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Transaction Tax Threat

Robert Green of has posted another petition to sign regarding a potential transaction tax. This is not going away anytime soon and if it passes it will wipe out the markets for day trading. Here is a copy of the e-mail I received tonight. You can join his association for 50 bucks - its money well spent - it knows what he is doing and together maybe we can fight this thing. At least we can try.

Lukewarm Reception For FTT At E.U. Meeting. Green's Forbes blog.

European Union To Talk Bank Levy, Financial Transaction Tax.
Green's Forbes blog.

The financial-transaction tax (FTT) is not going away anytime soon, not in Europe or the U.S. either. New bills in Congress include a proposed FTT to help pay for new infrastructure spending. We hope you join our Traders Association efforts to continue our fight against FTT. An FTT has the power of putting traders out of business.

Sept. 15, 2010 tax due dates: Click here.
2009 partnership and S-corp. income tax returns are due Sept. 15, 2010.
2010 Q3 estimated income tax payments are due Sept. 15, 2010.

No weekly conference call this week:
Our next conference call and podcast is scheduled for Thursday, Sept. 16, 2010 at 4:15pm ET. We hope to have more guidance from the CFTC and NFA on their new retail forex rules by that date too. Indications after our last podcast indicate we are on the right track. This remains a hot topic for our Traders Association.

Podcasts in mp3: We recently added mp3 versions of our last few podcasts.

* Sept. 2, 2010 Podcast. Click here for streaming mp3 file (85:00 length).
Subject: New CFTC forex trading rules were released on Aug. 30.

* Aug. 12, 2010 Podcast. Click here for for streaming mp3 file (75:00 length).
Subject: Forex trading after Dodd-Frank Fin Reg and expected new CFTC rules soon.

Please join our Traders Association, to help our cause and also get access to our podcasts, members-only conference calls, discounts on our consultations, entity formations and our trader tax guides.

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Our current campaigns include the following:

Fighting against a financial-transaction tax.

Educating our traders about new CFTC forex trading rules that may hurt forex traders.

Spreading the word about the problems and opportunities caused by Dodd-Frank Fin Reg.

Prop Trading Firm Alert: FINRA and SEC enforcement against the industry.Tax hikes may be coming soon on the investment industry.

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Robert A. Green's Blog:

Sep 07 10 - Lukewarm reception for FTT at EU meeting
Sep 06 10 - EU to discuss bank levy, FTT
Sep 01 10 - Can American off-exchange retail forex traders evade strict new CFTC rules by trading on offshore platforms?
Aug 31 10 - New CFTC forex trading rules call for 50:1 leverage
Aug 15 10 - Is widening progressive tax rates unconstitutional?
Aug 10 10 - U.S. forex traders may not be able to skirt rules by moving accounts offshore
Aug 07 10 - Dodd-Frank bill seeks to crack down on forex arena
Jul 26 10 - Extend the Bush tax cuts for everyone or no one to avoid tax-class warfare

Forbes blog versions

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2010 GTT Guides: 2009 Tax Return Examples for Securities Traders and a separate examples guide for Commodities, Futures & Forex/Currency Traders (online). We also have an Accounting Guide.

Green's 2010 Trader Tax Guide.

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See our articles on trader tax, MTM, entities, retirement plans, tax treatment, securities versus futures, forex, precious metals versus base metals, global tax, non-resident alien traders, IRS exams, and much more.

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To this point, from the Tampa Bay newspaper:

Tax — no tax — tax
Uncommon Sense

Published: September 1, 2010

It appears as if we, the American people, are under a constant barrage of insidious attempts to take away not only our freedom but also our fortunes, however small they may be.

The president, in numerous speeches, has declared that anyone making less than $250,000 would not be subject to any new taxes. Well, it seems the great prevaricator has once again slipped one passed us — or almost, I should say correctly, for it has not happened yet.

