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The Other Tax Cut

Traders Magazine, February 2002

David E. Franasiak

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.

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