Democratic Primaries

calguy

(5,344 posts)

36. $10,000 IS very minor for a day trader

Fri May 24, 2019, 09:15 AM

May 2019

I usually trade 1000 shares at a time. Let's say I trade a $15 stock. That's $15,000, which makes my obligation to Bernie's tax $75.00. What if I only get a 15 cent move on the trade for a $150 profit. My broker commission is $10 plus $75 to Bernie and my $150 profit has shrunk to $65. What if the trade goes against me and I lose $100. Now, thanks to Bernie, my $110 loss is now $185. Imagine doing this five to ten times a day, every day. If you do the math it's easy to see how Bernie could take tens of thousands of dollars out my pocket every year. Can you see why this proposal is ridiculous?

If I were to vote in a presidential
primary today, I would vote for: Joe Biden

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47 replies

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Bernie Sanders has a way to raise $2 trillion -- tax Wall Street trading [View all] Uncle Joe May 2019 OP

Undeniably one of Bernie's best ideas. The problem on Wall Street PatrickforO May 2019 #1

I certainly think HFTs should be taxed. It would reduce the incentive to attempt manipulation. oldsoftie May 2019 #3

"Progressive Tax Takes Aim at Wall Street Transactions, Financial Crashes" George II May 2019 #9

Senator Warren proposed taxing trading years ago. Blue_true May 2019 #22

Others have proposed similar penny-a-trade plans or even fractions of a penny. brush May 2019 #30

One of HIS best ideas? It was already introduced in the Senate back in March... George II May 2019 #34

whilst that is a good, albeit very small, start, those revenue numbers are a drop in the bucket Celerity May 2019 #39

"over 10 years". Always left out of headlines. Which means its STILL nowhere near whats needed. oldsoftie May 2019 #2

Don't know where those numbers came from, but as you point out it's really only $240B..... George II May 2019 #13

+1 Nuggets May 2019 #15

Activists around the world (including in the U.S.) have been working for this for over a decade. lapucelle May 2019 #4

I'm sorry, but won't fly calguy May 2019 #5

Instead of trading, why don't you do venture capital? Blue_true May 2019 #23

$10,000 IS very minor for a day trader calguy May 2019 #36

Bernie completely overstepped. Blue_true May 2019 #43

Sorry, but there aren't enough individual day traders to stop this tax. marylandblue May 2019 #35

You are right. There aren't enough day traders. calguy May 2019 #37

Well the money doesn't go straight to Bernie, you just say that for emotional reasons. marylandblue May 2019 #40

I agree on all counts marylandblue Uncle Joe May 2019 #41

It's really kind of ymoot point calguy May 2019 #42

The retirement account thing. Blue_true May 2019 #44

This will eat into people's 401K plans big time NYMinute May 2019 #6

Hillary Clinton proposed something like a 0.001% tax Blue_true May 2019 #24

Not his idea: George II May 2019 #7

But Senator Sanders proposed it and jacked up the numbers. Blue_true May 2019 #25

he was on w ali velshi the other day talking about this. mopinko May 2019 #8

Maybe he didn't want to get too deeply into it because it was already introduced back in March.... George II May 2019 #10

He didn't go into it because he's lazy crazytown May 2019 #11

👍🏼 Nuggets May 2019 #16

that's where he lost me in '16. mopinko May 2019 #18

That's true. He seems to acknowledge an interviewer's question... brush May 2019 #31

He's not the same guy as interviewed on 'Brunch with Bernie' crazytown May 2019 #32

Yep. nt Kahuna7 May 2019 #46

he was asked about schatz bill. his answer- mopinko May 2019 #17

.. George II May 2019 #19

he doesn't have much beyond the usual slogans from his stump speech. he is unable to answer JI7 May 2019 #28

i dont see him picking up any new voters. mopinko May 2019 #33

HRC suggested it in 2016 but only on high volume trading Fresh_Start May 2019 #12

I have pointed that out also. Her plan would have worked out adding a tiny amount Blue_true May 2019 #26

Exactly still_one May 2019 #29

Whether it's the lower Govt estimate of $78 Billion a year, or MIT's $200 Billion, it doesn't come Hoyt May 2019 #14

You make a good point. Blue_true May 2019 #27

.. George II May 2019 #20

Hillary Clinton proposed that in 2016. Senator Warren has long been an advocate for that. Blue_true May 2019 #21

This isn't Bernie's idea. NurseJackie May 2019 #38

Heck no. Honeycombe8 May 2019 #45

How about we just cancel the last 3 rounds of tax cuts for rich people and corporations? Persondem May 2019 #47