A Tax on Trading?
March 4, 2009 by Daniel Beatty · Leave a Comment
Rep. Peter DeFazio, D-Oregon is proposing a tax on trading. A small trading tax on all securities of .25% to try and cover the costs of the $700 billion bailout bill. He suggests that we as small traders are gambling and that the stock market crash was caused by all of us gambling. I usually do not discuss politics on this blog but this really affects me as a trader and it will really affect a trader that trades for a living.
One of the examples displayed in a video from CNBC suggests that a trader with $500,00 that makes 100 trades of $100,000 would be facing a $25,000 tax!
Watch this video from CNBC which has the Congressman explaining how he feels that we as traders should be paying for the bailout bill – Small Trading Tax, Big Impact?
Then call or write your congressman.
