The Money Tree

Safely Generating Income in Retirement

Tell Congress to Block the Trader’s Tax!

Posted by mounddweller on December 12, 2009

Friends,

This is the first, and I assure you, will be a very rare political post.  I am a private person and I generally do not like to voice my political views in a public forum.  However, the situation I want to bring to your attention today could affect all of my reader’s in a significant way.  Thus, I felt compelled to publish this information on my blog.

Back in February, U.S. Congressman Peter DeFazio introduced bill HR 1068, “Let Wall Street Pay for Wall Street’s Bailout Act of 2009.” The proposed legislation imposes a 0.25% tax on all stock, bond, and option transactions. So, for example, anyone with the audacity to buy and sell 100 shares of Apple would pay about $50 in taxes for the round trip.

If passed this bill would make it virtually impossible for small trader’s like you and me to earn a fair return relative to the risk being taken in a position.  Thus, while I personally feel it has little chance for becoming law (hopefully saner minds will prevail), I do think it is important to get the word out and ensure your voice on this issue is heard in Washington.

Below please find a link to a site which will allow you to automatically send emails to your elected representatives.  Read the information and decide for yourself.  Note, if you decide to participate you are given two options snail-mail letter or emails.  The snail-mail option requires a payment of $9.  I chose not to do this and elected to just send emails.

One final note, I am in no way affiliated with the web-site conducting this campaign.  Nor do the views expressed there necessarily correspond to my own.  I just want to pass along the opportunity for you to have your voice heard.

Here’s the link: http://www.rallycongress.com/no2tradertax/1536/

Regards,

Troy

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