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

It sounds like we're really going to need to stay alert to these upcoming transportation bills. They will most likely keep on pushing the tax as a funding source. Here is an interesting read:

http://dc.streetsblog.org/2009/11/0...-front-loaded-new-transport-bill-gains-steam/

This blog makes it sounds like they are talking about using the tax on crude oil futures to fund the infrastructure:

"House Majority Whip James Clyburn (D-SC), for his part, told Rogers that he likes the sound of Rep. Pete DeFazio's (D-OR) proposed tax on Wall Street oil speculators"



-Guru
 
saw the segment on CNBC today, and its growing legs and has serious momentum on the hill....

taxing credit default swaps
taxing derivatives (not options, but these complex off exchange artificial trading vehicles)

taxing these complex vehicles that directly contributed to this fiscal mess...

perhaps they should make it retroactive.....
 
Quote from limitdown:

saw the segment on CNBC today, and its growing legs and has serious momentum on the hill....

taxing credit default swaps
taxing derivatives (not options, but these complex off exchange artificial trading vehicles)

taxing these complex vehicles that directly contributed to this fiscal mess...

perhaps they should make it retroactive.....
More...


Retroactive would be great. Instead of making a great living from trading the last ten years I will owe the government about $48,000,000 in taxes. Hell why .25% on transactions lets go to 5%, Fazio says it will have no adverse effect right?
 
Quote from limitdown:

saw the segment on CNBC today, and its growing legs and has serious momentum on the hill....

taxing credit default swaps
taxing derivatives (not options, but these complex off exchange artificial trading vehicles)

taxing these complex vehicles that directly contributed to this fiscal mess...

perhaps they should make it retroactive.....
More...

Your joking right? No offense but I think Defazio sounded (and looked) like a clown during this interview. They kept asking him if he would tax this or that and he said yeah, maybe.... He said he just keeps throwing stuff at the wall hoping something sticks. Doesn't sound like it's gaining any serious mementum to me...

-Guru

P.S. If they really need to tax something I have no problem with taxing some of the exotic stuff (CDS, etc). Just leave stocks alone:)
 
Quote from limitdown:

perhaps they should make it retroactive.....
More...

retroactive is possible, esp when you have situations like NYC where a new .25% payroll tax was just put in effect to help bail out the bloated MTA and the tax was retroactive back to March of this year
 
Quote from listedguru:

Your joking right? No offense but I think Defazio sounded (and looked) like a clown during this interview. They kept asking him if he would tax this or that and he said yeah, maybe.... He said he just keeps throwing stuff at the wall hoping something sticks. Doesn't sound like it's gaining any serious mementum to me...

-Guru
More...

Agreed 100%
De Fazio is an outsider, looking "in" and he doesn't have the support of the Administration, let alone Pelosi.
 
Quote from listedguru:

It sounds like we're really going to need to stay alert to these upcoming transportation bills. They will most likely keep on pushing the tax as a funding source. Here is an interesting read:

http://dc.streetsblog.org/2009/11/0...-front-loaded-new-transport-bill-gains-steam/

This blog makes it sounds like they are talking about using the tax on crude oil futures to fund the infrastructure:

"House Majority Whip James Clyburn (D-SC), for his part, told Rogers that he likes the sound of Rep. Pete DeFazio's (D-OR) proposed tax on Wall Street oil speculators"

-Guru
More...

Oil? That's an idea...LOL

WTI is not the benchmark it used to be and foreign exchanges are already available...Go for it, you'll see...
 
Quote from Midas:

He was weak. He must not be on good terms with the Admin. He insulted Summers in a fashion that seemed vindictive and frustrated. Until some high profile Dem's take this thing uder their wing I am no longer worried.
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Agreed.

And there is no way that people like Chuck Schumer or Nancy Pelosi or Larry Summers or the President will ever support this kind of legislation. It would kill NYC, Chicago, Boston, etc.
 
Quote from Full Tilt:

what i fear most about this idea is that it is a VERY EASY sell to the uninformed masses. everyone hates wall street and the idea of wall street being taxed is very saleable- esp. when the extolled by-product will be 'main street jobs'. if this got critical mass, i fear congressmen would be afraid to vote against, as Obama and the like would spin it as a vote for wall street 'fat cats' and against 'regular people'.

the more the UE #'s go up along with the deficit, coupled with their socialist spending spree... they're going to be looking at the most palatable way to tax to pay for it. what's an easier sell- tax on everyone or tax on the 'fat cats' who got us into this mess. never underestimate the stupidity of the electorate and never underestimate career politicians playing to their not so bright constituents.

personally, this shit scares me and makes me want to figure a way to open an account offshore and trade markets outside of the US (or outside of the reach of the socialists who are running this once great country).
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+1 well said

I hope we can make a big change in politics and who's in charge asap, starting with next year's elections. Politicians who get elected by 'the masses' by promising to take from the rich to give to the poor need to be voted out.

Hopefully everyone understands the big mistake that was made in the last pres. election and we can get responsible small-govt, low-tax politicians back in office soon. Otherwise it's tons of taxes for everyone, and this trans. tax would wipe out the trading industry, and our ability to day/swing trade.

-k
 
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