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

I hear ya, Joe. The really scary part is that the French president is backing this now, and I've heard things like he wants all of Europe on board, and that unless the whole world follows suit, the liquidity will flow to wherever they don't have this, so every place should have it. They really don't realize there will be no liquidity anywhere, then? This is a very frightening development when they start talking and pushing this on such a level. What is their true agenda/purpose, because I can't believe they could actually be that naive. No, wait, sure I can believe it, look what they've done so far...

And in unrelated news There is a shortage of ammo due to stock pilling.


http://news.yahoo.com/s/ap/20090923/ap_on_re_us/us_ammo_shortage

Hmmm, making a subtle (or not so subtle?) point there, Joe?

Not my cup of tea, I'm a lover not a fighter (not a hippie either) I just want to do my trading and pay my fair share of taxes don't blame me for there doing's. And don't charge me more taxes then others. We were the ones catching the knifes (little bounce's) when Doctor Joe and Lawyer Jane was cashing out of there 401k.

From what I am reading they are wanting to make those who shorted financials and the USD/JPY or any other currency pair that would short the dollar. Shows you how much they know the dollar gained when everything else went down. But I am not worried about it, I don't think its going to affect the currency exchange market. He is an exert from my FX broker in an email I got....

Please Note: In terms of procedures for tax reporting, due to the global nature of the foreign exchange market, FXCM Micro is not required to produce 1099 reports on profits or losses to the IRS or to its clients. However, under Section 61 of the Internal Revenue Code, it is the client's obligation to report all profits to the IRS. You may use the REPORTS feature of the FXCM Micro trading platform to get a full report of the year's profit/loss on your account.

We can track the status of House bill 1086 here.

This week we have the House Financial Services Committee hearings on financial system regulatory reform. Today, Former Fed Chairman Volker gave testimony to the committee where he ripped into Goldman Sachs. And supported the idea of making the Fed a "super-regulator". It would not surprise me if an entirely new tax structure is part of this major regulatory reform legislation.

Another concern is talk of the CFTC being absorbed by the SEC (mothership) as part of regulatory restructuring. Last time these two agencies tried to collaborate... anyone remember "single stock futures"..... Chairman Volker apparently shares my concern about the planned SEC takeover... from today's testimony to the House Financial Services Committee Volker said...
"A council of variegated agencies with their own particular challenges, policies, and constituencies cannot be expected to efficiently and effectively serve as a coordinating body."

The White House is strongly pushing for a major overhaul of the financial regulatory structure. Today, as part of this week's G-20 meeting, the White House is talking on the news wires about the need for a coordinated global regulatory reform framework. When you start seeing terms like "regulatory harmonization" and "rebalancing the world economy" floating out onto the wires, it gives one pause...

Big changes in the industry are coming soon. Little HR-1086 may soon be the least of our concerns as independent traders ...

The thing that most people don't realize is that when in a secular cycle, in this case the 17-year secular bear cycle (this is my opinion), it can only take place when bigger issues are underlying the situation. If not, the smaller issues that comprise a cyclical bear market are cleared right out. If this thing is to keep getting hammered until the cycle ends in say 2017, it can only happen if many more big shoes are to drop. That's what makes a secular cycle a secular cycle. While most on TV are focusing on earnings and other cyclical factors, they are missing all the shoes that are about to drop. This mess has not been cleaned up, in my opinion it is at best the same, but more likely worse. That is the nature of an underlying secular cycle, it has 'depth'. What PT discussed is all a part of what will keep this a secular cycle for a long time to come, again, in my opinion. As I've said many times before, this is far from over. And as PT just said, and I think it will be repeated many times in the future: "Big changes in the industry are coming soon." Ouch.

Mr. Mishel proposed a transaction tax to Congress last week as a way to pay for a program that would help the millions of Americans that have lost their jobs find new employment. Such a tax would be levied on both the buyers and sellers in all financial transactions including stocks, bonds, derivatives and futures.

“Imposing a very small fee on each Wall Street transaction would make speculation less profitable, keeping some of the speculators’ greed in check,”

http://dealbook.blogs.nytimes.com/2009/10/16/transaction-tax-is-floated-on-capitol-hill/

Greedy speculators, speaking of which, will Goldman Sachs be exempt from the trader's tax ?

This from your link PT:

“I am not offering this as a solution to any particular problem but whatever it does is beneficial,” Lawrence Mishel, president of the Economic Policy Institute, a progressive Washington-based policy research organization, told DealBook. “The idea that people have to buy and sell lots of stuff in a day is hard for me to understand as to why that is essential in the real economy.”

WHAT PLANET DO THESE @SS-CLOWNS HAIL FROM!!!

quote:

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Originally posted by pt_emini

...Greedy speculators, speaking of which, will Goldman Sachs be exempt from the trader's tax ?

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That was a rhetorical question, right PT? Of course they will be exempt.

quote:

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Originally posted by MonkeyMeat

This from your link PT:

“I am not offering this as a solution to any particular problem but whatever it does is beneficial,” Lawrence Mishel, president of the Economic Policy Institute, a progressive Washington-based policy research organization, told DealBook. “The idea that people have to buy and sell lots of stuff in a day is hard for me to understand as to why that is essential in the real economy.”

WHAT PLANET DO THESE @SS-CLOWNS HAIL FROM!!!

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They come from a planet that doesn't understand one simple concept: liquidity.

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