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Originally Posted by rustyp
FYI - Day Trading rules have changed substantially. They are taxed pretty much as you and I at a real job. Any profit from a trade held less than 30 days is taxed as income not capital gains. Then there is another thing called the wash rule which in essence limits loopholes that show loses on paper for the purpose of ducking taxes.
I'm not discounting the idea of taxing the market but in reality it would be hard to target a group that ultimately doesn't get back to the little guy - example pension funds and 401Ks.
One thing for sure we will pay one way or another but how and when. Pray that it won't be in the form of inflation which would hit the retired class the hardest.
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Just to clarify, if you sell a stock within a year of purchase (not 30 days) the gain is taxed at your ordinary income tax rate. Also, the wash sale rule is not new. It has been in effect for almost 30 years.