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

There's no better way to help an idea become a new tax that would put most of us out of business than sitting back & not placing comments at the bottom of these news articles. When the pro-tax crowd fills up the comment sections, it'll become assumed to those in charge that the overwhelming public opnion is that there's no problem with the tax. Replying here is good, but replying on the sites with the news articles can help keep us in business.

Please reply to the articles if you can. Thanks.
 
Quote from FB123:

I agree. I have noticed a trend lately with more people I know deciding to take control of their own finances and do their own trading as opposed to just letting it sit in mutual funds, as a response to the large declines over the past year or two. Not that most of them are going to make money, mind you - but any law that makes their lives more difficult is going to be unpopular. Once the masses start to realize that THEY are going to be the ones paying most of the costs, the bill won't go anywhere. God forbid anyone should publish an article describing how GS and the big players got an exemption from this tax - the Dems would be absolutely crucified in 2010. It's a political risk they are not going to take. They can't pass the law and exempt the big players, because that info will get out. They also can't pass the law and NOT exempt the big players, because Wall Street would never let that happen. Therefore, it ain't gonna happen.
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that's call being in the middle of 2 fronts... really rare in the battle...
 
What I can't understand is how people can support taxes when they get sod all in return but warfare, broken down systems that are badly run or even hatred because of the horrible decisions politicians have made.

Taxes are like investment, it amazes me how docile everyone around me who's older has gotten to being kicked while they're down constantly by politicians. If the kind of crap I'm having to deal with in the UK now gets any worse ( they've just banned normal light bulbs in favour of green energy ones utterly ridiculous ) I'm seriously going to plan on moving to a country that has nice low tax rates and stays pretty neutral in international situations. I can understand wanting to pay for them if your getting something really good out of it. Cuba brings out some of the best doctors in the world and they're communists! But the politicians taxing the crap out of us now are so blatantly corrupt that I don't understand how people can support them never mind vote for them.

Actually f*ck that, I'm DEFINITELY moving countries the moment I get the chance.
 
Quote from seasideheights:

There's no better way to help an idea become a new tax that would put most of us out of business than sitting back & not placing comments at the bottom of these news articles. When the pro-tax crowd fills up the comment sections, it'll become assumed to those in charge that the overwhelming public opnion is that there's no problem with the tax. Replying here is good, but replying on the sites with the news articles can help keep us in business.

Please reply to the articles if you can. Thanks.
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I second that. Take a few minute to comment folks. I paraphrase the same talking points to save time. You would be suprised who reads these blogs, op eds, etc.
 
Think of it this way: each election is decided by roughly 10% of the population, the swing vote in the middle. Who are these people? They are not the die-hard social conservatives. They vote Republican. They are not the die-hard leftists and the poor. They vote Democrat. There aren't that many rich people, and most of them vote Republican anyways.

The swing vote is the middle class person who isn't a social conservative, but who IS somewhat fiscally conservative. The type of person who may have opened up their own E*Trade account to try out a few trades here and there. Those are the people that will be targeted by this tax, who will see their commission costs rise by a factor of 5. The Republicans are always looking for a lightning rod issue where they can take a clear stand against the Dems, and this tax is so easy to frame as a blow against the middle class, especially if any Wall Street firms get one iota of an exemption. Just imagine the campaign ads: "The Democrats want to tax you to trade in the market, but Goldman Sachs doesn't have to pay!". That's the type of thing that the dummies can take and spread like wildfire within a few days, because it's simple and makes sense to them.

The thing about the swing vote idiots is that you CAN swing them either way. It's just as easy to make them think that this is a big break for Wall Street as it is to make them think that it's a blow against the big firms if GS and others get exemptions. That's why I can't see it passing any time soon.
 
Quote from trader_t870:

With a re-election year coming up in 2010, and then 2012, does anyone really believe a tax like this will pass, especially one taxing "stock transactions"??? There are millions of Americans that purchase stocks, some to hold as part of their retirement portfolios/401k, some to hold for a short period of time. If this sort of tax were to be passed, the Democrats can kiss all of their majorities goodbye come 2012. Americans will be just as outraged about this, as they have Obama's rationed, socialized health care bill.
The Democrats know that if they pass any sort of transaction tax, they will be committing political suicide. They are already shitting their pants with the 2010 elections coming up next year.
Earlier today, Scott Rasmussen from Rasmussen polling was on Fox News with Neil Cavuto, and said, according to their polling, that if the 2010 elections were held today, the Republicans would destroy the Democrats in the House of Represenatives, and would quite possibly take over the majority, while the Republicans would also pick up a few seats in the Senate, although they wouldn't have the majority there.
All of this, compiled with the disasterous health care bill, and very nervous Democrats facing extinction in 2010 & 2012, don't expect this tax to happen. :D
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I wish you were right, really do, unfortunately there is very little chance the republicans will take control of the house and there is almost zero chance they will take control of the senate.

Having said that DeFazio is a fckin idiot and this tax won't pass but that doesn't mean don't fight it people. Crush it with comments and let your rep. know how ridiculous it would be.
 
Quote from drukes1234:

I wish you were right, really do, unfortunately there is very little chance the republicans will take control of the house and there is almost zero chance they will take control of the senate.

Having said that DeFazio is a fckin idiot and this tax won't pass but that doesn't mean don't fight it people. Crush it with comments and let your rep. know how ridiculous it would be.
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Yeah he has been pushing this tax since 2000. My guess is he loss a bunch of money daytrading and wants to get even.

Don't under estimate the Democrats when it comes to screwing things up. Its probably better then 50/50 odds that it will pass.
 
Quote from jficquette:

Yeah he has been pushing this tax since 2000. My guess is he loss a bunch of money daytrading and wants to get even.
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This isn't as crazy as it sounds. The stupid moron might have been holding Internet stocks during the crash in 2000, and he blames all his losses on the crazy daytraders and speculators that made his "investments" crash, so that year he proposed this bill. He really could be that dumb.
 
Quote from FB123:

This isn't as crazy as it sounds. The stupid moron might have been holding Internet stocks during the crash in 2000, and he blames all his losses on the crazy daytraders and speculators that made his "investments" crash, so that year he proposed this bill. He really could be that dumb.
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Why else would he push a punitive tax on daytraders in 2000?
 
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