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1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
I got a response from NJ Senator Menendez today.
Dear Mr. XXXXXXX:
Thank you for contacting me to express your concerns regarding H.R. 1068, the Let Wall Street Pay for Wall Street's Bailout Act of 2009. Your opinion is very important to me, and I appreciate the opportunity to respond to you on this important issue.
As you may know, H.R. 1068 was introduced in the House of Representatives in February 13, 2009 and was referred to the House Committee on Ways and Means. This legislation would impose a transaction tax on the sale and purchase of securities in an effort to recoup the Trouble Asset Relief Program (TARP) funding. On this, as with any issue, there are many different views. I appreciate you taking the time to express your opinion on this important issue, and please be assured that I will keep your views in mind.
New Jerseyans from all walks of life are working hard to provide for their families, save for retirement, build a better life for their children and fulfill their own dreams. I am committed to working with the new Administration and my colleagues in the Senate on the Finance committee to ensure that our tax system is fair and helps New Jersey families achieve the American Dream.
Again, thank you for sharing your thoughts with me. Please do not hesitate to contact me if I may be of more assistance. I invite you to visit my website (http://menendez.senate.gov) to learn of other important issues to New Jersey.
Dear Mr. XXXXXXX:
Thank you for contacting me to express your concerns regarding H.R. 1068, the Let Wall Street Pay for Wall Street's Bailout Act of 2009. Your opinion is very important to me, and I appreciate the opportunity to respond to you on this important issue.
As you may know, H.R. 1068 was introduced in the House of Representatives in February 13, 2009 and was referred to the House Committee on Ways and Means. This legislation would impose a transaction tax on the sale and purchase of securities in an effort to recoup the Trouble Asset Relief Program (TARP) funding. On this, as with any issue, there are many different views. I appreciate you taking the time to express your opinion on this important issue, and please be assured that I will keep your views in mind.
New Jerseyans from all walks of life are working hard to provide for their families, save for retirement, build a better life for their children and fulfill their own dreams. I am committed to working with the new Administration and my colleagues in the Senate on the Finance committee to ensure that our tax system is fair and helps New Jersey families achieve the American Dream.
Again, thank you for sharing your thoughts with me. Please do not hesitate to contact me if I may be of more assistance. I invite you to visit my website (http://menendez.senate.gov) to learn of other important issues to New Jersey.
Quote from brandon12:
More bullhit and hype on this board. the board keeps saying punishing wall street?Thats a crock of shit. This punishes 50million americans who have mutual funds or even trade 5-10 times a month.. This will destory liquidity and take returns of funds down 5% or more a year.It will cause 100-200k layoffs from brokerages to banks to discounters.it won't happen
Give me one piece of legislation that the Democrats have passed that didn't fuck over Americans.
Lol mathwiz there you go. This shows the transaction tax will never go anywere. I liken adding a transaction tax to net co's going backwards and charging per minute or cell co's charging per minute instead of all in plans. Its hard to go backwards once you've had a low cost system in place for so long. If anything they will raise the capital gains tax that taxes the wealthy more.
Quote from jnorty:
Lol mathwiz there you go. This shows the transaction tax will never go anywere. I liken adding a transaction tax to net co's going backwards and charging per minute or cell co's charging per minute instead of all in plans. Its hard to go backwards once you've had a low cost system in place for so long. If anything they will raise the capital gains tax that taxes the wealthy more.
hope u are right but am doubtful. this tax looks like a no brainer to the lefties and to the old line houses like goldman and to the remnants still trading on the floor + market makers who will be exempted .this is a great power grab by the old timers.
dreg you're forgetting who the gs and all trade with. i assure you high vol traders and black boxes control 30-50% of the vol. We are the new market makers.here's the press release for only 1 direct access broker. below is only 1 broker doing 200 mil shares a day. add in 10 or more of those brokers and thats 2 bil shares a day easy or 30-40% of vol.this is from over a year ago and vol has expanded even more.
"For January, the Company reported 975,000 DARTs and 190 million total client shares traded per day. Additionally, client assets totalled $389 million at January 31, 2008."
"For January, the Company reported 975,000 DARTs and 190 million total client shares traded per day. Additionally, client assets totalled $389 million at January 31, 2008."
Quote from seasideheights:
http://www.nytimes.com/2009/01/13/opinion/13herbert.html?_r=2
Click on the Comments section on that screen & get writing.
it's a good time to shutdown the newspaper.
not only it is not profitable at all, it's misleading and for dummies.
bad time(s) for "new york times" and poor jor(i)k
this brand could be used by more decent, more professional and more competitive newspaper
that's it.
the journalist does not even know what he is talking about. in reality, it's about potentially irreversible process of dumping the world financial capital and moving it to somewhere else, where we, traders, gonna continue to trade (after acquiring the second citizenship) just to not pay this stupid tax. helas!
idiots don't see the distant consequences and react ONLY after the fact (recall Sep11, for example, and it's THE SAME process initiated this time INSIDE) !
they never ever learn!
TOO SAD!
In that article it mentions that this text was left over from the Bush administration budget. Why would this have been in a Republican's administration's budget? What am I missing here?
-Guru