This is just Trumka being as asshole because public sector unions are heavily under the microscope right now across the country. AND RIGHTFULLY SO!!!! I guess o'l fat boy Trumka forgot to check and see who won the election in Nov. 2010!!!! All if his screwball tax ideas will go absolutely no where!!!!! The Republican led House will tell him to get lost, but GOP Governors had better not fold, or pussy out on these union issues because of the thug protests, or by these douche bag Democrats hijacking democracy in Wisconsin and Indiana.
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1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
My state of California is a classic example. We're now facing a $500B unfunded public employee pension liability and the union's response is always the same: "Take money away from other people and give it to us" (raise taxes).
California is no longer a democracy. It's a kleptocracy where the legislators are owned and operated by the unions.
Businesses see the writing on the wall. In 2010, over 200 companies either left California entirely or moved some significant part of their operations to other states. The "u6" unemployement rate in California is now over 20% with no relief in sight.
California is no longer a democracy. It's a kleptocracy where the legislators are owned and operated by the unions.
Businesses see the writing on the wall. In 2010, over 200 companies either left California entirely or moved some significant part of their operations to other states. The "u6" unemployement rate in California is now over 20% with no relief in sight.
Quote from Robert A. Green:
FTT really means Financial Trumpka Tax. Per a WSJ op-ed this week, almost every tax hike proposal over the past few years was pushed by greedy unions. From property tax, to income tax, to estate tax and sales tax, unions have been leading the tax hike charge. Why? To pay for public-sector union's raping the public trust, with much higher pay, defined benefit pensions, health benefits, collective bargaining rights, and special breaks versus taxpayers.
Two wrongs don't make a right. It's destroying states, cities and the federal government to overpay unions by ridiculous amounts. Raising taxes to unfair levels on investors, property owners and those left with an income makes it a double wrong and not right.
Same union politics in the EU too.
House Republicans vote to cut the CFTC budget, reducing the impact of Dodd-Frank Fin Reg's overreach. http://nyti.ms/hd9TZk
This makes Obama's budget proposal to assess a new user fee - or FTT - on futures trades unlikely, no matter how small it may appear. Republicans want to cut the CFTC budget not expand it.
This makes Obama's budget proposal to assess a new user fee - or FTT - on futures trades unlikely, no matter how small it may appear. Republicans want to cut the CFTC budget not expand it.
Trumpka is caught in a conflict of interest. Public-worker unions receive a large share of government spending and their contracts, compensation, and benefits are now widely viewed as being too rich and unsustainable.
Union leaders like Trumpka should recuse themselves - or be dismissed - from tax hike debates, since it's clear public-worker unions seek tax hikes to avoid austerity measures affecting their pocketbooks. Their involvement in the tax debate disenfranchises taxpayers and voters.
This abuse is almost as bad as politicians voting for controversial property tax hikes to pay themselves a raise in salary. It's also a conflict of interest for unions to recycle their government excessive pay back into political campaign contributions. Isn't this cycle of foul play worse than what unions accuse Wall Street of doing?
Union leaders like Trumpka should recuse themselves - or be dismissed - from tax hike debates, since it's clear public-worker unions seek tax hikes to avoid austerity measures affecting their pocketbooks. Their involvement in the tax debate disenfranchises taxpayers and voters.
This abuse is almost as bad as politicians voting for controversial property tax hikes to pay themselves a raise in salary. It's also a conflict of interest for unions to recycle their government excessive pay back into political campaign contributions. Isn't this cycle of foul play worse than what unions accuse Wall Street of doing?
dow jones headline ---- Illinois House May Consider Tax On Stock, Derivatives Trades
Quote from seasideheights:
dow jones headline ---- Illinois House May Consider Tax On Stock, Derivatives Trades
If they pass a tax like this, all the Chicago based exchanges, and traders would immediately flee Illinois for another state.
I've been searching the hell out this story, and this is all I could find:
http://www.google.com/url?sa=t&sour...9VRo2vV77bq3AQlgQ&sig2=NODVVrkuvBrUcEbWWmCxAA
Quote from seasideheights:
dow jones headline ---- Illinois House May Consider Tax On Stock, Derivatives Trades
Here is some more color:
http://research.tdameritrade.com/pu...228007254-544N21A92QJ7MOC7NH835OTP6E&clauses=
CHICAGO (Dow Jones)--An Illinois state representative has introduced a bill that would tax traders doing business in Chicago's futures, options and stock markets.
The Financial Transaction Tax Act, introduced late last week by Rep. Mary Flowers (D., Chicago), would charge one hundredth of one percent of the value of transactions carried out on markets run by CME Group Inc. (CME) and CBOE Holdings Inc. (CBOE).
