What steps are needed for the IRS to begin taxing intraday trade profits at 50%?

Answer by Wray Rives:

  1. The US House has to propose an amendment to the Federal Revenue Code, that says intra day trading profits are taxable at 50%. This generally comes from the House Ways and Means Committee.
  2. The US House has to vote on and pass the bill
  3. The US Senate has to either vote to approve the bill exactly as proposed by the House or send it back to a conference committee to hash out amendments.
  4. (a)If the Senate approves the bill, they send it to the President
    (b)  If the Senate does not approve the bill then it goes back to step 2 based on proposed changes from the conference committee.
  5. The final approved bill is either signed into law by the President or vetoed by the president.
  6. Finally the IRS will do whatever Congress and the President have told it to do and start taxing intraday trade profits at 50%.

What steps are needed for the IRS to begin taxing intraday trade profits at 50%?