Income tax datapoint of the day

By Felix Salmon
June 2, 2009

The top marginal income tax rate for a Chicago futures and options trader is 23%. Understandably, the traders are upset that the Obama administration is trying to raise it. But their arguments are pretty weak:

The vital service traders provide is to give markets liquidity… Says Brodsky, “If options markets don’t provide liquidity, people may be less willing to own stocks because they can’t hedge them efficiently.”

Personally, I can think of quite a few people who are wishing that they had been less willing to own stocks over the past few years.

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