No more 60/40??

["James F. Mazzulla" <tagteam@xxxxxxxxxxxxx>]

I just received a rather disturbing letter from the CBOT.
Perhaps the most disturbing thing is that I hadn't heard of
the issue being discussed until the letter arrived.

It appears that Uncle Bill has proposed eliminating the
60/40 capital gain treatment for professional futures
traders and option market makers. If enacted into law, gains
would be taxed as =ordinary income= (i.e. up to 39.6%).

I can't help but wonder how this will affect those who elect
"trader status" =and= whether, in the not-too-distant
future, 60/40 treatment will be eliminated for =all= futures
trades (whether they're done by "professionals" or not).

Further, I wonder whether, if the legislation is enacted,
the IRS will pull a one-eighty on "trader status" and
attempt to place =anyone= who trades futures on a regular
basis into the "professional" category so they can tax the
gains as OI. 

This isn't looking too good at the moment. 

Best regards,
Jim