In this article, Pelosi stated she is opposed to DeFazio's bill, while she is open to the concept of a tax. In other words, it sounds like she is opposed to the limit of just $100,000 per year. But it doesn't say in the CNN article if she then is in favor of $100k per transaction, which would be easy to get around.
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1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
In this article, Pelosi stated she is opposed to DeFazio's bill, while she is open to the concept of a tax. In other words, it sounds like she is opposed to the limit of just $100,000 per year. But it doesn't say in the CNN article if she then is in favor of $100k per transaction, which would be easy to get around.
Quote from drukes1234:
I do like how DeFazio mentions the Obama administrations resistance to the idea....
I don't believe that Obama likes Defazio very much. I recall reading a story about seven or eight months ago in which Defazio made a critical remark about the White House, and Obama shot back making one right back at Defazio. I don't think there's any love loss between the two, which bodes well for us.
Quote from Simex:
So at the quoted price of .02% on the latest posts above mine, RT would be 20$ tax. Quite a cost. I wonder if spreads would widen, and moves would be larger, or if volatility would just die.
Spreads would widen dramatically, and like I just said, don't for one second think the 0.25% (0.5% round trip) tax on stocks would impact futures trading in a big way, stop thinking this is "somewhat manageable" because the unintended consequences that some of you are missing are IMMENSE.
jobs summit live on msnbc right now if anyone is interested -- obama speaking now -- so far, Biden as said this:
"The govt capacity to create jobs "is somewhat limited" - but can create environment for pvt sector jobs."
I'll read into "limited" as including introducing new taxes.
"The govt capacity to create jobs "is somewhat limited" - but can create environment for pvt sector jobs."
I'll read into "limited" as including introducing new taxes.
Quote from drukes1234:
I do like how DeFazio mentions the Obama administrations resistance to the idea....
I do hope Obama/Geithner stands tough on this tough. From what I understand they are getting a lot pressure from his own party. They could also use our support on this issue.
Once this tax is in place, it is in realty difficult to take it away. If the GOP gets back in power, they would have to create revenue elsewhere if they get rid of this tax or cut spending elsewhere. Easier said than done. Don't forget that this tax was in place between 1914-1966 if I remember correctly under both Democratic and Republican Presidents. In other words, don't expect it to repealed just because the GOP wins. It is better to not have it enacted to start with.
Quote from JOSEF:
I do hope Obama/Geithner stands tough on this tough. From what I understand they are getting a lot pressure from his own party. They could also use our support on this issue.
Once this tax is in place, it is in realty difficult to take it away. If the GOP gets back in power, they would have to create revenue elsewhere if they get rid of this tax or cut spending elsewhere. Easier said than done. Don't forget that this tax was in place between 1914-1966 if I remember correctly under both Democratic and Republican Presidents. In other words, don't expect it to repealed just because the GOP wins. It is better to not have it enacted to start with.
Amen
Guardian again
http://www.guardian.co.uk/business/2009/dec/03/tobin-tax-america-galbraith-geithner
More than 200 American economists have thrown their weight behind a campaign for a so-called Tobin tax on financial transactions, adding weight to pressure on the Obama administration to consider an anti-speculation levy that could raise an estimated $150bn annually in the US.
An open letter advocating a tax on trading has been signed by prominent economists including Dean Baker, chairman of the Centre for Economic and Policy Research, Lawrence Mishel of the Economic Policy Institute, and James Galbraith, son of the renowned theorist JK Galbraith. The idea is being championed by Gordon Brown, although the Washington government is sceptical about the proposal.
http://www.guardian.co.uk/business/2009/dec/03/tobin-tax-america-galbraith-geithner
More than 200 American economists have thrown their weight behind a campaign for a so-called Tobin tax on financial transactions, adding weight to pressure on the Obama administration to consider an anti-speculation levy that could raise an estimated $150bn annually in the US.
An open letter advocating a tax on trading has been signed by prominent economists including Dean Baker, chairman of the Centre for Economic and Policy Research, Lawrence Mishel of the Economic Policy Institute, and James Galbraith, son of the renowned theorist JK Galbraith. The idea is being championed by Gordon Brown, although the Washington government is sceptical about the proposal.
Not much from Obama's Jobs Summit speech, but he did say that he'll be addressing the various proposals he gets early next week, and his instructions to the attendees were to provide ways to help the private sector create jobs (encouraging, IMO).
at this point it does not matter what obama or geithner think anymore. its all in the hands of the house and senateQuote from MrPowerBallad:
Not much from Obama's Jobs Summit speech, but he did say that he'll be addressing the various proposals he gets early next week, and his instructions to the attendees were to provide ways to help the private sector create jobs (encouraging, IMO).
Like IMF, EU plots to revive Tobin tax
http://www.euractiv.com/en/financial-services/imf-eu-plots-revive-tobin-tax/article-187970
Following in the footsteps of the International Monetary Fund (IMF), EU policymakers are scrutinising once more the idea of introducing a financial transactions tax as a panacea to the EU's budget deficits and an insurance policy for another crash in financial markets.
"If this crisis has a silver lining, then it is the increased support for using tax to raise revenues, especially a Tobin tax and curbing tax avoidance," Geoff Lloyd, senior adviser at the OECD's Centre for Tax Policy and Administration, told a hearing at the European Parliament yesterday (2 December).
http://www.euractiv.com/en/financial-services/imf-eu-plots-revive-tobin-tax/article-187970
Following in the footsteps of the International Monetary Fund (IMF), EU policymakers are scrutinising once more the idea of introducing a financial transactions tax as a panacea to the EU's budget deficits and an insurance policy for another crash in financial markets.
"If this crisis has a silver lining, then it is the increased support for using tax to raise revenues, especially a Tobin tax and curbing tax avoidance," Geoff Lloyd, senior adviser at the OECD's Centre for Tax Policy and Administration, told a hearing at the European Parliament yesterday (2 December).