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

I didnt say it was small but it is doable , I trade for a living and if it came down to it and had to pay 5 dollars per 100,000 dollars a trader can survive doing this.
 
Someone who cannot afford to pay 5 dollars on every 100,000 dolalrs they use in capital should be looking inside at what type of" professional trader" they are
 
keep dreaming on: a
turnonover of 5M/day would generate an additional expense of $62,500/year
it is not exactly pocket change for most people.
 
Well there is a cost of doing business and capital is not free, so if your at a prop firm turning that over each day you should be making well more then 62k a year. If not then you traidng is prettty horrible.They could not have a tax and rise the margin rates or close the loopholes to borrow that kind of money. So like I said the smaller of the proposed is doable, now if it were .25% like some have talked about that would put traders out of business. Not here to argue about this , we are here to post info about the tax and nes about it is all. But thanks for your contributions in the past. I am not here to try an argue or offend anyone. Just stating that some taxes are doable to survive as a trader and yes you might make less money but survivable and some are not.

Another good read GURU http://www.forbes.com/2009/11/07/gordon-brown-g20-edinburgh-business-wallst-global-bank-levy.html
 
U.S. TREASURY SECRETARY TIMOTHY GEITHNER

"A day-by-day financial transaction tax is not something we are prepared to support."

"It is too early to start to lean against recovery."

"If we put the brakes on too quickly we will weaken the economy and the financial system, unemployment will rise, more businesses will fail, budget deficits will rise, and the ultimate cost of the crisis will be greater." "With growth now underway and the financial fires winding down, the policy challenge is changing. The first stage was the emergency rescue."

"The next stage was catalysing private demand and business investment. This will require continued policy support."



Read more: http://www.nationalpost.com/news/story.html?id=2197597#ixzz0WC1ThcBu
The New Financial Post Stock Market Challenge starts in October. You could WIN your share of $60,000 in prizing. Register NOW
 
And from head of IMF


INTERNATIONAL MONETARY FUND CHIEF DOMINIQUE STRAUSS-KAHN

"What we are working on, the tax base, will not be transactions."

He said there were two possibilities for a bank sector tax, including a "possible wind-fall tax for 2009, a one shot thing."

The other would be a more long-term tax.

"I didn't plan to talk about this (today), but as Gordon Brown unveiled it, I decided to ... I am very happy to have the support of Gordon Brown on this."



Read more: http://www.nationalpost.com/news/story.html?id=2197597#ixzz0WC1zb52c
The New Financial Post Stock Market Challenge starts in October. You could WIN your share of $60,000 in prizing. Register NOW
 
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