1/4% Tax on all stock trades pushed in NY Times today

[listedguru]

Here is a link to track Defazio's proposal to tax oil futures and options. It will be interesting to see what happens with this. He claims this tax on oil futures will raise 190B over (6) years.

http://www.govtrack.us/congress/bill.xpd?bill=h111-3379

-Guru

 

[sophiekay]

This is the union we're talking about. Underestimate them at your own peril. I would suggest you write your senator and do what you can to make your opinon known.

Quote from trader_t870:

This tax won't happen. Not a snowball's chance in hell. This tax not only punishes speculators, or long term traders, but also goes after every American that invests in stocks through their 401k's at work. With an election coming up in 2010, and then 2012, does anyone really believe a tax like this would pass? Of course, there will be a few knuclehead congressman that will support it, but it will die a quick death before it would ever come up for a vote in either, the House or Senate, so everyone needs to take a deep breath and relax.

 

[drukes1234]

Don't underestimate this. Even though it's unlikely, it's up to us to fight this and fight this in a big way. If this is passed, the majority of us basically just got a pink slip and I don't know about you but I'd like to be putting food on the table next year still.

 

[cstfx]

Quote from trader_t870:

This tax won't happen. Not a snowball's chance in hell. This tax not only punishes speculators, or long term traders, but also goes after every American that invests in stocks through their 401k's at work. With an election coming up in 2010, and then 2012, does anyone really believe a tax like this would pass? Of course, there will be a few knuclehead congressman that will support it, but it will die a quick death before it would ever come up for a vote in either, the House or Senate, so everyone needs to take a deep breath and relax.

You are aware that there are those in (and outside of) this administration who would wish to fold private 401k and other retirement plans into a general services fund to be run by the gov't. Why? For starters, social security insolvency comes to mind.

 

[drukes1234]

Quote from listedguru:

Here is a link to track Defazio's proposal to tax oil futures and options. It will be interesting to see what happens with this. He claims this tax on oil futures will raise 190B over (6) years.

http://www.govtrack.us/congress/bill.xpd?bill=h111-3379

-Guru

Good find Guru. It's curious why Defazio changed his attacks to only oil and not stocks... maybe the equity tax he couldn't find any support for? Also, the cosponsers on this bill are pretty pathetic but nevertheless, let's fight this.

 

[trader_t870]

Quote from sophiekay:

This is the union we're talking about. Underestimate them at your own peril. I would suggest you write your senator and do what you can to make your opinon known.

I'm not underestimating anyone, and it doesn't really matter if this large union supports this tax or not. I'm sure they also support many other things that never make it through the legislative process, plus large unions hardly carry much power in this country anymore. Just ask the UAW!!!
Okay, let's say in a dream, that this bill clears the numerous legislative, political hurdles, and goes to the House and Senate for vote. There is "NO WAY" this bill would ever pass the Senate. It would need 60 votes to pass, and even though the Democrats have this "so called' 60 vote majority, "they really don't". No Repubican would support this, and their are at least 8-10 moderate conservative Democrats that would never pass it. Not to mention, the huge amounts of money that wall street, banks, and lobbyist's will throw at these politican's to insure it's defeat. The Republicans can also use the filibuster process to kill the legislation. If they do that, the Democrats would need 60 Senate votes to kill a Republican filibuster. They would never have the votes to either, kill the filibuster, or pass this idiotic legislation.
Again, I would never underestimate anyone, but this bill will never pass, no matter what union would endorse it.
I will however, contact my congressional reps. and tell them how stupid this idea truly is, and to not support it. Yes, everyone should also do the same thing, but I won't lose any sleep over this bill actually passing, because it won't.

 

[drukes1234]

Quote from trader_t870:

I'm not underestimating anyone, and it doesn't really matter if this large union supports this tax or not. I'm sure they also support many other things that never make it through the legislative process, plus large unions hardly carry much power in this country anymore. Just ask the UAW!!!
Okay, let's say in a dream, that this bill clears the numerous legislative, political hurdles, and goes to the House and Senate for vote. There is "NO WAY" this bill would ever pass the Senate. It would need 60 votes to pass, and even though the Democrats have this "so called' 60 vote majority, "they really don't". No Repubican would support this, and their are at least 8-10 moderate conservative Democrats that would never pass it. Not to mention, the huge amounts of money that wall street, banks, and lobbyist's will throw at these politican's to insure it's defeat. The Republicans can also use the filibuster process to kill the legislation. If they do that, the Democrats would need 60 Senate votes to kill a Republican filibuster. They would never have the votes to either, kill the filibuster, or pass this idiotic legislation.
Again, I would never underestimate anyone, but this bill will never pass, no matter what union would endorse it.
I will however, contact my congressional reps. and tell them how stupid this idea truly is, and to not support it. Yes, everyone should also do the same thing, but I won't lose any sleep over this bill actually passing, because it won't.

I agree, the chance of this passing is highly unlikely, I guess our point is let's just do our part and fight this all we can because there simply is no reason not to fight it. They're trying to slip us a pink slip, why let them think there won't be riots over this.

 

[cstfx]

Quote from trader_t870:

It would need 60 votes to pass, and even though the Democrats have this "so called' 60 vote majority, "they really don't". No Repubican would support this, and their are at least 8-10 moderate conservative Democrats that would never pass it.

Where did you learn your civics? It only takes a 51 vote majority for a bill to move out of the Senate before it goes to the President to sign. The much bandied about 60 vote majority is to prohibit any filibuster that the opposing party may use to halt a vote on the proposed bill. Take your 10 moderates out of the equation and you got 50 votes with the VP deciding all tie breakers.

 

[trader_t870]

Quote from cstfx:

Where did you learn your civics? It only takes a 51 vote majority for a bill to move out of the Senate before it goes to the President to sign. The much bandied about 60 vote majority is to prohibit any filibuster that the opposing party may use to halt a vote on the proposed bill. Take your 10 moderates out of the equation and you got 50 votes with the VP deciding all tie breakers.

Hey Genius,
It would take only 51 votes to pass if the Democrats used a rarely used voting process called "Reconciliation". In that process, you would only need a 51 vote majority, instead of the usual 60. Reconciliation wouldn't be used on this transaction tax bill.
Haven't you heard that one of the tactics the Democrats are considering on this health care bill is using Reconciliation, because they worry they won't have the 60 votes needed in the Senate to pass it???? Do a little google search on that so you can actually get a clue. lol
It's quite obvious you were absent the day your school taught civics.

 

[trader_t870]

Also, a few months ago, the Senate voted on a bill that would have allowed CCW (Carry Concealed Weapon) holders in any state to legally carry their firearms in 48 other states, with the two exceptions being Wisconsin, and Illinois.
The vote in the Senate was 58 YES, 40 NO. Two Senators, Kennedy, and Byrd didn't vote.
The bill didn't pass, as it needed "60 votes"!!!!! So much for your civics education.