Here's an interesting article regarding the trans tax with a Canadian twist:
http://www.tradersmagazine.com/issues/20_293/-103613-1.html?CMP=OTC-RSS
-Guru
http://www.tradersmagazine.com/issues/20_293/-103613-1.html?CMP=OTC-RSS
-Guru
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1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
Quote from listedguru:
I noticed that the National Healthcare Bill (HR 676) that has a mention of a transaction tax in it picked up 10 more cosponsors (currently 74). Probably something we should keep an eye on. I still believe Obama's vision for healthcare differs from this bill but it's still scary.
The scary part is this bill only mentions a 'small' tax on stock and bond transactions but doesn't mention a number. I don't see how they could pass a bill and then fill in the blanks afterwords can they?
I still don't think HR 1068 (trans tax bill) or this healtcare bill will come to fruition but I just hope they don't sneak in the trans tax in some obscure bill and pass it in the middle of the night...
-Guru
Just as a follow up to this. Hr 676 was alive during the last session of congress and had 93 cosponsors that go around. Also I read in another article that the trans tax component to HR 676 would be 1/3 of 1% (not sure if thats true or not)...
-Guru
Quote from listedguru:
I noticed that the National Healthcare Bill (HR 676) that has a mention of a transaction tax in it picked up 10 more cosponsors (currently 74). Probably something we should keep an eye on. I still believe Obama's vision for healthcare differs from this bill but it's still scary.
The scary part is this bill only mentions a 'small' tax on stock and bond transactions but doesn't mention a number. I don't see how they could pass a bill and then fill in the blanks afterwords can they?
-Guru
Conyers goes into more detail on his website: "One quarter of one percent stock transaction tax".
The good news is that Obama has made it very clear that single-payer is off the table for him: http://change.gov/agenda/health_care_agenda/
The better news (IMO) is the fact that GS and others are already offering to pay back TARP means that they are already "bailing themselves out", thus no need for tax (of course we know there are other motives involved for this tax).
Quote from listedguru:
Just as a follow up to this. Hr 676 was alive during the last session of congress and had 93 cosponsors that go around. Also I read in another article that the trans tax component to HR 676 would be 1/3 of 1% (not sure if thats true or not)...
-Guru
It's hard to interpret what the co-sponsor count really means. Some people, including DeFazio, have managed to get bills passed with zero co-sponsors, while others get tons of co-sponsors with no success.
If they want to stimulate the economy this would work if followed. First eliminate capital gains tax long and short term.
Based on the number over shares traded everyday in the US the government could put a .000001/share tax on it. It would generate about 310 billion dollars a year which is no surprise exactly the amount collected from capital gains tax in 2008.
Just think if the institutions started carrying their own weight and paying a penny for every 100,000 shares traded.
Every trader in this forum along with every American that invests in the stock market would have an extra 15-38 percent to spend and reinvest every single year.
Shang Ra La!!!!!!!!!!!! If only it could ever happen like that.
Based on the number over shares traded everyday in the US the government could put a .000001/share tax on it. It would generate about 310 billion dollars a year which is no surprise exactly the amount collected from capital gains tax in 2008.
Just think if the institutions started carrying their own weight and paying a penny for every 100,000 shares traded.
Every trader in this forum along with every American that invests in the stock market would have an extra 15-38 percent to spend and reinvest every single year.
Shang Ra La!!!!!!!!!!!! If only it could ever happen like that.
Quote from theshark726:
If they want to stimulate the economy this would work if followed. First eliminate capital gains tax long and short term.
Based on the number over shares traded everyday in the US the government could put a .000001/share tax on it. It would generate about 310 billion dollars a year which is no surprise exactly the amount collected from capital gains tax in 2008.
W(here)TF did you learn your math?