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

Quote from rsikit:

he is pretty progressive and an activist.
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So is Gavin Newsom aka the next democratic candidate for Governor.

But like you, I hope it passes so I finally have a great excuse to move.
 
Thats right the Govenator cannot run anymore. His term limits are up I think. Yeah Cali better be careful what they wish for, they think they could get 100 billion dollars from this, and thats what has been said about a national transaction tax, pertty funny. How can you tax something when the money is no longer in Cali:)
 
Quote from listedguru:

Derivatives Tax...

Does anyone have any color on this?

"California Dems Float State Derivatives Tax"?

http://www.iiderivatives.com/Article/2315398/Calif__Dems_Float_State_Derivatives_Tax.html

-I can't read the article. On google it mentions something about a 1% tax on derivatives floated but thats all I see. Just wondering who is behind this...

-Guru
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A group of Democrats from California have proposed a 1% state tax on all derivatives transactions as a way for the cash-strapped state to climb out of its financial black hole. It would also end what they call the “reckless, speculative casino finance of investment banks and hedge funds.”

The La Jolla Democratic Club submitted the proposal yesterday to state Democratic party officials for consideration. According to the resolution, which was co-drafted by former Congressional candidate and club member Mike Copass, the tax could be structured “as a fee on California-based derivative trades” or as part of a federal derivatives tax, which would require Congressional action.

Copass, who lost a 2008 primary campaign for a Congressional seat in a landslide, said, “Working families in California pay between 8.75% and 10.25% sales tax on items such as school supplies and children’s shoes…Yet the multi-trillion dollar sales of derivatives including credit default swaps…pays zero tax.” He speculated that the tax could raise USD20-100 billion for the state annually.

The Democrats call the plan a “Tobin tax,” after economist James Tobin, who proposed a tax on currency trading in the '70s. While the idea of a state tax on derivatives may seem far fetched, a general tax on financial transactions was floated at the International Monetary Fund and World Bank annual meetings earlier this month.
 
Could have saved a lot of stress and sleepless nights for people if he had done this at the begining of the year, but better late then never!
 
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