The bill would add to heavier tax burdens borne by exchanges, brokers and traders in Chicago, which has seen its status as the "risk management capital of the world" threatened this month by a proposed merger of major European rivals.
"This state is in dire need of new revenue," said Flowers in an interview. She said she did not know whether the idea would find support with Illinois House Speaker Michael Madigan (D., Chicago) or Governor Pat Quinn, also a Democrat. The party controls both chambers of Illinois state government.
"I wouldn't put it out there if I wasn't willing to fight," she said. Revenue from the tax ideally would go toward defraying the state's education and health-care expenses, she said.
The bill has yet to be assigned to a committee, where it will be looked at before the entire Illinois House of Representatives would hear it. The tax would go into effect Sept. 1.
Representatives for CME, which runs the biggest U.S. futures-trading platform, and CBOE Holdings, operator of the busiest U.S. stock-options market, had no immediate comment.
Patrick O'Shaughnessy, Chicago-based exchange analyst with Raymond James Financial (RJF), said he believed the bill was "very, very unlikely" to become law.
"It would substantially disadvantage Illinois-based exchanges relative to their competitors and potentially even lead to Chicago-based exchanges re-locating," he said. "The net result would be a loss of jobs and perhaps even a loss of revenue for Illinois."
-Guru
Quote from listedguru:
Here is some more color:
http://research.tdameritrade.com/pu...228007254-544N21A92QJ7MOC7NH835OTP6E&clauses=
CHICAGO (Dow Jones)--An Illinois state representative has introduced a bill that would tax traders doing business in Chicago's futures, options and stock markets.
The Financial Transaction Tax Act, introduced late last week by Rep. Mary Flowers (D., Chicago), would charge one hundredth of one percent of the value of transactions carried out on markets run by CME Group Inc. (CME) and CBOE Holdings Inc. (CBOE).
The bill would add to heavier tax burdens borne by exchanges, brokers and traders in Chicago, which has seen its status as the "risk management capital of the world" threatened this month by a proposed merger of major European rivals.
"This state is in dire need of new revenue," said Flowers in an interview. She said she did not know whether the idea would find support with Illinois House Speaker Michael Madigan (D., Chicago) or Governor Pat Quinn, also a Democrat. The party controls both chambers of Illinois state government.
"I wouldn't put it out there if I wasn't willing to fight," she said. Revenue from the tax ideally would go toward defraying the state's education and health-care expenses, she said.
The bill has yet to be assigned to a committee, where it will be looked at before the entire Illinois House of Representatives would hear it. The tax would go into effect Sept. 1.
Representatives for CME, which runs the biggest U.S. futures-trading platform, and CBOE Holdings, operator of the busiest U.S. stock-options market, had no immediate comment.
Patrick O'Shaughnessy, Chicago-based exchange analyst with Raymond James Financial (RJF), said he believed the bill was "very, very unlikely" to become law.
"It would substantially disadvantage Illinois-based exchanges relative to their competitors and potentially even lead to Chicago-based exchanges re-locating," he said. "The net result would be a loss of jobs and perhaps even a loss of revenue for Illinois."
-Guru
stoopid f*cking democrat's will never ever get it....they all have to be fired and shipped off to Canada or Europe ;-)
Patrick O'Shaughnessy, Chicago-based exchange analyst with Raymond James Financial (RJF), said he believed the bill was "very, very unlikely" to become law.
"It would substantially disadvantage Illinois-based exchanges relative to their competitors and potentially even lead to Chicago-based exchanges re-locating," he said. "The net result would be a loss of jobs and perhaps even a loss of revenue for Illinois."
-Guru [/B][/QUOTE]
EXACTLY!!!!! If these idiots were to pass this, it would cause even more revenue loss to Illinois with the exchanges and traders saying bye bye to Illinois!!!!!!! Leave it to uneducated, unqualified minority Democrat politicians (Rep. Mary Flowers - Chicago) in Illinois to propose something so absurdly stupid!!!
"It would substantially disadvantage Illinois-based exchanges relative to their competitors and potentially even lead to Chicago-based exchanges re-locating," he said. "The net result would be a loss of jobs and perhaps even a loss of revenue for Illinois."
-Guru [/B][/QUOTE]
EXACTLY!!!!! If these idiots were to pass this, it would cause even more revenue loss to Illinois with the exchanges and traders saying bye bye to Illinois!!!!!!! Leave it to uneducated, unqualified minority Democrat politicians (Rep. Mary Flowers - Chicago) in Illinois to propose something so absurdly stupid!!!