Congress Seeks to Piggy Back Trader Tax on H.R. 676

Good morning,

I am pleased to say that the petition I put up yesterday at Rally Congress has already generated a fair amount of attention. This issue has obviously struck a nerve, and I am hoping that the public will become increasingly aware of this ill-conceived attack on all investors. Unfortunately, Washington is up to its usual tricks and has added a line item to H.R. 676: United States National Health Care Act or the Expanded and Improved Medicare for All Act seeking to institute “a small tax on stock and bond transactions” in addition to “a modest and progressive excise tax on payroll and self-employment income.”

Needless to say, I will be creating yet another petition later today, asking Congress to remove these provisions from the aforementioned bill.

As I side note, I called my Representative directly yesterday, and I urge you to do the same. You can look up the contact information for your Representative here.

Let Wall Street Pay for Wall Street's Bailout Act of 2009 (Introduced in House)

There has been talk for a while that a group of lawmakers in Washington are looking to impose a tax on all stock trades. The talk is true. Here is a link to the proposed bill.

As you can see the bill proposes a tax of 0.25% on all trades. One of the findings listed in the bill is that such a tax would have “a negligible impact on the average investor.” Clearly increasing the cost of a roundtrip trade of $10,000 by $50 is not negligible and will greatly impact trading and liquidity in the stock market. In their zeal to punish Wall Street for their wrongdoings lawmakers are overlooking the fact that many innocent, hard working individual investors will suffer tremendously from such a tax. Indeed, such a tax will be felt by any American who wants to save their money.

I am planning to establish an organization called The American Coalition of Individual Investors to give a voice to the group of individuals who supplement their income and small business owners who make their livings (and employ others) by investing in stocks, options and other financial instruments. First, though, I feel compelled to act with all haste and do whatever I can to inform the public about the hazards of H.R. 1068.

My first step has been to create a petition. Please take the time to go and add you name. Your response will be sent directly to your Representative.

Please stay tuned for further information about the American Coalition of Individual Investors. If you would like to add you name to our mailing list, please send a note to no2tradertax@gmail.com.