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Traders Tax: H.R. 4191 (H.R. 1068) in Congress Now

I don't post in here often, but look through the forum here a lot. I just got an email an about this new traders tax bill in Congress now. From what I understand this could ruin day trading for everyone.

The email had a link to go to and sign a petition to send to U.S. Congress.

I just signed the petition and figured all the traders in here would want to as well as it is very important they don't pass this bill.

www VoteNo1068 com (this link no longer works so disabled)

edit: Link to H.R. 4191
Please correct me if I'm wrong, but I don't believe they can tax currency transactions (Forex). So if this bill passes my plan is to switch to currency trading.

What scares me is that our Representatives were never flooded with more phone calls, emails, faxes than when the bailout plans started and even though 95% of these responses were against bailouts yet that still passed. How hard is it going to be to pass the Trader tax when they will point a finger at Wall Street and say you're to blame? They would do well to remember that when you point a finger at someone there are three fingers pointing back at you.
Something happened to me several years ago and as I was telling someone
about it their response was " you should tell them off" I ask what would
that solve they said " nothing, but it would make you feel better".
This seems to be the same mindset of Peter DeFazio.
This thing scares me to death. They just talked about it on bubblehead TV. I'm already looking for a new career. I think my worst case scenario is what will happen. This guy is arguing for the tax, talking about how some speculators are bad, and how we need to force the market into more long-term players. But get this. He says we need to eliminate the 'bad' speculators like traders (who he says are 'bad' liquidity providors, not good ones), and keep the 'good' speculators like market makers and such. So he proposes we give them exemptions, just what I have been saying they will do all along. So, all the big banks and the true 'bad guys' can do business as usual, and the hard-working small traders are completely out of business, along with all the supporting businesses like quote vendors, software companies, retail brokers, trader tax advisors, and on and on. And how will this bring in $100 billion a year when the big guys are exempt and we are all out of business??? And how is this bill making Wall St. pay for the mess when they can do business as usual and we go out of business? What did I have to do with the housing bubble, CDO's, almost a quadrillion dollars in derivatives, and on and on???

And if you think this can't happen, look at what they have done so far. This can happen no problem. Now the AFL/CIO is on board pushing for this I heard (what does the AFL/CIO have to do with a trader tax?), and the French president. And the commentator on TV was saying what's the big deal about a $5 per $1,000 transaction tax. I don't know where those figures come from, but it is 0.1% per side, or $20 per $1000, with some versions being 0.25% per side or 0.5%, or $50 per $1,000 round turn. On just 400 shares of AAPL at $185 the latter would be $370 for one trade, win or lose. Even the lesser 0.2% (0.1% in and 0.1% out) would be $148 per trade. And for you ES traders, if they applied this as I have heard they will (and to FX, too), it is on the contract value, so you are looking at about $267 per round turn per contract at today's price. But, hey, maybe we get lucky and it is only the 0.2%, so for the ES it would just be about $107 per trade per contract. Heck, that's no big deal, and extra $107 to $267 per contract, win or lose, every trade. We need to get proactive, friends. Right now.
This whole traders tax thing makes me want to puke. I believe if this pushes through liquidity would dry up over night and the market would go into a free fall. What hedge fund is going to want to stay in business knowing they cant unload shares on the public? Whos going to want to day trade the ES when you have 3 point spreads and $300 commissions. Does anyone know if this effects the commodity markets? If not than E-mini daytraders need to all flow over to the E-mini gold, silver, corn, soybeans ect markets. It would be an awesome revolt. Any other ideas?
I agree Jim; these folks are not wanting to solve the problem or make things better.
They want revenge...IMO
Which is why I have switched to Forex. No commissions. I don't deal with any brokerage, clearing house or the like. I deal with the worlds 9 largest banks. And the speculator is a minute little spec in this 4.2 trillion$$ a day biz. I don't even know what I am going to do come tax time. The traders I am talking too who have traded FX don't even pay taxes because there broker/bank whatever you call them doesn't even report to the IRS. I guess I'll just pay capital gains if that.

I would suggest anyone thats is worried over it should just open an account so you can make the switch if need be, when need be. Just trying to help.
Well, Joe, the word I have heard from many sources is that this will cover FX, too. Imagine the costs to the FX companies just to implement this. It's supposed to cover futures, stocks, options, and Forex.
One puny std. FX lot is 100k thats $250 a trade. Move all assets to someones else's name and don't file and don't answer the phone lol....maybe its time to max out and see if this thing goes through and then take a sabbatical until they realize that it'll hurt more than help or the traders pay it off.
Well Aud, or Vancouver CAD is looking nice...Whats it take to get citizenship there mate?
Quick internet search its easier to get a 3 year visa to New Zealand than Canadian citizenship. Rather intense to get citizenship there...unless you have a family member there. Anyone in Canada want to act like my aunt or uncle? cause its a long plane flight too/from NZ though.

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