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

I still say this transaction tax never happens. Defazio's HR 1068 is basically dead. There is no proposal in congress for a 1/10 of 1% tax on transactions - just the AFL CIO saying they would support it. Even if someone were to introduce a new bill with a lower % it would never get out of the Senate (if it ever cleared the house)...

-Guru
 
Good point Guru, if you read how the they look at bills referred to committee , you will see they have not acted on this or looked at it in 8 months, which means it is dead in the water. But I guess people get hysteria going, and I dont blame them everytime this comes up. Its the same guy that said this at the begining of the year , same old stuff. No one big is supporting and thats what we need to worry about when the time comes. They keep bringing up Lawerence Summers 1989 paper on this, but dont realize a few years ago he talked about it again stating he is not for it!
 
Quote from listedguru:

I still say this transaction tax never happens. Defazio's HR 1068 is basically dead. There is no proposal in congress for a 1/10 of 1% tax on transactions - just the AFL CIO saying they would support it. Even if someone were to introduce a new bill with a lower % it would never get out of the Senate (if it ever cleared the house)...

-Guru
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They can't pass the tax without an exemption for all the big wall street firms, because the big boys will NEVER let that happen - it would kill their profits. At the same time, they can't give them exemptions either. If they do, the public is going to quickly realize that it isn't a tax on Wall Street, it's a tax on THEM. The minute they realize that, the Dems are as good as barbequed in the next election. Congress isn't going to be stupid enough to pass something like this once they figure that out.
 
never, say never. with our debt levels, TAX on anything and everything, is on the table. and, i remember everyone saying "NO way can they get ride of the specialist." just a few years ago, and sure enough ....
 
You guys are missing the point. This is not about the DeFazio bill. That is DOA.

It is about the $9 Trillion budget deficit. It is about the Healthcare reform bill that is losing steam because people don't know how to pay for it. It is about an administration that is looking for creative ways to increase taxes without going against the Obama campaign promise "no new income taxes on the middle class"

Don't take this lightly. Instead of taking the time to comment on here send comments to Street Signs. Here is the link again.

http://www.cnbc.com/id/22898571/
 
This would be one of the quickest ways for Obama to <b>increase</b> his approval rating. "We're gonna get those....those dam day traders. The ones who <b>caused</b> the market volatility in the fall of 2008. They were all selling short and we'll stop that with a tax!"

It comes down to how they sell it. 99% of the audience for this tax will come from non-day traders. Ummmm...you think they'll be for it or against it? Would they choose this over higher income tax for the middle class? The TT is coming down the pipe. I sure hope you guys are polishing off the resume.

Quote from trader_t870:

Also, A Zogby poll released on 8/21/09 shows Obama's approval rating at 45%, down from 62% back in early July. This guy's approval numbers are sinking faster than the Titanic. I highly doubt that Obama, or the Democrats would approve a Stock Transaction Tax. Well, that is unless Obama wants to see his approval numbers go down into the 30's, which would be the quickest, sharpest presidential approval nosedive in history. By the time Bush's presidency was over, "8 years", his approval numbers were in the 30's, but Obama could be there in just one year if he keeps governing from the left. :D
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