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View Diary: Robin Hood Tax Bill & March (29 comments)

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  •  I'd expect some minor changes in the language (5+ / 0-)

    if it gets closer to passage.

    - I don't see why they wouldn't exempt 401ks altogether.  You'd also think that there would be some mechanism by which underlying funds held by 401ks would be exempt from the tax.

    - There's no phase-in for the credit on tax for 401k contributions.  If you make $75K, there's no tax, but if you make $75K + $1, then there's no credit and you have to pay all the tax.  Seems weird.

    - There's no exception for money market funds.  So a checking account with a money market sweep feature will get taxed on every withdrawal and every deposit.

    - If the bill gets closer to passage, we'd expect an exception for gifts of family business stock.  

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