You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
Quote from tomahawk:
As far as I know there's been no mention of only the losers of each trade having to pay the tax. They will collect .50% on each transaction (.25% from the winner, .25% from the loser).
A transaction tax would kill liquidity, which would be bad for the whole system. Long term investors buy from short term traders. If the short term traders are forced out, investors will have to pay UP for shares. Same on the way down ... crashes (especially the one that would occur right after such a bill passed) would be hideous.
Remember, despite all the similar objections in England, they implemented it there, and the folks like us there immediately were finished.
Quote from Midas:
I copied the post I made in the last blog to this. This is a good site to get our voice out.
Good job, you and the others who are quickly rebutting this. Don't underestimate the importance of getting the anti-tax point of view out there.
I would advise posting links to academic studies on the tax (which almost universally show it doesn't generate much revenue, increases volatility, and slashes volumes). It is hard for someone to rebut paper after paper in market after market showing the tax is counterproductive and harmful. Make the proponents look like simply like economic illiterates, ignorant of the basic facts of what this tax would achieve.
I notice that the tax has now become just a tax on stock transactions, rather than on futures, bonds, and foreign exchange too. This is good but it needs to be discredited for everything.
Fellow traders,
Another BIG-time proponent of this tax is John Bogle, the founder of Vanguard. As you should know, he is the father of "buy and hold" investing because it is beneficial to the mutual fund industry. Buy and hold has done wonders over the last 10 years, huh?
This loser is always on CNBC. I picked up a copy of this month's Worth magazine at the bookstore today and noticed he has a column for 6 rules to fix the financial crisis. Care to know what #6 is??
Drumroll please...
A f_cking tax on trading because of the evils of speculation.
I personally think we all need to band together, lobby congress and bulldoze ahead with a tax on the wealth of past and current MUTUAL FUND EXECUTIVES.
This shit has got to be squashed.
Another BIG-time proponent of this tax is John Bogle, the founder of Vanguard. As you should know, he is the father of "buy and hold" investing because it is beneficial to the mutual fund industry. Buy and hold has done wonders over the last 10 years, huh?
This loser is always on CNBC. I picked up a copy of this month's Worth magazine at the bookstore today and noticed he has a column for 6 rules to fix the financial crisis. Care to know what #6 is??
Drumroll please...
A f_cking tax on trading because of the evils of speculation.
I personally think we all need to band together, lobby congress and bulldoze ahead with a tax on the wealth of past and current MUTUAL FUND EXECUTIVES.
This shit has got to be squashed.
Members of the single digit, approval rated US Congress need to be reminded that there are some 125 million voters within the Investor Class.
http://www.aei.org/publications/pubID.10281/pub_detail.asp
You would think that these trans tax proponents would want to distance themselves from their hero, the failed artist who hated capitalists of any sort.
Hitler's Handouts
Inside the Nazis' welfare state
Michael C. Moynihan
....harsh taxes on capital gains, which Hitler himself had denounced as âeffortless income.â
http://www.reason.com/news/show/120941.html
Economist Dean Baker has been spewing on about the glories of a trans tax: "Itâs a very progressive tax,â he said, "that discourages nonproductive activity."
Hitler and Baker, great minds think alike.
http://www.aei.org/publications/pubID.10281/pub_detail.asp
You would think that these trans tax proponents would want to distance themselves from their hero, the failed artist who hated capitalists of any sort.
Hitler's Handouts
Inside the Nazis' welfare state
Michael C. Moynihan
....harsh taxes on capital gains, which Hitler himself had denounced as âeffortless income.â
http://www.reason.com/news/show/120941.html
Economist Dean Baker has been spewing on about the glories of a trans tax: "Itâs a very progressive tax,â he said, "that discourages nonproductive activity."
Hitler and Baker, great minds think alike.
Nice article from Green on the subject:
http://www.themoneyblogs.com/person...transaction-tax-of-025-on-proceeds-and-purcha
http://www.themoneyblogs.com/person...transaction-tax-of-025-on-proceeds-and-purcha
Quote from bears21:
time to dismiss this thread we all had some good laughs and valid arguments and angles but this tax is never ever gonna happen. they will drop the tax in the uk before we implement one here. anyone care to wager on this
I hope you are right, but experience and history teaches never to underestimate the treachery and stupidity of the political class, or the masses on a scapegoating mission. Whilst I, as a mostly futures trader outside the US, am less likely to get affected by this, it would pain me to see thousands of productive, honest hard-working professionals having their livelihood wiped out literally overnight by a bunch of dumb, economically illiterate socialist looters.
Quote from BullAlert:
Fellow traders,
Another BIG-time proponent of this tax is John Bogle, the founder of Vanguard. As you should know, he is the father of "buy and hold" investing because it is beneficial to the mutual fund industry. Buy and hold has done wonders over the last 10 years, huh?
This loser is always on CNBC. I picked up a copy of this month's Worth magazine at the bookstore today and noticed he has a column for 6 rules to fix the financial crisis. Care to know what #6 is??
Drumroll please...
A f_cking tax on trading because of the evils of speculation.
I personally think we all need to band together, lobby congress and bulldoze ahead with a tax on the wealth of past and current MUTUAL FUND EXECUTIVES.
This shit has got to be squashed.
Bogle is a self-serving shill. His buy & hold philosophy has led to catastrophic losses for his fund investors - they would literally be richer having kept their cash under the mattress, let alone keeping it in low-risk treasury bills or government bonds.
No surprise that he wants to tax out of existence the people who can successfully trade choppy or downward markets - that way he gets to kill off the competition, leaving buy & hold as the only viable alternative. This is classic mercantilist behaviour - use the force of the government to crush your business competitors, thus gaining profit and prestige via immoral means, and disguise it as "for the people".