Traders Tax: H.R. 4191 (H.R. 1068) in Congress Now

I don't post in here often, but look through the forum here a lot. 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 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.

www VoteNo1068 com (this link no longer works so disabled)

edit: Link to H.R. 4191 http://www.govtrack.us/congress/billtext.xpd?bill=h111-4191

The Volker Rule:

"Banks will no longer be allowed to own, invest, or sponsor hedge funds, private equity funds, or proprietary trading operations for their own profit, unrelated to serving their customers. If financial firms want to trade for profit, that’s something they’re free to do. Indeed, doing so –- responsibly –- is a good thing for the markets and the economy. But these firms should not be allowed to run these hedge funds and private equities funds while running a bank backed by the American people." President Obama Jan. 21, 2010

Any news on this front?

I've found this one of the best sources for keeping up on this:

http://www.greencompany.com/blog/index.php

Just in case you thought this was dead and buried. Not only is it not gone, I still think we will have to live through it...

http://www.zerohedge.com/article/labor-unions-preparing-take-goldman-sachs-task-push-transaction-tax-upcoming-widespread-rall

http://www.bloomberg.com/bb/n/aJ0EPIHow8BY

Thanks for the update Jim.

In my opinion taxing the wall street is like staying in the jungle and making enemy with the loin. If wall streets reacts and sells again would the govt. have enough money to bail out the economy again. Economy is what gives jobs not rallies. Just my opinion.

So if we get this tax how much will it be to round trip on the Emini S&P? I beleive its 0.02% for futures. So if the Emini S&P is at say 1500 then 1500X50=75000X0.02%=$15X2=$30(Round trip).Could someone please confirm my calcutation.

Also what does this imply:

"(2) WITHHOLDING IF BUYER IS NOT A UNITED STATES PERSON- See section 1447 for withholding by seller if buyer is a foreign person."

AND:
"‘SEC. 1447. WITHHOLDING O/N SECURITIES TRANSACTIONS.

‘(a) In General- In the case of any outbound securities transaction, the transferor shall deduct and withhold a tax equal to the tax imposed under section 4475 with respect to such transaction.

‘(b) Outbound Securities Transaction- For purposes of this section, the term ‘outbound securities transaction’ means any covered transaction to which section 4475(a) applies if--

‘(1) such transaction does not occur on a trading facility located in the United States, and

‘(2) the purchaser with respect to such transaction in not a United States person.’".


LOTS OF LEGAL WORDING BEYOND MY UNDERSTANDING.

Any update on this bill???????????

No one really wants an update on this...

I know I'm a broken record of despair, but before the update, read this:

http://www.zerohedge.com/article/mervyn-king-worlds-worst-financial-crisis-ever

Everyone is so busy trading and living their lives, they are just not going to believe it when it all unravels. For those who want to know my full opinion (like you don't know already), read my latest commentary on my website.

Anyway, here's the latest from the UK:

http://tarpley.net/2010/03/16/tobin-tax-wall-street-sales-tax/#more-1400

I know I'm pessimistic as all get out, but I see no way we will avoid this tax, and the end of trading for us. The crisis is just too big, and the entire system will likely come down. But, then again, the least of our worries will be trading if this becomes worse than the Great Depression and we do have a 'Global reset'. I may change my handle to POD, for Prophet Of Doom. Wait, how about 'Profit' Of Doom

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