A very small added tax, like an extra commish, would be hella lot better than anything % based on trade value. That would suck big time and wipe most of us out... 
If Biden wins, is a Stock Transaction Tax likely?
- Thread starter jonnysharp
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Guess that's a nice hedge they've got there, but they'll likely get full exemptions and us little guys will pay the price although I'm sure the big end of town would rather the little guy keep playing untaxed too since volumes will reduce if this goes through so their trading profits will be lower.
He's on record supporting a financial transaction tax, also if he wins it's highly likely VP Harris takes over at some point since Biden is in cognitive decline and she's pushing a 0.20% tax on stocks which will effectively destroy all retail day/swing traders, and of course Wall Street and HFTs will get exemptions.
What are the chances they get this transaction tax on the little guy done?
If Biden is declared victor, a FTT will be the least of your worries.
Capital tax gains being raised is a much greater concern because it would take a huge chunk of your profits. Financial firms in New Jersey already threatened to leave the state and Democrats backed down. Of course, if Joe Biden wins, he is going to raise taxes on corporations to 35% from the current 21%. That alone will affect earnings of companies by a huge amount.
It would be at the top of my worries as I would rather pay more tax on gains than not make any gains at all, a 0.40% round trip tax would force me to stop short term trading.
FX Spot account so I'm all good, until they change there legislation again, the 20:1 margin in the UK nearly killed me off, 2 years ago.
My Average Scalp is 8pts on NQ, 1pt spread so 12.5% cost per trade, 0.4% ontop wouldn't bother me.
Have switched a good part of my trading capital to position trading now for this reason. Long term capital gains will still get preferential tax treatment in any case.
There is no stock day trading as a career at the retail level or hft trading around the world with a FTT. Anybody who tell you differently is talking nonsense. I have shown the numbers before but people believe what they want, including one idiot who said that day traders will gravitate to trading US government bonds.
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Based on some of your recent posts what you are smoking lately? A democratic congress and a
democratic president is something to fear. Biden by himself cannot ruin the country. He needs a compliant congress.