The "O" team's financial wing is recommending a financial transaction tax. The Bill HR-4646 introduced by U.S. Rep. Peter DeFazio, D-Oregon, and Sen. Tom Harkin, D-Iowa, proposes to apply a 1 percent tax on all transactions at any financial institution, i.e. banks, credit unions, etc. This means that any deposit one makes or moves around in their account (transfers) will have a 1 percent tax charged against those transactions.

If your paycheck or your Social Security check is a direct deposit, there will be a 1 percent tax on them. Even if you make a cash deposit, there will be a 1 percent tax levied on that transaction. The American people will have to do better when they listen to an Elmer Gantry politician who thinks we have imbibed the Kool-Aid of his rhetoric like many of his mindless supporters.

Our chance will come on Nov. 2 to send a message loud and clear that we oppose all of the freedom-limiting, money-grabbing proposals supported by this administration.

Moving to another hypocritical position taken by the administration is the financing of oil exploration off the coast of Brazil.

Brazil has a state-owned oil company Petrobras that will be the recipient of $2 billion-plus American dollars from the U.S. Export-Import Bank. It seems rather odd that given the financial state of our Treasury Department that the U.S. would commit to this foreign corporate welfare for one of the biggest firms in the hemisphere. There has, according to a Wall Street Journal report, been a letter of preliminary commitment issued. While this is not a new and breaking event, I feel it's noteworthy to remind the American people that while we cannot drill offshore, our government will finance a foreign country to do just that.

The eventual recipient of our largess will be China, as they have allegedly signed agreements to purchase any oil that is taken from the Tupi oil fields; and we paid for it. Another interesting fact to be checked out is that billionaire George Soros, one of Obama's biggest financial supporters, is supposedly one of the biggest shareholders in Petrobras.

When will "we the people" raise our collective voices and demand from our elected representatives in Congress that they start acting in our interest and for the good of the United States of America?

They took an oath to support and defend our Constitution, which they are obviously not doing. Case in point, Sen. Max Baucus, D-Mont., said at a town meeting, captured on video tape, "Do you people expect me to read the bill (ObamaCare) that is so many pages and written in legalese? I leave that for the experts."

Well, Sen. Baucus, then we don't need the likes of you. We can hire our own experts.

Of course, we expect you to read the bill. What kind of half-witted excuse is that?

God save the Republic from fools like him.

Len Tria lives in Spring Hill and is a former Hernando County commissioner.
Whether this is true or just conspiracy, there were a lot of questions revolving around BOs drilling moratorium. There were warnings that this would cause drilling equipment to leave the Gulf for ventures elsewhere leaving us waiting in the back of the line for their return.

Where would this equipment go?...idk maybe Brazil?
found this section in the bill...


‘(e) Potential Exclusions- Subsection (a) shall not apply to transactions involving stock (and any options or derivatives with respect to stock) until--
‘(1) such time as the United States enters into an international agreement that regulates domestic and international stock exchanges, or
‘(2) the Secretary issues recommendations regarding the application of the fee as it applies to stock.

potential? so they are taking control of health care, and soon the markets? they are doing really well with medicare and usps. just great.
JBravo54 - I assume that you were referring to this law?:

The Dodd–Frank Wall Street Reform and Consumer Protection Act (Pub.L. 111-203, H.R. 4173) is a federal statute in the United States that was signed into law by President Barack Obama on July 21, 2010.[1] The Act is a product of the financial regulatory reform agenda of the Democratically-controlled 111th United States Congress and the Obama administration.
Lawmakers to propose transaction tax for financial firms modeled on Europe:

The chances a transaction tax could pass in the U.S. “are less than 50/50” primarily because of Republican opposition, Brian Gardner, senior vice president of research for Keefe, Bruyette & Woods Inc. in Washington, said in a Sept. 28 note to clients.

“We’re very much synched up with the goal of assuring that the largest financial institutions” bear the burden for risky investments, Lael Brainard, the Treasury undersecretary for international affairs, told reporters yesterday. The Obama administration has proposed a “financial crisis responsibility fee” to be paid by the largest banks, not retail investors.
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