People will not support such a tax, here is the proof.
http://www.rasmussenreports.com/pub...august_2009/60_say_tax_hikes_hurt_the_economy
http://www.rasmussenreports.com/pub...august_2009/60_say_tax_hikes_hurt_the_economy
1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
Labor Day Special: Reward Real Work, Tax Fantasy Finance
"We were fools to let the casino engulf nearly a quarter of our economy in the first place. And we'll be even bigger fools if we miss this moment to slap a tax on all financial transactions, the very best tool we have to reign in Wall Street's destructive excesses."
http://www.huffingtonpost.com/les-leopold/labor-day-special-reward_b_277094.html
Please comment at the bottom of that article if you can. Thanks.
"We were fools to let the casino engulf nearly a quarter of our economy in the first place. And we'll be even bigger fools if we miss this moment to slap a tax on all financial transactions, the very best tool we have to reign in Wall Street's destructive excesses."
http://www.huffingtonpost.com/les-leopold/labor-day-special-reward_b_277094.html
Please comment at the bottom of that article if you can. Thanks.
Austrian Government Seeks Tax On Financial Transactions In Europe
http://www.tax-news.com/asp/story/A...nancial_Transactions_In_Europe_xxxx38901.html
http://www.tax-news.com/asp/story/A...nancial_Transactions_In_Europe_xxxx38901.html
First, the "liquidity" is all BS. Have you traded a variety of stocks lately? Bots, Bots & more Bots! It's a damn casino in some sectors!
Second, the entire financial sector is making a mockery of regular working people by either stealing $billions in bonuses, stock options, fraud, bad investments & scams on a dumb & gullible general population.
A lot of people are just mad at the whole situation & the constant greed factor on wall st makes it worse. Some people want to reign it in, others want to 'sock it' to the industry & yet others figure they ought to profit from it too.
But the financial industry is doing this to itself. The exchanges have turned themselves into legalized BOT parlors!
Wall St doesn't give a shit about how many millions of jobs were/are downsized/outsourced/cut/reduced or eliminated. As long as they get their $$$million bonuses at end of year. All at no risk. And if they screw up? Sock it to the taxpayer!
Something needs to be done. The question is, is a transaction tax the right venue?
Since there are no other alternatives on the table, those pissed at Wall St, will say, damn right, let's get those greedy bastards!
Second, the entire financial sector is making a mockery of regular working people by either stealing $billions in bonuses, stock options, fraud, bad investments & scams on a dumb & gullible general population.
A lot of people are just mad at the whole situation & the constant greed factor on wall st makes it worse. Some people want to reign it in, others want to 'sock it' to the industry & yet others figure they ought to profit from it too.
But the financial industry is doing this to itself. The exchanges have turned themselves into legalized BOT parlors!
Wall St doesn't give a shit about how many millions of jobs were/are downsized/outsourced/cut/reduced or eliminated. As long as they get their $$$million bonuses at end of year. All at no risk. And if they screw up? Sock it to the taxpayer!
Something needs to be done. The question is, is a transaction tax the right venue?
Since there are no other alternatives on the table, those pissed at Wall St, will say, damn right, let's get those greedy bastards!
6:20AM ET story on CNN. They say the subject seemed like it would die down but is gaining traction.
They say $21B was made on high frequency trading last year. That sounds like the excuse they're using for pushing it. Along with hatred for GS.
They say $21B was made on high frequency trading last year. That sounds like the excuse they're using for pushing it. Along with hatred for GS.
Companies like GS but also market makers on the exchanges will not pay this tax if it ever happens. If they do have to pay this tax than liquidity will drie up in the stock market (wel maybe they think thats not so bad) but options trading for example will be completely dead. So the the group who will be paying this tax is the retail trader and thats not the group where the money is.
BOTs, or their owners, will incur the most taxation, therefore they'll just be shut off, like the owners paychecks.
Wall St. doesn't like unemployment, cuz they lose jobs with the rest of us. Trading houses don't operate in a vacuum.
Wall St. doesn't like unemployment, cuz they lose jobs with the rest of us. Trading houses don't operate in a vacuum.
So instead of taxing the profits of a business or the incomes generated, they want to increase the overhead.
This will reign in derivative excesses for sure but it is indiscriminate, damages proper run businesses, shrinks the financial sector, reduces employment, and penalizes investors.
But somehow they think this will increase tax revenue. The UK is reliant on tax revenue from the City the head of the FSA wants to tax it to death.
It seems like there's a commie agenda to destroy the foundations of capitalism.
This will reign in derivative excesses for sure but it is indiscriminate, damages proper run businesses, shrinks the financial sector, reduces employment, and penalizes investors.
But somehow they think this will increase tax revenue. The UK is reliant on tax revenue from the City the head of the FSA wants to tax it to death.
It seems like there's a commie agenda to destroy the foundations of capitalism.