2016 Postmortem

WhoWoodaKnew

(847 posts)

21. There are traders who make a little and traders who make a lot

Mon Jan 28, 2013, 05:11 PM

Jan 2013

That's one thing that I never see any talk about. My best friend trades for a living. His wife works part time and he has two kids. As best I can tell, he makes between 50k-75k per year (some years probably more, some years probably less). He also pays for his own insurance, etc.

Now, he does say that it's better than actually working for a living and I agree. But I've also seen him sweat it out (we're really close and I'm privy to stuff that our other friends aren't).

Now, just like the lower income factory worker, a sales tax would affect him more than it would somebody like Mitt Romney. I also realize that some will just tell him to go get a real job (which I can understand) but it's not like the market is just gonna close down or he's gonna stop doing something he's good at.

Anyway, just my 2 pennies.

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Highlight:

Demand a 1% WALL STREET SALES TAX [View all] Vic Vinegar Jan 2013 OP

Probably a real good idea Still Sensible Jan 2013 #1

answer Vic Vinegar Jan 2013 #2

Nice idea. daleanime Jan 2013 #3

Fellow nurses have been coming out for this for many years. Warpy Jan 2013 #4

You need to exempt 401ks and 403bs. Squinch Jan 2013 #5

Screw that, exempt NOTHING Demo_Chris Jan 2013 #6

Then you're going to have a lot of elderly people living below the poverty line. Squinch Jan 2013 #9

Utter indifference. Igel Jan 2013 #11

What does that have to do with further eroding the retirement funds of the elderly? Squinch Jan 2013 #12

remember the sales tax Imnotademocrat Jan 2013 #15

So you favor a higher sales tax? What about a higher income tax? Stinky The Clown Jan 2013 #16

+1 JustAnotherGen Jan 2013 #18

Sales taxes are inherently regressive Cirque du So-What Jan 2013 #17

Interesting handle...welcome to DU.. pipoman Jan 2013 #19

So you are for a completely regressive sales tax? Why do you feel the need to subsidize the 1%? Squinch Jan 2013 #20

One half of 1% is not going to drive anyone into poverty. TexasBushwhacker Mar 2013 #25

Um... no. That's not what we're talking about here. Squinch Mar 2013 #29

no exemptions! mwrguy Mar 2013 #27

This tax would further erode the finances of the poor elderly unless 401ks and 403bs are exempted. Squinch Mar 2013 #30

exemptions etc. Vic Vinegar Jan 2013 #7

Wasn't there an idea for a penny tax for each transaction? LiberalFighter Jan 2013 #8

Sure and Bernie Sanders Vic Vinegar Jan 2013 #10

I don't see why derivatives should get a break TexasBushwhacker Mar 2013 #24

Nope, completely against this idea. woolldog Jan 2013 #13

elaboration would help Vic Vinegar Jan 2013 #14

Most stock trades are done with a broker taking a 1/2% to 3/4 % margin DFW Mar 2013 #31

There are traders who make a little and traders who make a lot WhoWoodaKnew Jan 2013 #21

If he's that good at it he should get his trader's license TexasBushwhacker Mar 2013 #23

I can appreciate that opinion but I've also seen my friend WhoWoodaKnew Mar 2013 #32

One more thing... WhoWoodaKnew Jan 2013 #22

SIGN THE PETITION HERE TexasBushwhacker Mar 2013 #26

tithe their asses. pansypoo53219 Mar 2013 #28

1% of what? brooklynite Mar 2013 #33

Is it impulsive when 40 countries already have financial transaction taxes? TexasBushwhacker Mar 2013 #34

Stocks, bonds, and derivatives: ALL TRANSACTIONS with a million dollar exemption per household Vic Vinegar Jul 2013 #35

Why so low? GlashFordan Jul 2013 #36

“it’s the stock market stupid”. polynomial Jul 2013 #37

One percent could be kinda steep... jmowreader Jul 2013 #38

nuances Vic Vinegar Jul 2013 #39