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

Nader starting a PR campaign solely for the transaction tax. There's a comment section at the bottom of that story. See the URL & reply if you can.


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So, why don’t we have such a mega-revenue generator and lighten the income tax load on today and tomorrow’s American worker? (It was one of the most popular ideas I campaigned on last year. People got it.) Because American workers need to learn about this proposed tax policy and ram it through Congress. Tell your Senators and Representatives—no ifs, ands or buts. Otherwise, Wall Street will keep rampaging over people’s pensions and mutual fund savings, destabilize their jobs and hand them the bailout bill, as is occurring now.

A few minutes spent lobbying members of Congress by millions of Americans (call, write or e-mail, visit or picket) will produce one big Change for the better. Contact your member of Congress. The current financial mess makes this the right time for action.

http://www.opednews.com/articles/Tax-What-Society-Likes-the-by-Ralph-Nader-090204-309.html
 
its time to shut the fuck up about this tax. outside the whinning on this board and a few bullshit articles like the clown from the ny times there's been no mention from any powerful senators or congress men.till we see some powerful people talking about it give it a rest
 
Quote from jnorty:

its time to shut the fuck up about this tax. outside the whinning on this board and a few bullshit articles like the clown from the ny times there's been no mention from any powerful senators or congress men.till we see some powerful people talking about it give it a rest
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Horses have already left the barn by the time you see that...
 
Quote from jnorty:

its time to shut the fuck up about this tax. outside the whinning on this board and a few bullshit articles like the clown from the ny times there's been no mention from any powerful senators or congress men.till we see some powerful people talking about it give it a rest
More...

Completely disagree, once the powerful start talking about it then we'll be in a lot of trouble and it will be almost impossible to stop. Might as well squash every little piece out there regarding the tax and shame those misinformed suggesting this as a benefit to anyone.
 
<i>its time to shut the fuck up about this tax. outside the whinning on this board and a few bullshit articles like the clown from the ny times there's been no mention from any powerful senators or congress men.till we see some powerful people talking about it give it a rest</i>

Unless you fight it proactively, this could become law.

Jack Welsh, not exactly a liberal, was asked about a 0.25% stock transaction tax on the CBS morning news. He stated that he had no problems with it.

So, it is not just New York Times or a few BS articles. It is pretty much everybody, including Jack Welsh. Unless you fight back now, it is going to be law before you know it. And once it is law, it will take years to reverse it.
 
Quote from JOSEF:

So, it is not just New York Times or a few BS articles. It is pretty much everybody, including Jack Welsh. Unless you fight back now, it is going to be law before you know it. And once it is law, it will take years to reverse it. [/B]
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The US gov't will raise the capital gains taxes and possibly muck with 60/40, but they will not throw the baby out with the bathwater. Realize that there are people with far more at stake in this arena than any of us. Any hint of this actually coming to fruition and you will see smart, expensive ad campaigns against it. I can already see a terrific Sam Waterston commerical against this in my mind's eye.
 
Here's another pro tranny tax article:

http://bostonreview.net/BR34.1/pollin.php

Here is an excerpt:

In the aftermath of the 1987 crash, securities-trading taxes or similar measures were endorsed by then-House Speaker Jim Wright, then-Senate Minority Leader Bob Dole, and even the first President Bush. Variations on the idea have been introduced in Congress regularly in subsequent years, but never passed into law. Two leading Clinton administration economists, Nobel Laureate Joseph Stiglitz and Summers, argued persuasively for such a tax in the late 1980s. Summers disavowed the idea soon after joining the Clinton Treasury, becoming instead a major supporter of the deregulation agenda of the Clinton years. What Summers might support now, as the head of National Economic Council under President Obama, is an open question.

There is a section for comments at the end of the article at the above link...

The thing I find crazy is the revenue estimates they are coming up with. This guy says that the trans tax would still raise 175 billion even if volume fell 50% as a result of the tax. What the heck are they smoking? No way would those numbers hold up...

-Guru
 
Does anyone know what Paul Volcker's stance is on the transaction tax? I haven't really heard anything from him about it.

Just kind of curious (if anyone knows),

-Guru
 
Man, I love making a living trading. This transaction tax thing is gonna put a kibosh on it. And with all the populist anti-wall st. wave gaining momentum, with the dems in power eager to exploit it, I just get the feeling that this tax becoming law will be inevitable within the next year or two. Really really sucks. Will this tax apply to all markets? Futures, foreign exchange too? I think I read someone post that it was stocks only but then I also see posts calculating tax for ES, so I'm confused. So there's no small retail daytrading in UK is that right?
 
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