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Do you want to take charge of grassroots movement to rally the small traders against the bill?

I doubt that disorganized and divided people have enough political power to lobby anything in congress.

Unless the hedge funds and big institutions are involved and rally the small investors behind them I don't see how ET traders can make a difference beyond venting the anger in this forum. But somehow they are quiet on the issue. Even the prop firms sponsoring this forum are quiet.

I am sure they don't feast on wide spreads. They widen the spread out of necessity: I bet they would prefer to trade the securities with a penny spread and huge daily volume over 25c spread and 1 meager transaction a day.

One thing is voluntary donation, mandatory tax is another story.

We need to protect the investors from the underlying sucking economy. :D

+1. Or the government believes it can turn itself into casino house and make nice profits off some dummy compulsive gamblers.

Good idea. The letter to SEC would be appropriate. I'll sign it.

Agree. The free markets worked. The markets that didn't work were over-the-counter mafia style markets combined with shadow accounting practices.

It's better than it was during the Great Depression. What's not to cheer about?

9.7% unemployment rate. Nothing can stop the raging bull.

I guess you want to blame the market for the accounting excesses. This is like blaming a mirror for what you see in it's reflection.

market excesses? What's was wrong with the markets that Obama needs to fix? Accounting excesses are another story.

Trading is profitable on a scale of the whole country. Unless you believe that IRS collects no capital gains tax because of the unprofitable cumulative trading.

That's where comes my second part of reasoning: if people buy stocks at ipo and sell them in 10 years so where the tax revenues would come from? They wouldn't have a choice but to tax the positions. The higher is capital turnover the higher are the government's revenues. Everybody wins.

I would argue that it adds to the productivity of the US because if someone buys company's stock he gives money to the company for investment and expansion of it's business. This is investment 101. The guy should read investment for dummies. On the side note what amount of taxes he thinks the...

Spread traders will be put out of business right away.

My assumption is that the transaction tax will be imposed on every transaction regardless of it's type. Which is probably what it is.

Minimum annual transaction tax with one turnover per day ( 1 buy and 1 sell) and $100,000 of capital is: $100,000 * 0.001 * 2 * 250 days = $50,000

Hasn't the government been elected by the people?