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Location: In the middle of nowhere... and enjoying it
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Quote:
Originally Posted by rjshae
I don't think I'd have an issue with a tax on short selling. Long-term investment should be left alone.
All short term sales are already taxed at our current tax rate. Could be as high as 37%
So if I make a $10,000 investment today and sell in 2 days for $10,500, in addition to paying brokerage fees, and capital gains on the $500 profit, I would also be blessed with an additional tax for the purchase and sale of $20,500. Oh joy, oh happiness. Taking it in the kieister again.
All short term sales are already taxed at our current tax rate. Could be as high as 37%
So if I make a $10,000 investment today and sell in 2 days for $10,500, in addition to paying brokerage fees, and capital gains on the $500 profit, I would also be blessed with an additional tax for the purchase and sale of $20,500. Oh joy, oh happiness. Taking it in the kieister again.
OMG! A tax of $20.50! How will you be able to continue with life?
John Bogle publicly supported a financial transaction tax (FTT); it is a conservative idea. The purpose of the stock market is to provide capital to businesses. Market speculation is exactly the opposite of what the market is suppose to do which is to provide capital for investment. High-frequency traders and algorithmic traders account for at least half of all stock-market transactions; they are just gaming the system and endangering it for everyone.
Representative IIlhan Omar wants to tax stock transactions. Said it could be 2.4 TRILLION dollar tax revenue over a decade and would stop high frequency trading and stabilize the stock market.
So could legalizing marijuana at the federal level with a 5% fed tax on it.
Her way: I worked to earn the money and paid taxes on it. She wants to tax the transaction for purchasing and selling a stock and then tax any gains on that. I'm vaguely remembering something about double taxation here.
So, if I buy a stock and it loses money, can I deduct the transaction taxes along with my stock losses?
And let's not forget either that Biden is planning on raising the capital gains tax rates.
Just when I though a stupider policy could not come out of Washington, she doesn't fail to top some of the other ideas.
Yes...$1 per trade...it would disproportionately affect hedge funds and other large entities who high frequency trade .. getting the top to cannibalize it's own is hard to do though.
Representative IIlhan Omar wants to tax stock transactions. Said it could be 2.4 TRILLION dollar tax revenue over a decade and would stop high frequency trading and stabilize the stock market.
She'd better put something in the bill that exempts her fellow Congress folks or it'll never fly.
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