Lawmakers weigh in on presidential proposal

Some tax experts indicate that President Barack Obama's proposal to create a provision requiring millionaires to pay at least 30 percent of their income in taxes is problematic, Bloomberg reports.

Other methods of increasing the amount paid by high earners include increasing the capital gains tax rate to account for the amount of investment income wealthy Americans receive, revising the existing alternative minimum tax or limiting deductions that taxpayers may claim based on their income level, according to the source.

"It will always be a challenge to have a rule that nobody can get around," said Kogod Tax Center managing director David Kautter. "I refer to it as closing off the escape routes." According to the news source, experts note that none of the options can be guaranteed to provide the revenue the federal government needs, and changes risk causing people to find new avenues to trim their taxes.

Some lawmakers have pledged to support the provision, citing concerns over national income inequality and the federal deficit among their reasons for supporting such a change to the tax code. Senate Majority Leader Harry Reid of Nevada reportedly stated that tax issues including the measure would be a major focus all year.

From the perspective of day traders, the measure is likely less problematic than an increase in the capital gains tax, since it would only apply on a case-by-case basis to individuals meeting a specific income requirement. In contrast, higher day trading taxes would impact every transaction for a broader effect.