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The Proposal To Bring Back Buy-And-Hold

Former IBM CEO Lou Gerstner is not making any new friends on trading desks. Gerstner bemoans Wall St.'s focus on short term trading rewards but goes one step further and offers a modest proposal to solve the problem. In his utopia, day traders would pay an 80% tax on gains, individuals holding investments for 6 months would pay a paltry 60%, and for those willing to hold on for 5 years, you'd pay nothing (presumably to match the gain).
Gerstner Says Short-Term Gains Should Be Taxed at 80% [Bloomberg]