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Pretty neutral and overall lame report -- some guy just saying that it needs to be international and he cited a rate of 0.005% when asked how big the tax would be.

Your article is from Nov. 10 and Strauss-Kahn has since flip-fopped and now indicates that they'll study it. From Nov. 24: "And Strauss-Kahn backtracked on his opposition to a tax on the transactions of global finance. He told the CBI that the so-called Tobin tax was interesting and should...

The timing will be tricky with this tax for the dems. Since we know the IMF is supposedly doing a study as to a feasibility of the tax and since people like Pelosi are interested in this being international, congress would have to wait until at least the IMF report is released -- currently...

Don't you have to pay a pretty steep penalty every time you make a withdrawl from an IRA (assuming you're under retirement age)?

I don't know how they justify it, but here's one recent example. Defazio's attempt earlier in the year to punish evil energy speculators (HR 3379) has the following exemption: ‘(c) Exception for Commercial Traders- The tax imposed by this section shall not apply to any transaction if--...

Here's the fun fact of the day: Of the 156 bills Defazio has introduced in the past decade, only 6 have passed and they were all specific to Oregon-related issues.

The problem with this is that you'd have to expatriate yourself in order to avoid the tax, and even then, the IRS has rules disallowing avoiding taxes if they think you expatriated solely for tax reasons. Then what happens when you get to your new country and they in turn decide to impose the...

20% of what? Anyway, I know this has been mentioned before, but there are no instruments on CME and related exchanges that could support a 0.25% tax. So either CME radically changes these contracts or they shut down. I know a lot of people here didn't vote for Obama, but it's a fair question...

Agree, and I think it's also best to use down to earth examples, like 50 shares of AAPL = 10K transaction = $50 in transaction tax + broker fee + cap gains tax. I've seen people commenting using examples in the 100k range, and that number just doesn't reflect the "average investor".

I couldn't help but notice they revised their number for futures and derivatives from 0.02% (as reported last week) to 0.25%. Even the Euros understand the tax would have be closer to 0.05% or less in order to even be feasible.

You bring up a good point about the IMF voting, but maybe I'm misreading your "86 - 87%" figure -- according to wikipedia, the US has about 17% of the total vote -- luckily still enough to prevent the 85% supermajority. Also, Japan, Canada, and the Swiss have a combined vote about ~11%...

It's bad that Strauss-Kahn is softening his language on this -- I guess that's all we can do is wait for his report next April or so to know his true intentions. At this point Gaurdian is publishing one or two articles a day in favor of the tax -- fine, whatever, but where the hell are they...

Keep in mind there's a huge gap between trader and investor in the eyes of politicians, as evidenced by their recent willingness to exclude the tax for the first $100k per year. To put that in perspective, consider that buying and selling a single ES contract represents a value greater than 100K...

So they took a poll in the UK and the public there supports a tax -- part of the money to be used to save the children of Mumbai -- typical Gaurdian article: http://www.guardian.co.uk/business/2009/nov/23/brown-urges-business-leaders-to-accept-tobin-tax

I wouldn't worry about a global tax. Consider the following scenario (just as plausible as any of the others thrown out here): Suppose the major countries agree to it. They then spend 2 or 3 years developing the plan, and just as they get to the finish line, each country has the same...

The question to ask yourself if you want to scalp the NQ for 8 ticks is where do you place your stop? It better not be more than 8 ticks, or else you'll probably lose money over time. IMO, an 8 tick stop on the NQ is too difficult, and you should really be looking at profits and stops in the...

I actually do take comfort in her and Timmy G's comments today since the U.S.-only version would be more immediate and dramatic at 0.25%. You have to assume that even if the international version went forward, it would take years to develop and implement and would probably be of the 0.05 to...

Pelosi weighs in: Wall Street tax must be international: Pelosi http://www.reuters.com/article/newsOne/idUSTRE5AI3ZV20091119...

From today's hearing: GEITHNER ON FINANCIAL TRANSACTIONS TAX: "I have not seen a version of that kind of tax that I think would be appropriate for our country. In designing the future rules of the game for this financial system going forward ... if the taxpayer is ever exposed to the risk...

Exactly, this number is PER YEAR not per day -- this is an exemption for the people that only make a few transactions per year!