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

[RedDuke]

Quote from Cesko:

I am far away from being wild-eyed optimist but if I think about potential ramnification of trans.tax I can't see it happening. I am in Chicago and I can't imagine impact on this town's number one(so to speak) industry "futures trading". What would prevent Eurex from offering practically the same products like all the highly successful CME products less trans. tax? Would authorities then prevent U.S. citizens from trading foreign futures contracts to make U.S. futures "viable' somehow?? Theoretically they can do that but from point of view of international trade it would be politically very damaging and probably illegal.

Argument against this might be the case of online poker. Americans lost all the legal cases in this matter at WTO court. (American bureaucrats don't give a shit anyway, by the way). But in case of futures it would be much more difficult and damaging.
Another lesson from online poker. YOU CAN STILL PLAY!!!!!

If they pass this tax, trading on Eurex will not help us living in US. They would charge us the same tax regardless of where the exchange is.

Anaconda mentioned earlier why big companies might welcome this tax.

If this tax get more traction our fate will depend on whether exchanges and large retail brokers like TD will decide to fight it.

 

[crash n burn]

the rationale behind the transaction tax is to curb a parasitic activity that adds nothing to the economy while absorbing viable resources that could be efficiently deployed elsewhere.

by enacting this legislation, financial markets will be cleansed of all sort of parasites (independent traders, gurus, prop houses, retail brokers, etc).

the essence of financial markets is not to provide a venue for gamblers to flip contracts. markets are there to allow companies to finance themselves and hedge against uncertainty. speculation can not and should not based on a game of chance. that's why the transaction tax is necessary. nowadays, market speculation is around 98% of the transactions occurring on any given day. this has to change. people need to work in a productive way, i.e. in a factory, office, land, etc, rather than spending time sucking blood out of the market.

hence, parasitic activities should be aggressively taxed to the bone, as they illustrate the profound perversity of a society in which e.g. <b>more than 10 million children die of starvation every year</b>.

 

[TraDaToR]

I will lose my temper if I answer that... Someone else?

 

[Bob111]

Quote from crash n burn:

the rationale behind the transaction tax is to curb a parasitic activity that adds nothing to the economy while absorbing viable resources that could be efficiently deployed elsewhere.

by enacting this legislation, financial markets will be cleansed of all sort of parasites (independent traders, gurus, prop houses, retail brokers, etc).

the essence of financial markets is not to provide a venue for gamblers to flip contracts. markets are there to allow companies to finance themselves and hedge against uncertainty. speculation can not and should not based on a game of chance. that's why the transaction tax is necessary. nowadays, market speculation is around 98% of the transactions occurring on any given day. this has to change. people need to work in a productive way, i.e. in a factory, office, land, etc, rather than spending time sucking blood out of the market.

hence, parasitic activities should be aggressively taxed to the bone, as they illustrate the profound perversity of a society in which e.g. <b>more than 10 million children die of starvation every year</b>.

adds nothing to economy?really? let me repeat this once again- what about my taxes? six figures i send to those idiots in Washington and those starving children this year,to your unemployed neighbor,to GM UAW....what about accountants,brokers,programmers,CS staff in this industry? this is the only thing that left in this country..go head..make my day

 

[crash n burn]

Quote from Bob111:

adds nothing to economy?really? let me repeat this once again- what about my taxes? six figures i send to those idiots in Washington and those starving children this year,to your unemployed neighbor,to GM UAW....what about accountants,brokers,programmers,CS staff in this industry? this is the only thing that left in this country..go head..make my day

unfortunately, making money through a parasitic activity and then paying taxes and hiring accountants does not magically turn the underlying activity a noble one, as the money earned is reported elsewhere as a loss. thus nothing has been created, only changed hands.

we need to curb these parasitic activities to help address the real problems , e.g. <b>every 3.6 seconds someone dies of hunger</b>.

 

[Anaconda]

Quote from crash n burn:

unfortunately, making money through a parasitic activity and then paying taxes and hiring accountants does not magically turn the underlying activity a noble one, as the money earned is reported elsewhere as a loss. thus nothing has been created, only changed hands.

we need to curb these parasitic activities to help address the real problems , e.g. <b>every 3.6 seconds someone dies of hunger</b>.

This tax will not pass without exemptions for the biggest financial parasites such as Goldman, JP Morgan, Morgan Stanley, etc.

As for people dying of hunger all over the world, that is intentional. The real problem is a lot deeper than you realize.

 

[cstfx]

Quote from crash n burn:

<b>more than 10 million children die of starvation every year</b>.

To quote the late Sam kinnison:

"...there wouldn't BE world hunger, if you people would LIVE WHERE THE FOOD IS! YOU LIVE IN A DESERT! YOU LIVE IN A FUCKING DESERT! NOTHING GROWS OUT HERE! NOTHING'S GONNA GROW OUT HERE! YOU SEE THIS? HUH? THIS IS SAND. KNOW WHAT IT'S GONNA BE A HUNDRED YEARS FROM NOW? IT'S GONNA BE SAND! YOU LIVE IN A FUCKING DESERT! GET YOUR STUFF, GET YOUR SHIT, WE'LL MAKE ONE TRIP, WE'LL TAKE YOU TO WHERE THE FOOD IS! WE HAVE DESERTS IN AMERICA -- WE JUST DON'T LIVE IN THEM, ASSHOLES!"

 

[DmanX]

Quote from crash n burn:

unfortunately, making money through a parasitic activity and then paying taxes and hiring accountants does not magically turn the underlying activity a noble one, as the money earned is reported elsewhere as a loss. thus nothing has been created, only changed hands.

we need to curb these parasitic activities to help address the real problems , e.g. <b>every 3.6 seconds someone dies of hunger</b>.

Economics 101: Chapter 1. Scarcity.

All economic activity involves a transfer of assets from one party to another because of the concept of scarcity.

There is no such thing as a parasitic activity. Only ancillary.

 

[Bob111]

Quote from crash n burn:

unfortunately, making money through a parasitic activity and then paying taxes and hiring accountants does not magically turn the underlying activity a noble one, as the money earned is reported elsewhere as a loss. thus nothing has been created, only changed hands.

we need to curb these parasitic activities to help address the real problems , e.g. <b>every 3.6 seconds someone dies of hunger</b>.

go head and tell this shit in Hollywood.they did not produce anything either..don't forget newspapers,entertainment channels,advertising industry,fucking cable companies..wait! fuck the google too..and amazon..why not? they not producing anything, right?

 

[crash n burn]

Quote from Bob111:

go head and tell this shit in Hollywood.they did not produce anything either..don't forget newspapers,entertainment channels,advertising industry,fucking cable companies..wait! fuck the google too..and amazon..why not? they not producing anything, right?

they produce movies, tv shows, created book stores, search engines, and even amazing stuff such as google earth. all of these are tangible outputs of their activity.

what is the tangible output of trading?

i am afraid there is only one answer and everybody knows what it is.

trading is parasitic and should be taxed accordingly.