Ultra-high speed trading does little towards creating jobs or supporting industries and businesses. Thomas Peterffy, who essentially invented the technology for such trades, has said that he sees no social value in such speed-trading.
We petition the president to urge congress to ask the IRS to institute a progressive tax on such trades.
The current (2003 - 2012) 'long term' rate could be kept at 15%, but short term trades should be increased for example: 45% for less than 6 months 70% for less than one month, 80% for less than one week 90% for less than one day, 95% for less than one hour and 99% for less than 10 minutes.
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