Stand Up Against a Transaction Tax Message Board

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Politics : Stand Up Against a Transaction Tax

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From: R2O	2/26/2009 12:03:29 PM
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Isn't .25% the profit margin on many commodity transactions? So, for a (perhaps) typical trade of about $10K, current commission of $8.00, I will now be paying a 'commission' of $8 + $25 = $32. If in a retirement account this is very expensive indeed. A total trading volume of perhaps $4M in a year drains my retirement account by $10K (as noted), a non-trivial yearly amount. If you turn your assets by 10x each year (not too unreasonable) it drains 2.5%/year. All obvious, all alarming. Although I get a 'Gross Proceeds' 1099 entry for taxable accounts, I don't seem to be able to find total transactions for retirement accounts. (At FMR) Before long, we will have a direct 'wealth' tax --- tax on your (gross) worth. No transactions required. Shouldn't the government get a continuing portion of your accumulations? Without the government, somebody could come along and take it away, right? Without the Government, we would have NOTHING, right? We owe it EVERYTHING! Isn't a few percent fee really cheap protection money? Cheaper than the 'street' protection, right? }<: R2O

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