Thursday, February 19, 2009

Special Post - Trader Tax Update

Following up on Monday night's post, and if you're not aware, the potential financial transaction tax was reintroduced in the House last Friday, Feb. 13th by U.S. Congressman Peter DeFazio (D-Ore.). Here's Green & Company's latest update from today's blog.

As stated in Green's blog, "Thankfully to date, Congressional leadership has said “no” to DeFazio and his co-sponsors. Please keep saying no." I couldn't have stated it any better as if passed, this would flat out put most of us out of business and kill market liquidity.

Words can't express how utterly ridiculous this bill is, especially taxing the gross traded amount which would exceed what most traders make in earnings. It would kill the futures trading business.

Here's the current online petition if you care to join. I'll certainly be petitioning it and encourage all to spread the word.

I can't believe it will pass, yet I didn't think the VIX would climb above 80 last year.

And I thought this was land of the free.

8 comments:

traderboy said...

Excellent post & thank you for the valuable information...will definitely sign the petition on my end.

traderboy

Charles said...

D-man, thanks 4 da special post...being relatively "new" to trading(just finished rookie yr.), i was just wondering if you know of any useful trader-related tax resources/links on the web?

may your chip stack continue to swell,
charleS

Rangerdoc said...

Thanks for keeping us abreast of this issue. I just finished writing letters to my Senators and my Representative. The consequences of this legislation on my family and my children would be devastating.

Charles said...

don, i just found your green+co. link...so disregard that last comment unless you care to share additional resources

-charleS

Don Miller said...

Charles -

While I don't normally advocate specific vendors, Green Company is an excellent trader tax source and I've used their reference material for filing trader taxes.

They are definitely experts in this area.

Don

seasideheights said...

You can follow the latest info about the tax here.

http://www.elitetrader.com/vb/showthread.php?s=&threadid=150546

Angelo said...

I signed it.

MikeH said...

Thanks for the petition link. It's an obvious emotional response to find a scapegoat. I work for a small oil & gas producer, and we use the markets to hedge. This would add costs roughly $100 per 1000 barrels. Have they thought of these effects? They probably have, since our industry is evil. ;)