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

[FightTheFuture]

Ecommunist Dean Baker is calling for a cooperative G-20 financial transaction tax while 0bama is in the Euro zone.

http://tpmcafe.talkingpointsmemo.com/2009/04/02/europes_leaders_must_say_stimulus/index.php#_logout






Includes a poll. 90% against.


H.R. 1068, The Let Wall Street Pay for Wall Street's Bailout Act of 2009 (136 comments &#8595

http://www.washingtonwatch.com/bills/show/111_HR_1068.html?page=1#usercomments

 

[seasideheights]

"Don't think we're not keeping score, brother." That's what President Barack Obama said to Rep. Peter DeFazio in a closed-door meeting of the House Democratic Caucus last week, according to the Associated Press.

A few weeks ago, Mr. DeFazio voted against the administration's stimulus bill. The comment from Mr. Obama was a presidential rebuke and part of a new, hard-nosed push by the White House to pressure Congress to adopt the president's budget.



http://online.wsj.com/article/SB123862834153780427.html

 

[listedguru]

Quote from seasideheights:

"Don't think we're not keeping score, brother." That's what President Barack Obama said to Rep. Peter DeFazio in a closed-door meeting of the House Democratic Caucus last week, according to the Associated Press.

A few weeks ago, Mr. DeFazio voted against the administration's stimulus bill. The comment from Mr. Obama was a presidential rebuke and part of a new, hard-nosed push by the White House to pressure Congress to adopt the president's budget.



http://online.wsj.com/article/SB123862834153780427.html

What the heck does this mean for the transaction tax bill then? Is it good, bad, or nobody knows? (LOL)...

-Guru

 

[FightTheFuture]

Quote from listedguru:

What the heck does this mean for the transaction tax bill then? Is it good, bad, or nobody knows? (LOL)...

-Guru

I'm sure they hate Defazio. So all they need is a bill without DeFazio's name on it. I've seen it happen often in office politics at work. The subordinates have 'great' ideas shot down. Months later someone from upper management suddenly has the same great idea, claims it as his own idea and implemented to his credit.


I mostly think that this tax will not ever pass because they could not be that stupid. Moments later I think of all the stupid things both parties have done in the last 6-8 months, and for decades before that.

With the help of the media, if they can get the citizens to hate and believe that any speculator or stock traders are responsible, who had nothing to do with the crisis, and not mention how much it will harm long term investors.... only to have the tax abolished, again, a few years later.

 

[gkishot]

Quote from FightTheFuture:



I mostly think that this tax will not ever pass because they could not be that stupid.

Of course they are stupid. Otherwise they would be geniuses.

 

[listedguru]

Quote from FightTheFuture:

I'm sure they hate Defazio. So all they need is a bill without DeFazio's name on it. I've seen it happen often in office politics at work. The subordinates have 'great' ideas shot down. Months later someone from upper management suddenly has the same great idea, claims it as his own idea and implemented to his credit.


I mostly think that this tax will not ever pass because they could not be that stupid. Moments later I think of all the stupid things both parties have done in the last 6-8 months, and for decades before that.

With the help of the media, if they can get the citizens to hate and believe that any speculator or stock traders are responsible, who had nothing to do with the crisis, and not mention how much it will harm long term investors.... only to have the tax abolished, again, a few years later.

Yeah I'm 95% confident this will never see the light of day. Let's hope we get some of these lawmakers out of there during the 2010 midterm elections.

-Guru

 

[MrPowerBallad]

Not great that a relatively well known guy like Dean Baker is now pushing this tax, but good that this tax wasn't hinted at in the new G20 plan today.

Here's a new article arguing for this tax in Forex markets:

http://www.americanchronicle.com/articles/view/96916

"The proposed rate of 0.005% is too small to alter decision making in the FX market and yet high enough to yield a sizeable revenue stream. In recent work for the UN University, Professor Rodney Schmidt undertook the most detailed econometric modeling to date, showing this rate is too low to affect market structure whilst at the same time producing potential revenue of the order of USD 30-40 billion a year."

 

[listedguru]

Quote from MrPowerBallad:

Not great that a relatively well known guy like Dean Baker is now pushing this tax, but good that this tax wasn't hinted at in the new G20 plan today.

Here's a new article arguing for this tax in Forex markets:

http://www.americanchronicle.com/articles/view/96916

"The proposed rate of 0.005% is too small to alter decision making in the FX market and yet high enough to yield a sizeable revenue stream. In recent work for the UN University, Professor Rodney Schmidt undertook the most detailed econometric modeling to date, showing this rate is too low to affect market structure whilst at the same time producing potential revenue of the order of USD 30-40 billion a year."

If I recall correctly Dean Baker has been on this trans tax bandwagon for quite sometime now.

I figured this might get a little more press around the G20 meeting as things have been quiet around these parts lately...

-Guru

 

[drukes1234]

Quote from MrPowerBallad:

Not great that a relatively well known guy like Dean Baker is now pushing this tax, but good that this tax wasn't hinted at in the new G20 plan today.

Here's a new article arguing for this tax in Forex markets:

http://www.americanchronicle.com/articles/view/96916

"The proposed rate of 0.005% is too small to alter decision making in the FX market and yet high enough to yield a sizeable revenue stream. In recent work for the UN University, Professor Rodney Schmidt undertook the most detailed econometric modeling to date, showing this rate is too low to affect market structure whilst at the same time producing potential revenue of the order of USD 30-40 billion a year."

Dean Baker is NOW pushing the tax? Where in the heck have you been for almost a year now, the guy has been pushing it for a while, it means nothing.

 

[WesSeid]

Quote from MrPowerBallad:


"The proposed rate of 0.005% is too small to alter decision making in the FX market and yet high enough to yield a sizeable revenue stream. In recent work for the UN University, Professor Rodney Schmidt undertook the most detailed econometric modeling to date, showing this rate is too low to affect market structure whilst at the same time producing potential revenue of the order of USD 30-40 billion a year."

Yet another example of Big Government sticking it to you. If the average person who mainly only thinks about income tax added up every little fee government sticks them with every year, they'd be in shock.