Obama to eliminate 60/40 tax benefit for dealers

[Angrycat]

Quote from atticus:

... and let Buffett pay 15% on his OPM gains as a public investment manager.

and he's free to pay more. The question is: why isn't he if he thinks it's his duty?

The truth is that Warren Buffoon has always employed an army of tax lawyers and accountants to minimize his tax burden. Now that he's almost dead, he's found religion - for everyone else. Not for himself, apparently.

 

[Dr. Zhivodka]

Well at least you're man enough to post in public and not only in a private message. That PM had me shivering in me boots donchya know. LOL!!

I'll ask, eventhough I don't really care, what exactly has your panties a bunch?

Quote from hairdresser:

U POS.

Go crawl back under your rock.

 

[Dr. Zhivodka]

More or less what I tried to say allbeit somewhat indelicately. If it were something and this was first noticed by the market today then the MM's would have been very liberal with their Vol assumption this morning.

BTW: I've assumed that 60/40 was gonna as soon as Rosti got the boot. No new news here.

Quote from Pa(b)st Prime:

It's in the market. Not as if CME members didn't know until this thread got started on ET.....

The plan doesn't effect exchange volume as much as it effects where people will domicile their own trading activity.

And a few "pro-tax" idiots don't get it. A 'commodity dealer" can just as easily be a long hedger whose product usage will be spread out over more than one year. Just another accounting nightmare for folks who have cash market gains and losses vs. futures gains and losses of differing durations etc.

Bottom line is the blended tax rate is going to increase one way or the other. Either taxable rates increase or the 60/40 goes bye-bye. My guess is Obama is skittish about roiling the markets with some sort of punitive 28% cap gains hike so he'll chisel it out on the back end.

And Doc: Just by virtue of JC being a Jew keeps my own devotion somewhat in check.....

 

[Dr. Zhivodka]

Hairdresser....I need a shampoo and a mans cut and hot towel shave. And presumably since you appear to be a women. I'd like a happy ending too.

What are your term in Roses?

BTW: do you do Greek too?

Quote from hairdresser:

U POS.

Go crawl back under your rock.

 

[Pa(b)st Prime]

Not just Rosti Doc but the whole Chicago futures culture has changed. Lets face it, those who would have once cared about volume #'s, taxes or the effects on the industry are long cashed out. Do Leo Malamed, Pat Arbor or Jack Sander give a rats ass how many ES are traded to-morrow? Now it's the problem of CME shareholders-whoever that anonymous class of folks are.

Quote from Dr. Zhivodka:

More or less what I tried to say allbeit somewhat indelicately. If it were something and this was first noticed by the market today then the MM's would have been very liberal with their Vol assumption this morning.

BTW: I've assumed that 60/40 was gonna as soon as Rosti got the boot. No new news here.

 

[Dr. Zhivodka]

MMMMmmmmm now I'm thinking about Rosti and with fried eggs and Bunderfleish layered around the edges.

 

[RichardRimes]

Quote from atticus:

... and let Buffett pay 15% on his OPM gains as a public investment manager.

WHY should Buffett or other managers get a break? If you manage money for a living why should that not be considered ordinary income just as any other job.

 

[Pa(b)st Prime]

It's all in the accounting. If you can declare "dividends" or use devices to masquerade ST taxable earned income into LT cap gains or only pay performance fees on carried interest etc, then you're good as gold. I suspect ALL OF THESE THINGS will be shut down. Maybe not this year but then the tyranny is still only in the first inning.

Force feed everyone into tax exempt municipals. Good plan as they're the next toxic implosion.

Quote from RichardRimes:

WHY should Buffett or other managers get a break? If you manage money for a living why should that not be considered ordinary income just as any other job.

 

[Dr. Zhivodka]

Barney the Frank already said he never let a GO's go BK under his watch.

Go Barney...Go Barney...Go Barney.

Quote from Pa(b)st Prime:

Force feed everyone into tax exempt municipals. Good plan as they're the next toxic implosion.

 

[pismo10]

Another dumb move in a long, long line of dumb moves, by Obama, another tax hike...It will get to traders as well very soon.

It is another stone in his grave tho and a boost to any true conservative candidate in the future.

Obama will be the best thing to happen to conservative causes since Carter.