The Other Tax Cut
Traders Magazine, February 2002
It was called a signal victory for investors, saving them $14 billion in the next decade. The Investor and Capital Markets Fee Relief Act, H.R.1088, signed into law by President Bush, will reduce taxes on security trading and capital. The new law currently cuts Section 31(a) fees - which are used to fund the SEC's budget, but have been generating a windfall for our masters on the Potomac - by some 30 percent. Market makers and specialists will accumulate $1.5 billion in savings over five years. The saving will add up to some $3.7 billion over a decade.
All TradersMagazine.com articles are archived after 7 days. REGISTER NOW for unlimited access to all recently archived articles, as well as thousands of searchable stories. Registered Members also gain access to exclusive industry white paper downloads, web seminars, online technology directory, the iPad App, and conference discounts. Qualified members may also choose to receive our free monthly magazine and any of our e-newsletters covering the latest breaking news, opinions from industry leaders, developing trends and trading strategies.