Comments on: Trader Tax proposal in Congress http://theessentialsoftrading.com/Blog/index.php/2009/02/24/trader-tax-proposal-in-congress/ Information and resources for those looking to learn about trading and the markets Wed, 23 May 2012 13:10:54 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Looking Back on a Good 2009 | The Essentials of Trading http://theessentialsoftrading.com/Blog/index.php/2009/02/24/trader-tax-proposal-in-congress/#comment-16039 Looking Back on a Good 2009 | The Essentials of Trading Thu, 31 Dec 2009 14:15:40 +0000 http://www.theessentialsoftrading.com/Blog/?p=1041#comment-16039 [...] Trader Tax proposal in Congress [...] [...] Trader Tax proposal in Congress [...]

]]> By: Jim http://theessentialsoftrading.com/Blog/index.php/2009/02/24/trader-tax-proposal-in-congress/#comment-13612 Jim Tue, 10 Mar 2009 12:13:52 +0000 http://www.theessentialsoftrading.com/Blog/?p=1041#comment-13612 Thanks very mcuh for the reply John. I suspect you are correct in your interpretation,....as I have heard this line of thinking from others. Thanks again. Thanks very mcuh for the reply John. I suspect you are correct in your
interpretation,….as I have heard this line of thinking from others. Thanks
again.

]]> By: John http://theessentialsoftrading.com/Blog/index.php/2009/02/24/trader-tax-proposal-in-congress/#comment-13611 John Tue, 10 Mar 2009 12:02:16 +0000 http://www.theessentialsoftrading.com/Blog/?p=1041#comment-13611 Jim - Since open-ended mutual funds are not exchange traded securities, the tax would not directly impact an individual trading them. It would, however, have an indirect impact as the mutual fund itself would have to pay the taxes on each transaction it makes. That is how I understand the proposal anyway. Jim – Since open-ended mutual funds are not exchange traded securities, the tax would not directly impact an individual trading them. It would, however, have an indirect impact as the mutual fund itself would have to pay the taxes on each transaction it makes. That is how I understand the proposal anyway.

]]> By: Jim http://theessentialsoftrading.com/Blog/index.php/2009/02/24/trader-tax-proposal-in-congress/#comment-13578 Jim Sun, 08 Mar 2009 15:05:21 +0000 http://www.theessentialsoftrading.com/Blog/?p=1041#comment-13578 Hello Mark, I have two questions regarding the proposed "Trader-Tax" HR 1068, which I cannot seem to find answers to. My questions specifically pertain to how this proposed tax might apply to an individual who trades open-ended mutual funds: 1. "Would an individual who daily trades open-ended mutual funds (such as Rydex, Profunds, or Direxion -- shares priced at 4pm daily) be subjected to this proposed tax? And if so, what minimum holding period would be required to avoid this proposed tax." 2. "Would trading open-ended mutual funds in a tax deferred account (IRA, 401k, or Variable Annuity) be subjected to, or exempt from, the proposed trader tax? (i.e. funds cannot be withdrawn from such tax-deferred accounts until age 59 1/2)." Also, in general, I would appreciate your opinion on whether this proposed Trader-Tax HR 1068 legislation is likely to pass. Thanks very much. Jim Hello Mark,

I have two questions regarding the proposed “Trader-Tax” HR 1068, which I cannot seem to find answers to.

My questions specifically pertain to how this proposed tax might apply to an individual who trades open-ended mutual funds:

1. “Would an individual who daily trades open-ended mutual funds (such as Rydex, Profunds, or Direxion — shares priced at 4pm daily) be subjected to this proposed tax? And if so, what minimum holding period would be required to avoid this proposed tax.”

2. “Would trading open-ended mutual funds in a tax deferred account (IRA, 401k, or Variable Annuity) be subjected to, or exempt from, the proposed trader tax? (i.e. funds cannot be withdrawn from such tax-deferred accounts until age 59 1/2).”

Also, in general, I would appreciate your opinion on whether this proposed Trader-Tax HR 1068 legislation is likely to pass.

Thanks very much. Jim

]]> By: John http://theessentialsoftrading.com/Blog/index.php/2009/02/24/trader-tax-proposal-in-congress/#comment-13507 John Tue, 24 Feb 2009 13:25:36 +0000 http://www.theessentialsoftrading.com/Blog/?p=1041#comment-13507 Thanks Mark. Here is a link to that bill: <a href="http://www.opencongress.org/bill/110-h676/show" rel="nofollow">http://www.opencongress.org/bill/110-h676/show</a> Thanks Mark. Here is a link to that bill: http://www.opencongress.org/bill/110-h676/show

]]> By: Mark Ierardo http://theessentialsoftrading.com/Blog/index.php/2009/02/24/trader-tax-proposal-in-congress/#comment-13506 Mark Ierardo Tue, 24 Feb 2009 12:43:19 +0000 http://www.theessentialsoftrading.com/Blog/?p=1041#comment-13506 The following was posted on another blog this am (www.slopeofhope.com) The "Trader Tax" is also in HR 676 which is one of those must pass bills Watch the following bill HR 676 where it is also introduced in Section 211. It’s in 2 places now!!! H.R.676 United States National Health Care Act or the Expanded and Improved Medicare for All Act (Introduced in House) ——————————————————————————– SEC. 211 . OVERVIEW: FUNDING THE USNHC PROGRAM. (a) In General- The USNHC Program is to be funded as provided in subsection (c)(1). (b) USNHC Trust Fund- There shall be established a USNHC Trust Fund in which funds provided under this section are deposited and from which expenditures under this Act are made. (c) Funding- (1) IN GENERAL- There are appropriated to the USNHC Trust Fund amounts sufficient to carry out this Act from the following sources: (A) Existing sources of Federal Government revenues for health care. (B) Increasing personal income taxes on the top 5 percent income earners. (C) Instituting a modest and progressive excise tax on payroll and self-employment income. (D) Instituting a small tax on stock and bond transactions. The following was posted on another blog this am (www.slopeofhope.com)

The “Trader Tax” is also in HR 676 which is one of those must pass bills

Watch the following bill HR 676 where it is also introduced in Section 211.

It’s in 2 places now!!!

H.R.676
United States National Health Care Act or the Expanded and Improved Medicare for All Act (Introduced in House)

——————————————————————————–

SEC. 211 . OVERVIEW: FUNDING THE USNHC PROGRAM.

(a) In General- The USNHC Program is to be funded as provided in subsection (c)(1).

(b) USNHC Trust Fund- There shall be established a USNHC Trust Fund in which funds provided under this section are deposited and from which expenditures under this Act are made.

(c) Funding-

(1) IN GENERAL- There are appropriated to the USNHC Trust Fund amounts sufficient to carry out this Act from the following sources:

(A) Existing sources of Federal Government revenues for health care.

(B) Increasing personal income taxes on the top 5 percent income earners.

(C) Instituting a modest and progressive excise tax on payroll and self-employment income.

(D) Instituting a small tax on stock and bond transactions.

]]>