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Congress is looking for ways to raise revenues. In this environment, what better way to do that than by taxing those evil, greedy folks on Wall Street at the core of our economic woes? But Wall Street as a whole is being demonized in the current political environment and efforts to impose taxes may gain some popular support. The frightening thing is that we already have some congressional leaders looking to impose a tax on all security trades. They are not just looking to target the crazy financial instruments, big institutions or the huge program traders that are the real cause of some problems. They are looking to tax everyone who makes a trade of any size. There is already one proposed bill making the rounds, which you can see here. thomas.loc.gov What may be even worse is that there also is a line item in the proposed National Health Care Act that seeks to impose "a small tax on stock and bond transactions" in addition to "a modest and progressive excise tax on payroll and self-employment income." govtrack.us The imposition of a transaction tax will have a devastating impact, not only on active investors but on the broad market as well. The chances of a tax being included in some massive bill like another stimulus bill are high. There is a petition that you can sign and have sent to your government representatives. This petition is started by Rev Shark. rallycongress.com the Rev also started a blog for ongoing coverage of this issue and is looking into establishing an organization called the American Coalition of Individual Investors to give a voice to those worried about overzealous taxation of Wall Street. The great irony of these taxes is that they will further damage the average market player who has already suffered huge losses in the market. Active investing will be further discouraged when it would have been the salvation of many. Old-time buy-and-hold players try to dismiss such a tax as irrelevant. It isn't. It has the potential to profoundly affect all active investors in a very negative way. We need to make sure our voices are heard now or we will be steamrolled by Congress in their zeal to punish everyone connected with the stock market. Just think...most of us active traders may churn Millions of $ in transaction amount. A .25% of 1 Million Dollars is $2500 which you HAVE TO PAY whether you lose or make money. Personally, I had a transaction of over $4 Million in transaction. That amounts to $10,000 in EXTRA TAXES! CALL or WRITE your Representatives in Congress. This has got to STOP!!! writerep.house.gov | ||||||||||||
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