No. of Recommendations: 12
This thread is huge, and I haven't read all of it, so apologies if this has been mentioned.
Property taxes on houses are levied annually, doesn't matter if you buy or sell, if you live in the house you will pay property tax. The home/property value is "assessed" by comparing it to other similar properties, and a number is arrived at. If you sell the property for less than the assessed value, you do not get a refund of tax paid in excess. So it seems like a way could be come up with to tax a port.
I am not for taxing portfolios, the old saying that it's a "paper gain" is true, any gains can ( and do ) evaporate quickly when the market turns against us. I do not know a single person who just takes out a loan against their port so that they do not have any 1099R income tax to pay. I know Hedge Fund Managers have been know to do that, but that loophole should be closed shut with extreme prejudice.
I am for a tax on high frequency trading. I could be wrong, but I don't think HFT adds value to the market ecosystem. I think we can live without the liquidity that HFT is surely a part of providing. so if all the HFTers throw a fit and say that they'll take their ball and go home if they're taxed, I say good riddance.
There appears to be zero appetite in USA for anybody ( or any corporation ) to pay taxes. The Fed government is ravenous for tax $ flow. Heck, they could charge a 5 cent per share ( or whatever # come up with ) per stock transaction, and I wouldn't blink an eye at it, as long as it didn't get distorted with all kinds of special interest exemptions.
Taxes are a necessary "evil" in a civilized society, people need to be grown up about it.
