Trader Tax: Here is the phone number of the Genius who wrote it..

[TradeTheFunk]

http://www.defazio.house.gov/index.php?option=com_content&task=view&id=127&Itemid=74

So If I traded $200 million dollars of stock last year, I have to now overcome $50k in NEW taxes? On top of all the current fees, taxes, and Ordinary Income tax?

I think anyone who will be affected by this should call the office link above and let them know how you feel.

 

[joeyata1]

your math is way off. the tax is $2500 per $1 mil of stock traded. thats a whopping $500k for $200 mil of stock traded. effectively any heavy trader is out of business overnight. many heavy traders trade $5 bil of stock a year so thats a nice what over $10 mil in extra fees

 

[gkishot]

Quote from TradeTheFunk:

http://us.bbb.org/WWWRoot/SitePage.aspx?site=113&id=d30d0ad2-4f6f-4a6b-bec6-594a441b25fe
e of 1/4%.

So If I traded $200 million dollars of stock last year, I have to now overcome $50k in NEW taxes?

If you did $200 mln round-trip trade last year ( just once ) you have to overcome $200,000,000 * 0.005 = $1,000,000 ( 1 mln ) in new tax.

 

[TradeTheFunk]

Then you can send a letter to your own local and State representatives using this link and E Petition. Please sign it if you feel this is wrong.

http://www.rallycongress.com/no2tradertax/1536/

 

[TradeTheFunk]

Quote from joeyata1:

your math is way off. the tax is $2500 per $1 mil of stock traded. thats a whopping $500k for $200 mil of stock traded. effectively any heavy trader is out of business overnight. many heavy traders trade $5 bil of stock a year so thats a nice what over $10 mil in extra fees

Thank you I stand corrected on that. Just goes to show even a compromise on this and we are still screwed!

 

[wareco]

Quote from gkishot:

If you did $200 mln round-trip trade last year ( just once ) you have to overcome $200,000,000 * 0.005 = $1,000,000 ( 1 mln ) in new tax.

That's right its $500k when you bought, and another $500k when you sold. Oh, and that's $1,000,000 you owe, whether you made a profit or not.

 

[forextrades]

The more I read, I can't help but think that all of this is by design. The entire system has been set up to fail.

The extremely wealthy are trying awfully hard to put an end to capitalism.