Richard Russell Comments, page-10

Found this comment by RR about US tax implications for stock traders very interesting;

"Furthermore, if you get in and get out of your stocks with a short-term profit, then Uncle Sam is your partner, and he'll want a nice chunk of your profits (around 50% between the state and the government, in my case). But if you lose, then Uncle lets you write off a lousy $3,000 against your winnings. It's a tough way to make money trading the market -- unless you're on the floor of the New York Stock Exchange. That's why you don't hear anything today about those "day traders." They're all gone -- they've been knocked out of the box."

Why would anyone even contemplate day trading stocks in the US subject to the above tax laws, or am I missing something?