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

    • Question: To those that had/have cancer, what were the signs that made you think “something is not right here” to make you go see a doctor? Answer: So, 5/25/2018, I woke up, got ready for work, and as I walked to my car, I started gagging. Like something was stuck in my throat and I needed to clear it. And then it went away.   But 10 minutes after that, I was T-boned at 40mph on the driver side door. But what made me see a doctor was while my muscles felt better and bruises were going away, the gagging still continued, I started having fevers, my neck felt swollen, I was having such a hard time breathing, and I'd have random sharp pains in my chest, but not from where the seat belt saved me.   2 weeks after the accident, I finally see an urgent care doctor, who looks me over, tells me I'm fine, but luckily requests a neck X-ray. And I ask for a chest X-ray, which he rolls his eyes but let me have (most of my pain was in the neck, so I understand).   The very next day, he calls and says “So, that chest X-ray shows there's a 4 inch mass on your heart and lungs, and your lungs have been filling up with fluid, as well as in your pericardial (heart) wall. We need you to come in tomorrow.”   Turns out the big mass, due to the accident, caused my heart and lungs to tear and fill with fluid, the swollen neck and gagging was caused by 2 metastasized tumors, and the fevers and weight loss were symptoms. Stage 4b Hodgkin's Lymphoma.   But thankfully, we went very aggressive with chemo (and had a lot of bad side effects that don't normally happen to patients), and now I'm about 16 months cancer-free. Yay lucky X-rays! Rachel Jurina, Quora Source: https://www.quora.com/To-those-that-had-have-cancer-what-were-the-signs-that-made-you-think-something-is-not-right-here-to-make-you-go-see-a-doctor   Profits from free accurate cryptos signals: https://www.predictmag.com/  
    • As a man, the reality of life is the harshest part. I don’t mind looking older or becoming weaker over time; it’s nature.   Have you ever heard that the only people who will be loved unconditionally are women and children? Men will only be loved as long as they can provide until they are no longer needed. It doesn’t matter if you already did your best to get your kids to the best school or get the best things for them, if you stop before they’re done with it, there will be no thank you. The only thing they will remember is that they have to quit school at 15, ignoring all the previous 15 years of life you provided for them. The only people who will accept you, no matter what, are your parents. But in this situation, you might be that ungrateful child.   EDIT: Wow, I didn’t think this would get so much attention.   For those who disagree, I can only say that everyone has their problem. If you don’t get the chance to face such a thing, be grateful. Remember, sometimes what you throw in the garbage is something that someone wishes ever to have.” – ElZee, Quora   Profits from free accurate cryptos signals: https://www.predictmag.com/    
    • The good thing i had noticed so far is that the traderpot value is also on the rise..
    • yup its a gradual rollout the right way in my opinion, its really good and its exciting for the sto in 2027
    • there is no avoiding loses to be honest, its just how the market is. you win some and hopefully more, but u do lose some. 
×
×
  • Create New...

Important Information

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