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I have had 2 family members that had identity theft regarding the IRS They all filed electronically. They could have been hacked anywhere though. Both live on the internet

The tax change did me in big time like I have posted about before. I lost the deduction for the big state taxI paid due to the 10,000 cap. Of coure we are forced to itemize to offset the federal winnings with losses ip to our winnings. The cap plus the doubling of the standard deduction costs me anout 4,000 a year more than I was paying before. I hear Biden is going to undo it but I will beliece it when I see it. He is more likely to increase the child tax credit and of course the tax on capital gains.
As to paperwork nightmare on stock trades, I hear you. When I first retired I was doing day trading about 17 years ago sometimes up to 10 or 15 trades a day. The paperwork nightmare at the end of the year was exactly that a nightmare. I gave up on it mainly because of that it was just to time consuming and too much bureaucratic paperwork for what I was making. If I remember my tax return the year I was doing it was the size of a small phonebook. It was on the news today that the Democrats want to tax Every individual trade. That would really suck if they get that through. I am talking about just a tax on the trade itself nothing to do with making or losing money

The tax you mention would cost you $22 for every million dollars in trades, and most likely wouldn't kick in until ten or twenty million dollars worth. You wouldn't be billed for it, your broker would collect it as part of the regulatory fees they bury.
A transaction like 1,000 shares of Brand Ecch at $10 a share would run you twenty two cents.

No big deal if it stayed like that, but it is a foot in the door.

billryan wrote: ↑

Sat Jan 30, 2021 4:07 pm

The tax you mention would cost you $22 for every million dollars in trades, and most likely wouldn't kick in until ten or twenty million dollars worth. You wouldn't be billed for it, your broker would collect it as part of the regulatory fees they bury.

The USA had an FTT (financial transaction tax) for 50 years, and the rate was 0.2%. That's $2000 for every million traded. For a while in the 30s, FDR doubled it.

Bernie has proposed a 0.5% rate, or $5000 per million.

Looking through Wikipedia at current FTTs in other countries, 0.2% seems to be the most popular number. Here's an overview from a progressive-leaning site:

https://www.sourcewatch.org/index.php/F ... action_tax

"[US] Proposals for an FTT rate are modest -- for instance 0.25 percent on a stock purchase or sale ..."

By their terms of reference, "modest" translates to $2500 per million.