.
Markets have risk, that is the nature of them.
Sick of hearing about it, it's been risk free for 8 years, now there are some macro headwinds... learn to trade the new environment, or sell everything and cry.
Markets have risk, that is the nature of them.
Sick of hearing about it, it's been risk free for 8 years, now there are some macro headwinds... learn to trade the new environment, or sell everything and cry.
Someone posted his tweets awhile back. He went short a month too early in August of this year, then he went long too early about a month ago. He was banking on a trading range, the bottom fell out and now it's suddenly the fault of the HFT machines. The argument would be more credible if he had said it consistently for the past 10 years.
Meantime, imagine the liquidity vacuum in already illiquid market if this transaction tax were passed. Heck, maybe all of the big boys have their shorts lined up and just need this to add fuel to the fire. (kinda like the suspension of uptick rule in 2007).
"* Install a very small transaction tax for stock trades done under a thirty day period."
The Democrats and the Left must be salivating at this idea. The trick is get the camel's nose under the tent and then steadily increase the tax ;like the income tax.
Congress re-adopted the income tax in 1913, levying a 1% tax on net personal incomes above $3,000, with a 6% surtax on incomes above $500,000. By 1918, the top rate of the income tax was increased to 77% (on income over $1,000,000) to finance World War I. The top marginal tax rate was reduced to 58% in 1922, to 25% in 1925, and finally to 24% in 1929. In 1932 the top marginal tax rate was increased to 63% during the Great Depression and steadily increased.
During World War II, Congress introduced payroll withholding and quarterly tax payments. In pursuit of equality (rather than revenue) President Franklin D. Roosevelt proposed a 100% tax on all incomes over $25,000.[31][32] When Congress did not enact that proposal, Roosevelt issued an executive order attempting to achieve a similar result through a salary cap on certain salaries in connection with contracts between the private sector and the federal government.[33][34][35] For tax years 1944 through 1951, the highest marginal tax rate for individuals was 91%, increasing to 92% for 1952 and 1953, and reverting to 91% for tax years 1954 through 196
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Doug Kass wants to tax retail traders out of existence?
the answer is yes.
Doug Kass is a rich moron.
The Democrats and the Left must be salivating at this idea. The trick is get the camel's nose under the tent and then steadily increase the tax ;like the income tax.
Congress re-adopted the income tax in 1913, levying a 1% tax on net personal incomes above $3,000, with a 6% surtax on incomes above $500,000. By 1918, the top rate of the income tax was increased to 77% (on income over $1,000,000) to finance World War I. The top marginal tax rate was reduced to 58% in 1922, to 25% in 1925, and finally to 24% in 1929. In 1932 the top marginal tax rate was increased to 63% during the Great Depression and steadily increased.
During World War II, Congress introduced payroll withholding and quarterly tax payments. In pursuit of equality (rather than revenue) President Franklin D. Roosevelt proposed a 100% tax on all incomes over $25,000.[31][32] When Congress did not enact that proposal, Roosevelt issued an executive order attempting to achieve a similar result through a salary cap on certain salaries in connection with contracts between the private sector and the federal government.[33][34][35] For tax years 1944 through 1951, the highest marginal tax rate for individuals was 91%, increasing to 92% for 1952 and 1953, and reverting to 91% for tax years 1954 through 196
"
Doug Kass wants to tax retail traders out of existence?
the answer is yes.
Doug Kass is a rich moron.
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Between 1913 (The establishment of the latest central bank) and 1955, was the industrial revolution peaking and then giving way to science, two world wars, and lots of world-wide expansion of people finding a better life. We have not had those same elements from 1975 to 2018.
In that more recent timeframe, the Berlin wall fell, the USSR dissolved, the transistor became the micro-transistor, and then the Internet. Big whoopdie-do when compared to that previous period. In a huge nutshell of course. Bollocks!
In that more recent timeframe, the Berlin wall fell, the USSR dissolved, the transistor became the micro-transistor, and then the Internet. Big whoopdie-do when compared to that previous period. In a huge nutshell of course. Bollocks!
A point to consider is who "we"? If you are the 80% of the worlds population in the developing world, that whole industrial revolution and expansion of people finding a better life thing is still in the future. Your elements are still there for the vast majority of the people in the world.