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

[FightTheFuture]

Capitalism Magazine

Stop the Assault on our Public Markets
by Amit Ghate (February 3, 2009)

In a widely-circulated NY Times column (Jan 13, 2009), Bob Herbert proposes a 0.25% transaction tax on every stock trade. If this idea, which has been garnering support among politicians, passes into law, it will mark another devastating — perhaps fatal — blow to our public markets.

http://www.capmag.com/article.asp?ID=5414

 

[Susannah]

Quote from weewilly:

HR 676 is a Conyers and Kucinich vehicle and not "mainstream" legislation.

http://www.hr676.org/

93 cosponsors out of 435 representatives total. Gaining momentum??

 

[listedguru]

Quote from Susannah:

93 cosponsors out of 435 representatives total. Gaining momentum??

I think this bill varies greatly from what Obama envisions for the healthcare system. I don't think this would ever pass (with or without the transaction tax).

But I agree we must stay proactive and put out these fires as they crop up. We don't need a full blown wildfire on our hands here

Also great link to the article crapping all over the tranny tax.

-Guru

 

[seasideheights]

http://www.capmag.com/article.asp?ID=5414

 

[listedguru]

Although this is basically the NYT piece cut and pasted the response at the bottom of it is great. Many great items pointed out in the response:

http://growthandjustice.typepad.com...a-new-idea-for-a-country-that-needs-them.html

 

[JOSEF]

<i>I think this bill varies greatly from what Obama envisions for the healthcare system. I don't think this would ever pass (with or without the transaction tax). </i>

Correct. My understanding is that the Conyer bill calls for single-payer health insurance, while Obama is only advocating universal health coverage.
Regardless, we have a huge budget deficit and I assume there will be calls for this tax irregardless which type of health care system they go for.
So, we still need to be proactive in fighting this tax whether Conyer's bill is mainstream or not.

 

[Math_Wiz]

Ralph Nader weighs in:

http://www.opednews.com/articles/Tax-What-Society-Likes-the-by-Ralph-Nader-090204-309.html

+-*/ Math_Wiz

 

[maninjapan]

Well its pretty obvious whats going to happen isnt it? All the other worlds exchanges will welcome traders with open arms, youll have proxy indicies popping up all over the place and the ETFs will just register elsewhere. Its like trying to introduce a salary cap in European Football

 

[Midas]

Quote from Math_Wiz:

Ralph Nader weighs in:

http://www.opednews.com/articles/Tax-What-Society-Likes-the-by-Ralph-Nader-090204-309.html

+-*/ Math_Wiz

This is a good one to comment on. I will do so when I get a few minutes.

 

[FightTheFuture]

Quote from Midas:

This is a good one to comment on. I will do so when I get a few minutes.

It takes forever to register, but at least we are allowed to have our say, rather surprising.