It will be impossible to measure the damage something like this could cause.
A trader friend of mine, who is well funded and scalps blocks of several thousand shares for a dime or 35 or 50 cents, calculated his taxes on a medium-heavy day of trading. He traded 480,000 shs that day, I don’t know what he made or lost, but probably in the $5K range, certainly less than $10K. His taxes would be $120,000. FOR THAT DAY. Win, lose or draw. If this bill passes, enormous liquidity will be sucked out of the market literally overnight. The carnage will be far beyond anything that has been witnessed so far in this mess.