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Comment Re:Uh, no. (Score 1) 926

No, what the article talks about is more speculative players entering the market that don't intend to take possession. At least within my lifetime, food commodity contracts have never required you to take possession as long as you cancel out the contract (by purchasing an offsetting contract, long cancels out short and vice versa). This has been the way commodities have traded for decades, with large amounts of speculators that offer contracts that they never intended delivery on, since they will be closed out before the delivery date. Not saying this is good, or hasn't started to create serious price bubble issues, just that it's how the markets work.

Comment Re:What a load of tripe (Score 1) 206

Actually, umm, no.

Shall Issue is certainly not in place in 49 states. Alabama, California, Connecticut, Delaware, Hawaii, Maryland, Massachusetts, New Jersey, New York, Rhode Island, and Vermont do not have shall issue statutes, in addition to Illinois and DC.

There is currently a bill being proposed that would force those states that allow some kind of permit to recognize permits from other states under the full faith and credit clause, but it has not been voted on yet (as far as I know). States that don't issue permits to anyone will still not have to recognize them.

Not addressing the whole freedom issue, just a factual correction.

Comment Re:Looking at this another way: (Score 1) 841

I don't think the poster is implying that it replaces income tax, but that most very wealthy individuals make more of their income on the barely taxed capital gains side through investments as opposed to highly taxed wages. I'm a bit less clear on your last sentence, are you implying that they pay income tax on the investment gains in addition to the capital gains tax? If so, that is incorrect. Investments held less than one year are taxed at income tax rates, those held for more than one year are taxed as capital gains, but that money is not taxed a second time as income.

Comment Re:Time for Restrictions... (Score 1) 446

Huh? Where did you get this idea? Pattern Day Traders pay the same tax rates as everyone else, long term capital gains if held over a year (not really applicable to day trading) or taxed as income at your normal income tax rate if held less than a year. The only major difference from being identified as a PDT is that you must maintain a $25,000 balance in your trading account. There are actually tax breaks you can get if you can show that you make your living as a trader (under some very strict IRS definitions).

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