[Saltmeat]

This bill may have merit. If I have to pay income tax on my social security income just because I planned my retirement well, why shouldn’t these traders pay a transaction tax on these microsecond trades that occur only to enhance their opportunity to make a buck. The tax would not do measurable harm to a trade made to be parked in a 401K or a pension fund for an extended period of time. These micro-second traders add no wealth to our economy. They are like ticks on a deer—pure parasites living off the labor of others.

[Vigilanteman]

. . . why shouldn’t these traders pay a transaction tax on these microsecond trades that occur only to enhance their opportunity to make a buck?

See my post #46. They already do so. The purpose of this asinine bill isn't to end or even discourage high frequency trading.

It is to squeeze out small investors so only the big shots with program trading can afford to do it.

I know retired people who can make a little extra weekly by doing this. They can even subscribe to a level 2 viewer from places like investorhub.com for about $17/month I am learning how to do it myself in preparation for retirement.

The big ranchers hate little guys like this because they think we are poaching profits they are entitled to. That's the whole purpose of DeFazio's bill.

[Repeat Offender]

So, if I understand you correctly, you want day traders and the like to pay a transaction tax (which will also apply to everyone else) because they use small adjustments in the market to make money?

I'm guessing that tax will also be on top of whatever capital gains they already have to pay......I'm sure those capital gains taxes are "no value" because people who came up with legal means to make a profit must be parasites.

I guess I missed the part in the tax code that if you made money quick enough it wasn't taxed and you were somehow exempt from capital gains.

I also didn't realize that coming up with new taxes on making money and building wealth was a conservative principle........