Forget Congress or any other official in government. When it comes to a truly frightening force with an axe to grind with short-term traders, look no further than Mark Cuban. Fresh off the SEC putting their house in order to possibly take another crack at proving its insider trading case again him, the man who has been fined around $1.5 million by the NBA for persistently screaming that he is right and those who have the authority for policing the game are wrong, has a new target.
"Our government doesn't know the difference between an investor and a speculator or trader. If we did, we would understand that we should tax the trader/speculator more heavily than the investor...The government should raises taxes significantly on profits from short term capital gains on the sale of public stocks, indexes, commodities, futures held for 24 hours or less and extend the length of time required to qualify for long term capital gains and reduce the tax rate on long term gains."
This coming from somebody who doesn't know the difference between being an owner and being a coach/ref/teammate/mascot- sounds about right.
Let's drain profits from traders, Mark Cuban says [LA Times]
Earlier: The Proposal To Bring Back Buy-And-Hold