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http://www.nytimes.com/2010/01/15/business/global/15views.html this article contradicts a WSJ blog article of tonight too. This articles says US banks are bank taxed worldwide so they can't escape. Also says FTT is dead in Congress. Few other points. 15 basis points is like a minor...

http://www.nytimes.com/2010/01/15/us/15tax.html?pagewanted=2 just saw this new article and it sees the political moves as I do in my post above. Repulicans have no winning moves here.

http://dealbook.blogs.nytimes.com/2010/01/14/the-story-behind-the-obama-bank-tax/ behind the scenes in the white house on how they choose the bank tax over a financial transaction tax and other options. Secretary Geithner knew much o this since August and when he said they did not support a...

Politics and the bank tax, and will Congress approve of this Presidential budget item? Pundits are forecasting the Senate may say not to the President’s proposal for a “financial crisis responsibility fee” (bank tax) as part of the President’s 2011 budget out in February 2010. I...

Correction, sorry its 0.15 percent (15 basis points) not 1.5%.

President's big-bank fee saves online traders from a wider financial-transaction tax President Obama’s big-bank fee is covered in the leading media today, including New York Times and Wall Street Journal. The President is scheduled to unveil it soon this morning. This bank fee...

I just heard on CNBC that the banks were totally surprised to learn about this new big-bank transaction tax? How can big banks claim that level of ignorance? For months, we have been fighting a very public call for a financial-transaction-tax intended to address infractions on Wall Street. Main...

Thanks for this very kind and nice idea. Elite Trader invited our company to be a sponsor in the past and again very recently too. We are considering their sponsorship offer. I also think it's fair that Elite Trader doesn't want non-sponsors like me to include links to our commercial sites in...

I rewrote my above post from my iphone. This bank fee (tax/levy/insurance) has been in the making a while and it will be hard for the targets to stop it. They can't make sausage deals with some Congressmen as it's going to be in the president’s budget. The public on both the left and right...

From The New York Times: Obama’s Bank Tax Seeks $90 Billion to Repay Bailout President Obama plans to announce Thursday a new tax on 50 big banks and financial institutions to recoup taxpayer losses from the Wall Street bailout. http://s.nyt.com/u/rGW Green comment. This bank fee...

New bank levy is an “insurance premium” for unallowable-uninsured-debt financed assets, on too-big to fail banks’ balance sheets. Will they capture bank SIVs and other off balance sheet debt-financed assets too? The leaks of the bank levy plan (in FT) say it excludes equity (not leveraged)...

Still safe here. The media and pundits continue to mix up the terms tax versus levy. Tax is more understood and easier to use. Plus it calms populists more. Plus they may save the levy part for the new FDIC plan. The bottom line expected here is that the administration is cooking a tax/levy...

Sorry, I can't say anything conclusive on the Joint Tax Committee and CBO. I only spoke briefly and unofficially with a young friend of a family friend over the holidays. I think he is new to that job and it's water cooler talk. I did not ask him detailed questions as that seemed inappropriate...

By the way, a friend-of-a-friend on the Joint Tax Committee in Congress told me his colleagues working to score (for CBO) a financial-transaction tax thought the tax was a bad idea.

President Obama wants a bank levy and not a financial-transaction tax It's looking good for us on No financial-transaction tax in the US in 2010. President Obama seems to be supporting Secretary Geithner's clearly and publicly-stated preference for a bank levy over a financial-transaction...

Yes, my post indicated that business traders (who are not members of options and futures exchanges) do not owe SE tax on trading profits.

All sole proprietors (Schedule C) with net income, other than non-exchange member traders, have "earned income" and therefore owe SE tax and can contribute to a retirement plan. Business traders report expenses on Schedule C, but capital gains on Schedule D and IRC 475 MTM ordinary trading...