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

Quote from listedguru:

I still don't think this legislation will see it's way into law here in the US (hey I'm an optimist). All the hubbub this week was created by that one article in the NYT's. Prior to that we hadn't really heard about it since it was dropped from the original TARP draft. No congressman or senators that I know of have come out in support of this besides the original one's who sponsored the initial bill. The only one's hyping this up are some so called economists and reporters looking for their 15 minutes...

I still believe that the powers that be know that this would cause way too much damage to an already extremely fragil financial system.

Now if someone in the presidents cabinet were to come out and start talking this up then it's time to worry:)

-Guru
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I am with you, besides that one NYtimes article, i have yet to find anywhere else talking about this.
 
Could they levy this tax on forex since there is no exchange? I don't trade forex but just wondering if I should start checking out some charts just in case.
 
Funny I was just thinking that about fx, since I just switched over. There is no exchange and no mention of it in the bill. Its hard to tax something thats more or less not centralized. So now we will see the influx of fx traders:) Us speculators are to small to move fx erraticlly. Plus this is not the lighting rod like stock/futures trader is on wall street now. The avg joe schmo doesnt even now about fx trading
 
The transaction tax was actually a part of the original TARP bill !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

(the first TARP bill that did not receive enough votes, causing market to tank 700 points). It was buried in the bill.


It could just as well be passed with Dems having larger majorities in house and senate.
 
I got this from the following link:

http://timesofindia.indiatimes.com/..._tax_in_securities_EY/articleshow/3995872.cms

The study reveals that the securities transaction tax is either non-existent or on its way out in all the advanced markets. None of the countries, where E&Y conducted its study, charges turnover-based tax under its direct tax laws. Earlier, countries like Japan, France, Germany and Sweden used to charge a similar tax, but ultimately they, too, had to abolish that, the report said.


+-*/ Math_Wiz
 
Quote from Math_Wiz:

I got this from the following link:

http://timesofindia.indiatimes.com/..._tax_in_securities_EY/articleshow/3995872.cms

The study reveals that the securities transaction tax is either non-existent or on its way out in all the advanced markets. None of the countries, where E&Y conducted its study, charges turnover-based tax under its direct tax laws. Earlier, countries like Japan, France, Germany and Sweden used to charge a similar tax, but ultimately they, too, had to abolish that, the report said.


+-*/ Math_Wiz
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Good find.

And to think the developing countries are dropping or questioning the transaction tax and in the US, the backward barbarians are proposing to take us back to the Dark Ages.
 
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