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1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
Click on this link go to feedback and lets make baron put this thing at the top of the trading forum, i want the petition up there. I was going to include it but already lost the link during the day today.
http://www.elitetrader.com/vb/showthread.php?threadid=154450
http://www.elitetrader.com/vb/showthread.php?threadid=154450
For those going to the NYC Trading Expo, be sure to inquire to the brokers in the exhibit hall what they are doing to speak out against a transaction tax from being enacted. Remember to tell them that there's currently 2 bills in Congress seeking the tax.
Check out this comment. It's very well written. ...and, no, it's not me.
http://www.rallycongress.com/no2tradertax/1536/view_all/NY/2/#comment-233782
http://www.rallycongress.com/no2tradertax/1536/view_all/NY/2/#comment-233782
omniscient
Guest
Robert Green keeps his blog updated with info on this topic.
this is interesting (from H.R. 676: United States National Health Care Act or the Expanded and Improved Medicare for All Act) as well:
this is interesting (from H.R. 676: United States National Health Care Act or the Expanded and Improved Medicare for All Act) as well:
nice.Subtitle B--Funding
SEC. 211. OVERVIEW: FUNDING THE USNHC PROGRAM.
(a) In General- The USNHC Program is to be funded as provided in subsection (c)(1).
(b) USNHC Trust Fund- There shall be established a USNHC Trust Fund in which funds provided under this section are deposited and from which expenditures under this Act are made.
(c) Funding-
(1) IN GENERAL- There are appropriated to the USNHC Trust Fund amounts sufficient to carry out this Act from the following sources:
(A) Existing sources of Federal Government revenues for health care.
(B) Increasing personal income taxes on the top 5 percent income earners.
(C) Instituting a modest and progressive excise tax on payroll and self-employment income.
(D) Instituting a small tax on stock and bond transactions ...
If anyone gets a non-form letter reply to the petition from their congressman/woman, please post it here so we can see the level of support or lack thereof from them.
The Compounding aspect is a new angle. It's a good display of how it would effect an investor instead of just traders.
"Over time 25-30 years, say conservatively we lose 1-2% annually due to this transaction tax. This will cost us investors 50%-75%+ of our long term net worth due to compounding. Whether it's for retirement or paying college for our kids. Seriously folks, this is worst idea ever. 50%-75% of your net worth is at stake if they pass it."
http://seekingalpha.com/news/market_currents/post/18131
"Over time 25-30 years, say conservatively we lose 1-2% annually due to this transaction tax. This will cost us investors 50%-75%+ of our long term net worth due to compounding. Whether it's for retirement or paying college for our kids. Seriously folks, this is worst idea ever. 50%-75% of your net worth is at stake if they pass it."
http://seekingalpha.com/news/market_currents/post/18131
TheStreet.Com article.
http://www.thestreet.com/story/1046...on-tax-would-add-to-pain.html?cm_ven=GOOGLEFI
http://www.thestreet.com/story/1046...on-tax-would-add-to-pain.html?cm_ven=GOOGLEFI
I'd like to see something like this, if it could be shown they failed in their fiduciary responsibility. But why only over $1 million?One really fair way of reducing the burden on taxpayers and getting some money back from the people on Wall Street who really benefited from the mess that they created would be to go back and force the disgorgement of executive compensation paid for the past five years in excess of $1 million.