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1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
Quote from SNBthetrue:
alas... Geithner isn't the President...
is it over ?
Geithner is not the president but he has gone on about this tax for 2 months now in opposition. The persident knows this tax is out there and Geithner still goes on tv in opposition we can feel comfort in knowing he must have the presidents approval. Atleast I take comfort in that now!
Quote from GreenTraderTax:
Agree, we want to dial down talk of this tax on TV and in the media, but unfortunately, all the economists, journalists and politicians are TV and media hounds and this fire is escalating, along with their growing popularity.
Robert,
I'm one of your largest supporters. I've emailed you asking you to come to this thread. I hope to meet you at the NYC Trading Expo.
On this one issue though, I feel it's the wrong strategy.
Your offer to go on any upcoming segments is fantastic. You speak very eloquently for our side and I can get in touch with a few contacts to try to make that happen.
Let's not request NEW segments just to speak about the tax though. It only fans the flames. Submitting your talents for any possible future stories where someone from our side is needed is another and I'd be thrilled to see you debate.
Have a great weekend.
okay thx good we !
does anyone have any idea/understand what the reach of this tax would be if passed?
iow, is it by exchange or domicile? ie: if you trade the DAX or Nikkei, would you avoid the tax, or would the reach be such that they would be taxing based upon transaction value of trades from US based accounts, regardless of instrument?
iow, is it by exchange or domicile? ie: if you trade the DAX or Nikkei, would you avoid the tax, or would the reach be such that they would be taxing based upon transaction value of trades from US based accounts, regardless of instrument?
A Rational Objection to the Trader Tax from Eric Jackson
http://thereformedbroker.com/2009/11/27/a-rational-objection-to-the-trader-tax-from-eric-jackson/
While I support Cramerâs interest in seeing job creation flourish in America, I completely disagree that the âtrader taxâ will accomplish this aim. To the contrary, I think allowing such a tax to take root here would accomplish just the opposite. In my view, such a tax would encourage large amounts of capital to relocate outside of America, jobs would be lost (not gained) and total government tax revenue would likely go down.
For a preview of what could happen in the U.S. if this trader tax was imposed, look at Britain. At the moment, the U.K. is in even worse fiscal shape than the United States. Because of that, its Labour government recently introduced additional taxes that specifically target hedge fundsâ trading profits. Government bureaucrats assumed this was an easy way of generating tax revenue. What they failed to appreciate is that capital has never been more fungible than in todayâs global market.
London-based hedge funds immediately announced they were relocating to Switzerland in droves, where they would face none of the new taxes levied in the U.K. With those funds go certain administrative and back-office jobs. But more important, ask London bankers how they feel about losing the many profitable revenue streams attributable to doing business with hedge funds that will now be sent to Swiss banks.
------------------------
http://breakoutperformance.blogspot.com/2009/11/trading-tax-stiffs-little-guy.html
http://thereformedbroker.com/2009/11/27/a-rational-objection-to-the-trader-tax-from-eric-jackson/
While I support Cramerâs interest in seeing job creation flourish in America, I completely disagree that the âtrader taxâ will accomplish this aim. To the contrary, I think allowing such a tax to take root here would accomplish just the opposite. In my view, such a tax would encourage large amounts of capital to relocate outside of America, jobs would be lost (not gained) and total government tax revenue would likely go down.
For a preview of what could happen in the U.S. if this trader tax was imposed, look at Britain. At the moment, the U.K. is in even worse fiscal shape than the United States. Because of that, its Labour government recently introduced additional taxes that specifically target hedge fundsâ trading profits. Government bureaucrats assumed this was an easy way of generating tax revenue. What they failed to appreciate is that capital has never been more fungible than in todayâs global market.
London-based hedge funds immediately announced they were relocating to Switzerland in droves, where they would face none of the new taxes levied in the U.K. With those funds go certain administrative and back-office jobs. But more important, ask London bankers how they feel about losing the many profitable revenue streams attributable to doing business with hedge funds that will now be sent to Swiss banks.
------------------------
http://breakoutperformance.blogspot.com/2009/11/trading-tax-stiffs-little-guy.html