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

Quote from leela:

How many of the current Republicans senators are against this tax? Any Democrats likely join them in voting down this crazy tax?
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From what I've seen and read, there are no Republicans that would support this. On the Democrat side, Senators Chuck Shumer-NY, Kay Hagan-NC, and Robert Menendez-NJ have indicated they are opposed to the transaction tax. As far as Independents, I'm not sure. Anyway, there is enough support against this bill from the Democrats in the Senate to have it promptly killed.
There are also a great many House Democrats that seem to be against this tax as well. It has no chance at all. That's why Pelosi has already starting campaigning to have it enacted internationally, which also won't happen, as Geithner won't go along with it. Thankgoodness we have Geithner on our side.
 
Quote from tomahawk:

We have to remember that this tax discriminates not against short-term trading per se, but against ALL small capital gains AND LOSSES across the board.

Say I invested a 100k IRA in SPY or an index mutual fund in mid-2003 ... 1k shares of SPY @ 100.00. I hold it like a good little investor all the way up; then when things turn sour, like many other investors not wanting to see their ENTIRE nest egg melt away, I move to cash in late 2008, just above my entry, @ 100.25.

My capital gain is $250. Tax: .25% X $100250 = $250.63, or 100% of my Cap gain. Of course I also had to pay .25% or $250 on the way in.

So my total tax is 200% of my Capital Gain (plus ACTUAL cap gains tax if not an IRA or 401k), on a 5 year investment. And no difference if I'd LOST $250 ... 200% tax on my capital LOSS.

That's f***ing inSANE.
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Insane? It is legal robbery !
 
Quote from Stok:

0.02% - on nominal value of $55,000 per ES contract....$22 R/T. That would still kill a lot of liquidity!!!

Stock are even more f*cked at .25%!!

It's all INSANE!!
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Guys the other thread about TT is quoting 0.2% = $220 R/T!!

Which is the proposed figure? Thanks :(
 
Quote from Xspurt:

Guys the other thread about TT is quoting 0.2% = $220 R/T!!

Which is the proposed figure? Thanks :(
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its .02% look for the bill online and you can see
 
Quote from FightTheFuture:

A good review of some of the stuff that happened last week. About Pelozi, DFuzzy, and the three Dems against the tax.

http://www.cnsnews.com/news/article/58099

Pelosi Endorses ‘Global’ Tax on Stocks, Bonds, and other Financial Transactions
Monday, December 07, 2009
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........................................

And here's her biography....

Zero qualifications regarding the securities industry.....ZERO

And has a junior league BA degree....



http://www.votesmart.org/bio.php?can_id=26732



Letting an unqualified individual create legal impositions about an industry which they clearly are not qualified to do.....


This is what you call "ECONOMIC INSANITY".....

Just call it "ECONOMIC SUICIDE".....
 
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