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

I just got a private email from someone on this thread who read my above post about generating video stories from traders who are from all walks of life connected to Main Street, not Wall Street.

This person is a veteran and retiree now trying to make a living in trading, after losing a business to recession and being laid off in the corporate world.

Let's get one hundred videos to start with from traders telling their own stories. If you are a nurse or tradesman, wear your uniform if allowed. Be short, direct and compelling.

Post the video on YouTube. Alternatively, I can have you upload it to ShareFile (secure) and then publish it in our Amazon Cloud, so it's not on YouTube.

Use your full name if you like, or just first name. For the tag line, say anti-OWS, and/or Against the Wall Street Tax, or Financial-Transaction Tax.

Try to shoot video of your trader friends too. A simple iPhone works well for generating the video.

We can make these videos available to the media too. It's our version of a digital protest march. Add your own signs to the video too if you like.

Signs like "Nurses are Traders too"
or, "Don't ruin my retirement funds with a Wall Street Tax."

Thanks, Robert Green
www.tradersadvocacy.com
 
Quote from Robert A. Green:

Sorry had an extra period on end

Www.tradersadvocacy.org

I've gotten interest from some brokers and media for sponsorship.

On yesterday's Webinar meeting, we came up with the idea of adding video interviews to the site and YouTube. Main Street traders who are also nurses, in unions, firefighters, veterans etc. To put a human face on trading and show that OWS groups are also traders. So OWS should focus on unethical behavior from bank CEOs and their regulators, not small business traders.

We need all of your help concentrated in Traders Advocacy too.

Thanks.
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This is great Robert.

I also think what really need to be addressed as well is how false the FTT is at getting the banks. Banks will not pay this (they will pass down to clients) and possibly be exempt (like in the UK) and make money off of this. So, the individual investor, trader, mutual fund holder, pension funds, etc....the individual will pay this tax, not the big bad banks they are after. And, the TARP has been paid back in full plus $20B in interest....the OWS crowd do not understand this, they think the banks kept all the money.

If the OWS and everyday Joe understands that this is the most misguided and destructive tax, then they wouldn't support it (well, some liberals are so crazy, they would). Our war is with the liberal socialist unions that are spewing lies to the masses about this tax. These thieves see $$, and sell it as a robin hood tax, but it is a robin robin hood tax......stealing from the individual...not the banks.

Also, I think we need to push Geithner's idea of getting the banks is a tax levy. That was his answer to the proposed FTT.
 
Quote from tomdavis:

I got this information from a friend of mine who's a futures trader currently living in Stockholm, but worked for a large investment firm in London for almost 10 years. He said that the stamp tax was jokingly referrred to as the "punters tax" because only the ordinary guy on the street paid it. He said his firm was able to derive the numbers based upon data that was available to the large firms at the time he was there (1998-2007).

He said that the investment firm he traded for had over 30 billion (I'm not sure if it was Euros or Pounds) under management and never paid a penny in stamp taxes.

Here's the reality in London: If you're a bank that's exempt you can trade the London Exchange and pay no stamp tax. If you're not an exempt bank, you can still trade the largest, most liquid stock/futures/options exchanges in the world (NYSE, CME, NASDAQ, Euro Next, KRX, Toronto, Hong Kong, etc.) and pay no stamp tax because it only applies to trades on the London Exchanges. There are so many ways around the UK stamp tax that it's irrelevant.
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This report found that in 2005, the proportion of trading subject to
stamp duty was around 29% (p.24 of the pdf):-

http://www.oxera.com/main.aspx?id=5938
 
Quote from Stok:

This is great Robert.

I also think what really need to be addressed as well is how false the FTT is at getting the banks. Banks will not pay this (they will pass down to clients) and possibly be exempt (like in the UK) and make money off of this. So, the individual investor, trader, mutual fund holder, pension funds, etc....the individual will pay this tax, not the big bad banks they are after. And, the TARP has been paid back in full plus $20B in interest....the OWS crowd do not understand this, they think the banks kept all the money.

If the OWS and everyday Joe understands that this is the most misguided and destructive tax, then they wouldn't support it (well, some liberals are so crazy, they would). Our war is with the liberal socialist unions that are spewing lies to the masses about this tax. These thieves see $$, and sell it as a robin hood tax, but it is a robin robin hood tax......stealing from the individual...not the banks.

Also, I think we need to push Geithner's idea of getting the banks is a tax levy. That was his answer to the proposed FTT.
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Agree 100%, thanks.

On our Traders Advocacy meeting Webinar yesterday http://www.tradersadvocacy.org/Our-Webinars.html , Brad B. gave a great analysis of a retirement account with 20% re-balancing each year. He is a trader for himself, and fee-based financial planner too. He said his client would lose $100,000 in her retirement plan to FTT by the time she retired. Ouch, that's a lot.

Video is worth a thousand words. The media loves images and OWS is dominating those images. We need our own video stories for a YouTube million man march. Start shooting the video and tell your story and other videos about how you think this FTT is destructive and a problem for your neighbors on Main Street. Tell any stories you like, the more the better. But make them great!

Words don't cut it because they get twisted around by the Dean Baker's and academics of the world, and they are too boring and too plentiful already.

Traders are good with computers and they will be great with video.
 
Absolutely YES. Retail traders will pay the tax.

The only remaining question is whether or not the big players (e.g., Goldman Sachs) would be able to get themselves exempted. My best guess is that if there's an FTT the retail traders will get crushed the tax, but Goldman Sachs and the other big players will find a way to get out of it.

Quote from Peternam:

Will this FTT affect retail traders ?
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Quote from tomdavis:

Absolutely YES. Retail traders will pay the tax.

The only remaining question is whether or not the big players (e.g., Goldman Sachs) would be able to get themselves exempted. My best guess is that if there's an FTT the retail traders will get crushed the tax, but Goldman Sachs and the other big players will find a way to get out of it.
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Exactly what needs to be communicated to the masses....if they understood this, they would drop this FTT nonsense in a heartbeat!
 
Lets say I ,who lives in a country that has to pay this FTT ,starts an offshore company in a country that is not affected by this FTT

Will I still have to pay ?



Will FOREX be excluded initially ?
 
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