Yes, everyone go there and post a well thought out commentary opposing this.
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1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
Quote from DmanX:
It wouldn't be taxing profit. They already do that and call it an income tax.
Allegedly, they would tax some value of the transaction - like a sales tax. Problem is, futures contracts have no intrinsic value. They have notational value.
There is no buy and hold strategy with futures as they are wasting "assets."
So, let's say they decided on the notational value upon which to base the tax. Take the E-mini S&P 500...
It's notational value is $50 x the index price. So, if the index were at 1000.00, the notational value would be $50,000.
Tax on that, per side, would be $50,000 x .0025 = $125. Or $250 round turn.
Wow, this better not be going trough, it would be absolutely devastating.
Since there is not many left on wall street, why not tax independent traders.
Oh no how will Goldman make any money, they might not have the small trader to screw over.
Oh no how will Goldman make any money, they might not have the small trader to screw over.
Securities Transaction Tax (STT) is coming. Nothing new. Now being propelled by the very State that has already lost the most based on taxation of financial services and in the future will lose the most by enabling such tax.
But just think of the blue-light specials.
First Quarter Special!
All MBS and CDO transactions are STT Free!!
January Special!
Financial company equities STT Free!!
Liquidity to all things down and toxic!
Once unthinkable, now unstoppable
obama-lama
But just think of the blue-light specials.
First Quarter Special!
All MBS and CDO transactions are STT Free!!
January Special!
Financial company equities STT Free!!
Liquidity to all things down and toxic!
Once unthinkable, now unstoppable
obama-lama
Quote from jficquette:
Always taking up for your little shit eating dems.
Not at all.
But due to your lack of brain power and inability to think for yourself . . . you continue to show everyone here on ET that you are unable to see just how much politicians have screwed over the financial markets and the U.S. economy.
My guess is that you hadn't even heard of the "Commodity Futures Modernization Act of 2000" until I brought it to the attention of your little "pea-brain", and probably had no clue that WTI crude oil was allowed to trade without CFTC oversight over in London and Dubai, or that such a commodities act allowed for the birth of Enron ( that screwed over the State of California which you reside ), or the fact that CDS came from this absurd piece of legislation and were allowed to trade OTC with absolutely no oversight whatsoever.
You guys realize this has been floated around for YEARS and while it would kill all of us, we shouldn't absolutely freak out because of some little NY Times article. DeFazio has no pull and Sommers when last asked about the transaction tax said it is not realistic and would do more harm than good.
Yes this is VERY scary but I can find articles promoting the transaction tax almost daily and from all the way back to 1998. I am actually confident Obama has a smart enough team around him that this won't happen, especially Larry Sommers.
Yes this is VERY scary but I can find articles promoting the transaction tax almost daily and from all the way back to 1998. I am actually confident Obama has a smart enough team around him that this won't happen, especially Larry Sommers.
Quote from fhl:
I'd be happy to.
For an economy to work efficiently, there needs to be price signals. Price signals allow for capital to be allocated to it's most productive uses. That's one thing speculators do. Provide price signals. If Obama and his team try to tell us where capital should be allocated, we are in for an implosion.
The other thing specs do is provide liquidity so that when price signals give the signal that capital should be moved to a more productive source, it can easily be done. Liquidity is there to do it.
Hope that helps, but I've read some of your posts in p and r, so I know that you will never be convinced.
You're probably right, but I will not resort to name calling and I appreciate that you didn't. When someone is civil with me I'm glad to be civil with them.