2011 Budget - first quick comments
February 1, 2010
Regarding the Obama Administration’s 2011 Budget: We noticed one item that specifically affects dealers, but probably not traders — see page 32 of the PDF file (36/153). "Require ordinary treatment of Income from the day-to-day dealer activities for certain dealers in commodities, derivatives and other securities.”
This means dealers would pay ordinary tax rates on 1256 trading -- 60/40 treatment wouldn't be allowed for them. It was included as a proposal in the 2010 budget, too; we covered it here.
In this year's 2011 budget, this proposal seems to be passed as law — after Congressional approval first, of course.
We will review the budget and tax publisher's summaries over the next few days and offer more comments then.
Posted 3 years, 7 months ago on February 1, 2010
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