Sunday, March 28, 2010

The Daily Note - The Next Tax

It's already written in the recently passed Health Care Bill that capital gains will be subject to Medicare tax. Are you surprised? Not if you read it or listened to those who did, but then if you think it will end there, think again.

But there is more afoot to punish those who wish to make profits by moving the markets. Some call for as high as an 80% short term capital gains tax. Yet seriously it is the idea, not the amount, which should be fought.

As the government is looking for more tax revenue, they will be attaching their tentacles to any entity that is out of favor with the public. They will also make sure that the public will continue to view the people associated with those entities as greedy and rich, or causing some sort of health harm, therefore deserving of punishment. With such targeting, the people, as against smokers, will rise to make sure that their "rights" will not be harmed.

Many people think it was Wall St. that caused the economic collapse, and many have written to support the claim without much depth to the matter. The purpose is to enrage those that believe that the only way to make things "right" is by taxing the activity which causes the harm. In other words, the likes of those doing Wall St. business should be made to pay for the losses others suffer in the markets. Of course, the government is very willing to help them along with the campaign in the name of "fairness" since it results in more money for the general fund and more control over lives.

Taxes are such "equalizers" aren't they? Did you really think it would stop with the Cigarette Tax?

Happy Trading, Living and Dancing

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