India just did the same thing. Looks like the "big boys" are moving their HQ to Asia.
1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
India just did the same thing. Looks like the "big boys" are moving their HQ to Asia.
Hmmm.
http://www.elitetrader.com/vb/showthread.php?threadid=175770
They milked this cash cow completely. Time to move on.
i hope this doesn't pass... problem is there's a lot more poor people than rich people nowadays, and the poor people want to tax the not-so-poor... and with the people in power trying to push for more taxes, that's bad for all of us (who work and are active traders)...
btw does anyone know
a) is this equities only, eg would forex be exempt?
b) does it apply to non-us citizens as well, who are trading us stocks?
It would be great to get enough well reasoned dialogue coming out of wall street to stop this; though the forces against us are numerous, as socialists love taxing the hard working wealthy (and now traders etc). this would completely kill active trading, for us day and swing traders, so we need to collectively work against it... sending emails to media figures (cnbc/cramer etc) to ask them to speak out against it, a grassroots effort by thousands of active traders, plus the emails to our politicians, may help a bit. The main thing is to ascertain whether or not there's anything to be concerned about, odds/likelihoods/is this being even talked about seriously or just an idea etc..
"someone who didn't vote for the current politicians in office"...
-k
It used to be 0.25%
Then the AFL-CIO came out with 0.10%
Now, the European socialists are proposing 0.01% to 0.05% for all global transactions to be discussed at G20.
http://www.reuters.com/article/marketsNews/idUSLB1366720090911
At least the worst case scenario seems to be diminishing and the fools proposing these ideas, are seeing the damage it will do, thereby decreasing the target rate.
I doubt we will see a bad outcome, if any at all.
Then the AFL-CIO came out with 0.10%
Now, the European socialists are proposing 0.01% to 0.05% for all global transactions to be discussed at G20.
http://www.reuters.com/article/marketsNews/idUSLB1366720090911
At least the worst case scenario seems to be diminishing and the fools proposing these ideas, are seeing the damage it will do, thereby decreasing the target rate.
I doubt we will see a bad outcome, if any at all.
It'd be almost funny if the foolish governments in the West went ahead with this tranny tax shit & then some country/exchange like China/Dubai or others decided to do trades without taxation. Wonder if they'd be blacklisted? You can't blacklist China!
On second thought, China doens't have enough English infrastructure to make that work. It'd have to be a country with a lot of English-speaking people.
I doubt Canada has cojones to do that, for example.
On second thought, China doens't have enough English infrastructure to make that work. It'd have to be a country with a lot of English-speaking people.
I doubt Canada has cojones to do that, for example.
This people do not understand that if they start taxing security transactions next thing they should tax all other transactions in all other markets: potatoes, computers, cars etc. The reason is that financial markets as the most efficient and free markets ( so far, with no transaction tax yet) should serve as a model for all other markets out there. Let's see how others merchants and dealers would like this idea.
Taxing transactions to any extent is just about the stupidest idea anyone has ever come up with. A tax like this does nothing but inject glue into the gears of a financial machine, making it less likely for to people to transact and conduct business, and reduces overall liquidity. I fail to see how this is ever a good idea. Whoever thought of this incredibly stupid concept in the first place should probably be shot.
the 25K "daytrading" rule passed in the passion of the day! what good did that do? don't underestimate the other guy's greed! self-promotion!