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1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
AFL-CIO support is not good.
Since that article is no longer accepting comments, what is the best way to make noise against this?
I just can't believe the writers of these articles don't realize how many lost jobs and lost foreign revenue this would mean. In addition, if the markets moved elsewhere, it would encourage foreign countries to deal in something other than the dollar. Dried up liquidity could also mean higher prices for commodities. So, in addition to wiping away millions of jobs and billions of dollars of foreign money, we're perhaps going to create the perfect storm for inflation.
It's not good for anyone, I don't think. The financial sector was over 30% of the GDP. They're going to wipe out a big percentage of whatever is left of that away with this if they do it.
I just can't believe the writers of these articles don't realize how many lost jobs and lost foreign revenue this would mean. In addition, if the markets moved elsewhere, it would encourage foreign countries to deal in something other than the dollar. Dried up liquidity could also mean higher prices for commodities. So, in addition to wiping away millions of jobs and billions of dollars of foreign money, we're perhaps going to create the perfect storm for inflation.
It's not good for anyone, I don't think. The financial sector was over 30% of the GDP. They're going to wipe out a big percentage of whatever is left of that away with this if they do it.
Quote from WindyCityEagle:
To actually defend Obama, his economic team is way too smart to listen to this monkey on CNBC right now. Summer and Geitner are waaaaay to smart to do something like this.
This guy promoting the tax is a chump. He wants to keep the cap gains tax and add tax transactions. Another long term perma bull wanting to fuck the little guy. This is what happens when the 2 year olds in the media are allowed to demonize whoever the fuck they want un-protested, including speculators, in their infinite ignorance. Short term traders are the bad guys. We destroyed the markets. Now we must be fucked.
Kudlow is exactly right on this...cut federal spending...and I might add, clean up the rampant fraud and abuse in DC before raising any taxes or cranking up some new ones. But that would be too intelligent for the folks on the hill. Good test for the O man if it gains traction.
At least Geitner, if approved, should be against such a tax...given how he feels about paying his share.
Quote from WindyCityEagle:
To actually defend Obama, his economic team is way too smart to listen to this monkey on CNBC right now. Summer and Geitner are waaaaay to smart to do something like this.
LOL, his "Team" is so far a bunch of x clinton criminals and Obama thinks there is 57 states. Gee with all those states you think he could find a birth certificate in one of them. Wait, there is one but its in Kenya.
http://my.barackobama.com/page/community/post/earlearthworm/gGg4mk
"For those who actually want to crack down on speculators in a meaningful way, there is a much more practical solution: tax it. A modest tax on all financial transactions will impose a serious cost on those who actively speculate in oil futures, or any other commodity, while having almost no impact on those who use these markets for hedging. It can also raise an enormous amount of money.
A 0.02% tax on the sale or purchase of commodity futures, and a comparably sized tax on options and other derivatives, the tax could easily raise more than $10bn a year, even assuming large declines in trading. If a comparably small tax were applied to all financial transactions, including stock and bond trades, the revenue could exceed $150bn a year, a take that is equivalent to 10% of the federal income tax.
Such a tax would be extremely progressive because the overwhelming majority of trading is done by the wealthiest people. While middle-class families would bear some of this tax, the cost to the typical family saving for their retirement or kids' education would be almost invisible."
Great Obama, if it is taxed both ways (buy AND sell) 1 ES contract at around 900 would be taxed an additional $9 entry or $18 roundtrip and for most currency futures it would be a fat $50 RT
I hope they understand that this would kill trading.
"For those who actually want to crack down on speculators in a meaningful way, there is a much more practical solution: tax it. A modest tax on all financial transactions will impose a serious cost on those who actively speculate in oil futures, or any other commodity, while having almost no impact on those who use these markets for hedging. It can also raise an enormous amount of money.
A 0.02% tax on the sale or purchase of commodity futures, and a comparably sized tax on options and other derivatives, the tax could easily raise more than $10bn a year, even assuming large declines in trading. If a comparably small tax were applied to all financial transactions, including stock and bond trades, the revenue could exceed $150bn a year, a take that is equivalent to 10% of the federal income tax.
Such a tax would be extremely progressive because the overwhelming majority of trading is done by the wealthiest people. While middle-class families would bear some of this tax, the cost to the typical family saving for their retirement or kids' education would be almost invisible."
Great Obama, if it is taxed both ways (buy AND sell) 1 ES contract at around 900 would be taxed an additional $9 entry or $18 roundtrip and for most currency futures it would be a fat $50 RT
I hope they understand that this would kill trading.
So what was said on CNBC re: the trading tax? Wasn't watching
tradersboredom
Guest
these journalist or media are the biggest market manipulators
they are protected by freedom of the press so they can publish anything they want just to sell newspapers.
they are protected by freedom of the press so they can publish anything they want just to sell newspapers.
Quote from Susannah:
Since that article is no longer accepting comments, what is the best way to make noise against this?
I just can't believe the writers of these articles don't realize how many lost jobs and lost foreign revenue this would mean. In addition, if the markets moved elsewhere, it would encourage foreign countries to deal in something other than the dollar. Dried up liquidity could also mean higher prices for commodities. So, in addition to wiping away millions of jobs and billions of dollars of foreign money, we're perhaps going to create the perfect storm for inflation.
It's not good for anyone, I don't think. The financial sector was over 30% of the GDP. They're going to wipe out a big percentage of whatever is left of that away with this if they do it.