Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

letstrade

Transaction Tax Resurfaces on a Health Care Bill

Recommended Posts

Last month, the transaction tax (fee) for financial transactions was taken out of the stimulus package. However, the liberal Democrats are now trying to get it through on another bill----House Bill 676, the National Health Care bill.

 

http://www.pnhp.org/docs/nhi_bill_final1.pdf

 

The transaction fee is listed as a source of funding for the health care bill on page 19. I have seen sources say it is 1/4% or 1/3% on stock and bond transactions. There is a group of Democrats in the House that seem determined to get this transaction tax passed into law.

Share this post


Link to post
Share on other sites

With the stimulus package, it was a tax on stocks, bonds and most derivatives including futures. This current bill seems to indicate just stocks and bonds, but that can always be changed to include other instruments, just like the tax could be completely dropped just like it has been in the past.

 

However, the main idea here is that there is a group of Hoouse Democrats who seem to keep trying to get the tax passed in some sort of bill.

Share this post


Link to post
Share on other sites

I agree, burying this on some health care thing is crazy. Also the reason why politics are not my thing. How they are able to piggyback stuff on bills that have nothing to do w/ the topic is beyond me.

 

For example, the Unlawful Internet Gaming Act was put on an act that was considered must pass but had nothing to do w/ internet gaming...

 

More info on how that happened...

Share this post


Link to post
Share on other sites

http://www.house.gov/lynch/

This link goes to the homepage of Congressman Stephen F. Lynch of Massachussetts (he's in the 9th district which includes Boston and some of its southern suburbs).

I saw him on TV (CSPAN I think) in which he was questioning Ben Bernanke about taxing us traders to recoup some of the losses that the government will incur during this bailout business. Bernanke was against the idea, Lynch was pushing it.

 

If anyone here on TradersLab lives in the 9th district in Mass, and you agree that this tax on us is absurd and wrong-headed, then please WRITE YOUR CONGRESSMAN!

 

Recently, Time magazine wrote an article on their "top 25" names responsible for the financial debacle we're in. Guess what, not a single trader was on the list. Big surprise. Lynch's belief that somehow we're responsible for wasting billions of dollars in bad loans or the house-flipping frenzy is utterly incorrect. This simple concept has to be explained to those congresspeople who somehow have been persuaded that we are the bad guys and we should pay for for the excesses in the banking and mortgage industries.

 

So, to anyone out there, does anyone know of congressional representatives other than Stephen Lynch who are in favor of such a tax on traders? If so, please let us know so that we can write to them.

Edited by Tasuki
clarity

Share this post


Link to post
Share on other sites

Just an example of one of my trades today to show how bad this is.

 

I shorted aapl 1000@91.95 and covered at 92.10 for a .15 loss.

 

Total loss was $150

Brokers commission was $10

Transaction Tax would be $230.25.

So instead of being out $160 I would be out $390.25.

 

In other words even if the trade went in my favor I would need to make more than $230 just to come close to breakeven.

Share this post


Link to post
Share on other sites

I just got an email an about this new traders tax bill in Congress now. From what I understand this could ruin day trading for everyone.

 

The email had a link to go to and sign a petition to send to U.S. Congress.

 

I TOOK ACTION just signed the petition and figured all the traders in here would want to as well as it is very important they don't pass this bill.

 

 

http://www.VoteNo1068.com/

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • Why not to simply connect you account to myfxbook which will collect all this data automatically for you? The process you described looks tedious and a bit obsolete but may work for you though.
    • The big breakthrough with AI right now is “natural language computing.”   Meaning, you can speak in natural language to a computer and it can go through huge data sets, make sense out of them, and speak back to you in natural language.   That alone is a huge breakthrough.   The next leg? AI agents. Where they don’t just speak back to you.   They take action. Here’s the definition I like best: an AI agent is an autonomous system that uses tools, memory, and context to accomplish goals that require multiple steps.   Everything from simple tasks (analyzing web traffic) to more complex goals (building executive briefings or optimizing websites).   They can:   > Reason across multiple steps.   >Use tools like a real assistant (Excel spreadsheets, budgeting apps, search engines, etc.)   > Remember things.   And AI agents are not islands. They talk to other agents.   They can collaborate. Specialized agents that excel at narrow tasks can communicate and amplify one another’s strengths—whether it’s reasoning, data processing, or real-time monitoring.   What it Looks Like You wake up one morning, drink your coffee, and tell your AI agent, “I need to save $500 a month.”   It gets to work.   First, it finds all your recurring subscriptions. Turns out you’re paying $8.99 for a streaming service you forgot you had.   It cancels it. Then it calls your internet provider, negotiates a lower bill, and saves you another $40. Finally, it finds you car insurance that’s $200 cheaper per year.   What used to take you hours—digging through statements, talking to customer service reps on hold for an hour, comparing plans—is done while you’re scrolling Twitter.   Another example: one agent tracks your home maintenance needs and gets information from a local weather-monitoring agent. Result: "Rain forecast next week - should we schedule gutter cleaning now?"   Another: an AI agent will plan your vacations (“Book me a week in Italy for under $2,000”), find the cheapest flights, and sort out hotels with a view.   It’ll remind you to pay bills, schedule doctor’s appointments, and track expenses so you’re not wondering where your paycheck went every month.   The old world gave you tools—Excel spreadsheets, search engines, budgeting apps. The new world gives you agents who do the work for you.   Don’t Get Too Scared (or Excited) Yet William Gibson famously said: "The future is already here – it's just not evenly distributed."   AI agents will distribute it. For decades, the tools that billionaires and corporations used to get ahead—personal assistants, financial advisors, lawyers—were out of reach for regular people.   AI agents could change that.   BUT, remember…   We’re in inning one.   AI agents have a ways to go.   They’re imperfect. They mess up. They need more defenses to get ready for prime time.   To be sure, AI is powerful, but it’s not a miracle worker. It’s great at helping humans solve problems, but it’s not going to replace all jobs overnight.   Instead of fearing AI, think of it as a tool to A.] save you time on boring stuff and B.] amplify what you’re already good at. Right now is the BEST time to start experimenting. It’s also the best time to find investments that will “make AI work for you”. Author: Chris Campbell (AltucherConfidential)   Profits from free accurate cryptos signals: https://www.predictmag.com/     
    • What a wild year.   AI seems to be appearing everywhere you look, Paris hosted a weird Olympics, unrest continues in the Middle East, the US endured a crazy-heated election, and the largest rocket ever to fly successfully landed in a giant pair of robot arms.   Okay, but what about the $money stuff?   Well, this year we've seen a load of uncertainty - inflation is still biting and many businesses have gone down.   Property has been very fractured, with developments becoming prohibitively expensive, while other markets have boomed.   It hasn't been an easy ride, that's for sure.   However, the stock market has had some outstanding results, and for those who know how to trade, some have done VERY well for themselves.   Some have replaced their incomes. Some have set themselves up for the rest of their days on this planet.   How about you? How did you go? Author: Louise Bedford    Profits from free accurate cryptos signals: https://www.predictmag.com/  
    • U Unity Software stock watch, attempting to move higher off the 22.4 triple+ support area at https://stockconsultant.com/?U  
    • TSSI TSS stock, watch for an ascending triangle breakout above 11.49, target 15 area at https://stockconsultant.com/?TSSI
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.