4 ms·
It's utter bullshit to say he has that tax bill on a net profit of $45k. That's not how the wash sale rule works. The only way he could end up in that situation
by kevinpet 5y ago
It's utter bullshit to say he has that tax bill on a net profit of $45k. That's not how the wash sale rule works. The only way he could end up in that situation is if he ended the year holding positions with $2M in unrealized losses.
Also, $1.4M in gains but $800K in taxes? Even California doesn't tax like that.
I'm not sure if it's more charitable to assume the article is intentional lies for page views or finance reporters who know nothing about the industry they supposedly cover.
- DrAculaPHD 5y agoIt's FUD from Citadel trying to stir up mistrust in retail traders.
- vkou 5y ago1. You shouldn't have any trust in RobinHood to begin with - not because they behave illegally or maliciously, but because they often behave incompetently. If you're going to day-trade, use a better exchange - one that's not ran like a circus. 2. The Citadel/Melvin/Reptilian wrecker, saboteur, and boogieman as the source of all unexplained events, price movements, and news is a ridiculous, unsubstantiated meme.
- mehlmao 5y agoThat seems completely unfounded. Citadel benefits from payment for order flow from retail traders. They do not gain by scaring them away.
- the-rc 5y agoNYC? In NY state, once you hit the top bracket at 1.1M, it's a flat rate applied to all income, not a marginal rate. Then you have the 3.8% Obamacare surtax on investments.