Comment Text:
i0-001
COMMENT
CL-00594
From:
Sent:
To:
Subject:
RobPlank
Tuesday, January 19, 2010 1:26 PM
secretary
Change of Margin Requirement, CFTC
Basically, I am firmly against the proposed margin change. A better
cure for the
economy would require the banks to reduce their leverage back to the
previous
level of 10 to 1, not 20 to 1 that will take years. The lost decade is
already here,
I guess the rules changes means that this decade should be extended into
several
decades.
The primary reason is that the U.S.Treasurey will LOSE tax dollars.
It does NOT take a rocket scientist to figure out that an account can be
opened
overseas to eliminate the domestic (USA) currency margin requirement
¯ (or is that in the game plan - to outlaw all legal and taxed oversea's
accounts?)
The the results is that the successful traders will be paying foriegn taxes
prior to domestic taxes on the profits. The foriegn taxes on the profits
are deducted
against any domestic taxes. As for the unsuccessful traders ... they will
not be around long anyway - so the lost tax revenue is not a consideration.
Rob Plank
Gainesville, FL
[email protected]
