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To: John Chen who wrote (3021)2/10/1998 12:36:00 PM
From: Honest Abe  Read Replies (1) | Respond to of 6180
 
OFF SUBJECT

I am a long term investor, but I will argue with your proposed tax system.

The short term traders create the majority of liquidity and price discovery. They are an essential part of the marketplace for those two reasons. Your tax system would force people to all be long term, as the tax-advantages would be so great.

When the short termers throw price out of line, it is an opportunity for us long termers - not a bad thing.