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

an STT tax would destroy the economy of the United States:

I disagree. I would not destroy the economy. Wall Street is not the "ECONOMY".

It would destroy "daytrading". I will force longer term plays and it would have an effect on 401ks and Retirement programs.

Walls Street is over as you and I know it. The lack of responsiablity, the lack of taking care of their "Clients", the lying and the cheating have destroyed the "Markets".

Capitalist are not part of WallStreet. They are small business owners, Private Manufactures, Start ups vested with Private Equity. Private is the way the New Economy is going.

Wallstreet is Corporate Socialist, who are no better than the very OBAMANATION bandits in DC.

Investment Banks are no longer the model that we had in the 80s & 90s. They have destoryed themselfs.

I am against any tax on profits. However, the tax will not destory the economy. It would force people to spend and spend and spend. It would destroy savings rates if anything.


The very tax base of "WALLSTREET" is gone. NYC is not going to see that type of "Tax" revenue for decades to come, neither is the US GOV.

There is a shift in the Dynamics of our economy, in the dynamics of the financial world.
 
Quote from zdreg:

"We all need to keep our ears perked up and do whatever we can when we can until we're in the clear."

clear means the next presidential election with a pro business president.
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Don't forget Mid-Term elections. DeFazio is up for re-election in 2010.
 
I still highly, HIGHLY doubt this ever gets passed but if it does it's going to be something much smaller than the originally proposed 1/4% per side. I could see a very small of maybe 0.05% or something very small to get the revenue while still being small enough to keep the liquidity from most players and eliminating the flash traders etc...

Like I said I still doubt this passes, but if it does I would be incredibly shocked if it was anything close to 1/4%. Any additional fee will change the way we have to trade but I think a very small % or even a fixed dollar fee could be adaptable for most traders.

Just my 2 cents..
 
...wages [are taxed]. But oddly enough, financial transactions are exempt from tax.

What kind of muddled thinking is this? Wage income is taxed, as is income from investments. A better analogy would be, "Getting a job or losing a job isn't taxed, so why should getting into or out of an investment be taxed?" (not that that is a particularly good argument, it's just more analogous.)
 
Quote from sculptor66:

I've just read the (pro-tax) comments and I'm overwhelmed by the sheer amount of stupidity and ignorance.

No basic knowledge abouts economics, no basic knowledge about financial markets, no knowledge about arithmetics.

Nothing but a big loud mouth shouting "tax them, tax them!"

Disgusting.
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I agree those comments are terrible. Someone (big) needs to come out and squash this pro tax anti wall st. anti investor movement quickly. This is really pissing me off (LOL)...

-Guru
 
Quote from Klamath:

...wages [are taxed]. But oddly enough, financial transactions are exempt from tax.

What kind of muddled thinking is this? Wage income is taxed, as is income from investments. A better analogy would be, "Getting a job or losing a job isn't taxed, so why should getting into or out of an investment be taxed?" (not that that is a particularly good argument, it's just more analogous.)
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Don't bother using logic. Proponents of this tax can't think beyond a grade 2 level, so you're wasting your time. Thankfully they aren't the real decision makers.
 
bottom line is we all know the professionals will be exempt no doubt about that whether you trade prop or for a bank member of an exchange etc but im worried about myself as well trading in my retirement account. my goal is to avg about 6 to 9 % returns for 30 or so years with this tax im looking at 5 to 7 % when you compound it out. that is a ton of money taking right out of my pocket over a 30 year period. its like my fixed 5.75 mortgage for 30 years and when its up my bank says its actually 6.25 for those 30 years and guess what you owe us the difference. this tax is nothing more than legalized theft small amounts that add up to a ton over time. especially when all of us are trying to do the right thing and invest in our country. USA best damn bookie this side of the world.
 
http://finance.yahoo.com/tech-ticke...,BAC,^GSPC&sec=topStories&pos=9&asset=&ccode=


Still, Galbraith wants President Obama to go beyond the reforms proposed to date and lay out a "strategic vision" for the future of the financial sector.

Specifically, Galbraith is advocating:

•"More discipline on existing players to prevent abuses that led to disaster last year." This includes restrictions on executive compensation and criminal investigations of past abuses (as we'll discuss in a subsequent segment.) He also advocates a tax on financial transactions to reduce churning and short-term volatility.
•"A total restructuring of the system itself." Galbraith believes many institutions dubbed "too big to fail" should be either broken up or wound down. Generally speaking, "the financial sector grew far too much in relation to the economy in the last 15 years," he says.
"It doesn't serve any larger purpose to have such a huge presence of financial institutions in the economy. It creates a predominance of casino activity."
 
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