Repeal Of 60/40 Tax Treatment!!!

As for myself I find this amusing to see people react only when their direct interests are touched. If they only reacted when their interests are touched also but indirectly this wouldn't be possible. The bankers do the laws now because they have changed the law to be able to do so and you weren't careful enough so stop whining it's your fault take responsability haha !
 
No problem they are not interested by the little guys except to take them the money and the more tax there are the more the little guys will have difficulties so it's good for them. As for the big guys no problem also they have enough solutions to escape the tax offshore so ... it's for preventing the mass to enter this market hee hee !

Quote from tmb:

The March / April 2003 Futures Industry Magazine article at

http://www.futuresindustry.org/fimagazi-1929.asp?a=829

starts out like this:

"Just Another Record Year

One has to wonder sometimes what it would take to produce a slow growth or no growth year in futures and options trading."

If the repeal of Section 1256(a)(3) becomes law, they may have their answer!
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Quote from MYDemaray:

I could not find the specific wording of ammendment 680 to Senate Bill on the thomas.local.gov site. Can someone post that? The prior link doesn't seem to work for me.

Thanks,

MYD
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You have to do a search.

Go to www.senate.gov
Select Legislation & records
Select Recent Floor Activity for 5/15
Find S. AMDT. 680 and click on the link
Click on the link by TEXT OF AMMENDMENT AS SUBMITTED (note it's pages S6564-S6565)
Click on Page: S6566
Do a find from the IE menu (if you are using IE) for 1256

EDIT: Doh! Click on page S6565 of course, not S6566. S6564 doesn't show up unless you go to 65 and hit previous.

Also, there might be an easier way to go straight to the right page, but I dunno what it is :D.
 
Now that I know the Chicago crew are mostly Dems (thanks Tea), I wouldn't be surprised if the Repubs put this in solely to take it out later in a trade to the Dems.

I hope, anyway.
 
CHICAGO MERCANTILE EXCHANGE INC.
MEMORANDUM


TO: ALL MEMBERS AND STAFF

FROM: TERRENCE A. DUFFY
CHAIRMAN, BOARD OF DIRECTORS

DATE: MAY 21, 2003

SUBJECT: SENATE TAX BILL
________________________________________________________________________


I am pleased to report that yesterday, the U.S. Senate voted by unanimous consent to retain the long-standing “60/40” tax treatment for futures and options transactions. Since Friday, when we first learned of this issue − and continuing over the last two days that I have been in Washington − we have worked around the clock to ensure that key members of Congress understand the importance of this issue to the economic fabric of our nation and its futures and options industry. I want to recognize the extraordinary efforts of Leo Melamed, our Chairman Emeritus and Senior Policy Advisor, and Jack Sandner, our Special Policy Advisor, who worked tirelessly with me to achieve this result.

We can all be proud of the fact that through many years of effort in Washington, we have been able to educate government officials and legislators about the critical importance of our industry to the U.S. economy and global financial markets. With yesterday’s action, we can continue to promote growth and innovation in the U.S. futures and options markets.
 
Quote from MYDemaray:

CHICAGO MERCANTILE EXCHANGE INC.
MEMORANDUM


TO: ALL MEMBERS AND STAFF

FROM: TERRENCE A. DUFFY
CHAIRMAN, BOARD OF DIRECTORS

DATE: MAY 21, 2003

SUBJECT: SENATE TAX BILL
________________________________________________________________________


I am pleased to report that yesterday, the U.S. Senate voted by unanimous consent to retain the long-standing “60/40” tax treatment for futures and options transactions. Since Friday, when we first learned of this issue − and continuing over the last two days that I have been in Washington − we have worked around the clock to ensure that key members of Congress understand the importance of this issue to the economic fabric of our nation and its futures and options industry. I want to recognize the extraordinary efforts of Leo Melamed, our Chairman Emeritus and Senior Policy Advisor, and Jack Sandner, our Special Policy Advisor, who worked tirelessly with me to achieve this result.

We can all be proud of the fact that through many years of effort in Washington, we have been able to educate government officials and legislators about the critical importance of our industry to the U.S. economy and global financial markets. With yesterday’s action, we can continue to promote growth and innovation in the U.S. futures and options markets.
More...






I completely believe you, but i was wondering if you could provide a link. Thanks for the info.
 
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