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

Yeah its pretty dumb on Cali's part. They are in a cash crunch now imagine if they were to drive capital away by implmenting this for derivatives. Who knows they might be desparate enough to try it. Derivatives are usually they things they talk about that they are trying to regulate. Leave it to Cali to keep ruining themselves!
 
I hope they pass it and then we can get first hand proof how capital would flee the state and then Cali realizes they just exacerbated the situation of their credit crunch.
 
Quote from rsikit:

I hope they pass it and then we can get first hand proof how capital would flee the state and then Cali realizes they just exacerbated the situation of their credit crunch.
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Exactly!!!! If they implemented such a tax, their budget situation will get even worse that what it currently is, because of the investments that will flee CA. This is downright comical!!!!!! LOL!!!!!!!!
 
Quote from MrPowerBallad:

Here you go guys -- sounds like they want it for all derivatives, including forex and futures. They think they can raise $100 billion per year for CA:

http://www.rense.com/general88/cali.htm
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Thanks for posting this. A couple of items here:

"Therefore be it Resolved that the California Democratic Party supports the establishment a 1% Tobin Tax on all derivative financial transactions, including speculation in oil futures, credit derivatives, commodities, foreign exchange, and mortgage-backed securities, whether as a fee on California-based derivative trades, or as California's population-proportional fraction of a nation-wide federal derivatives tax,"

A nation wide federal derivatives tax? That doesn't sound good.

Also it mentions the federal goverment collecting the tax on California's behalf:

" Be it further resolved that Tobin taxes or fees collected for the State of California or by the Federal Government on California's behalf,"

I think this bears watching. We all now California is in dire straights financially speaking and they are a very liberal leaning state. Something like this could set a precedent for other states if it ever came into being (and maybe even spread to stocks)... If something like this passed at the state level the feds might follow suit for the double death tax whammy:(

-Guru
 
Yeah wouldnt worry about this too much! :) Its Cali and enough said. Anyways, its just talk in there about federal just in case , they want their money!! Nothing to lose sleep over, I am actually wanting Cali to pass it , then we will all see how bad it is.
 
Approved by the La Jolla Democratic Club, October 11, 2009


And also keep in mind that it was a club in Southern Cal trying to get heard, nothing to do with anything in Legislation or even if its been heard or what not. This is simply a club trying to get heard. Keep that in mind!
 
Quote from rsikit:

Yeah wouldnt worry about this too much! :) Its Cali and enough said. Anyways, its just talk in there about federal just in case , they want their money!! Nothing to lose sleep over, I am actually wanting Cali to pass it , then we will all see how bad it is.
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Yeah I just looked up this Mike Copass guy who's name is attached to the 1% tax bill. This is from his website under economic policy:

• Co-sponsor legislation for an equitable Tax policy – including the end of corporate welfare which favors oil companies, and subsidizes large corporate farms and other special interests – and modest fees and taxes on financial instruments and transactions, including the $300 trillion derivative market of Wall Street

-Guru
 
And Guru,

that guy ran for congress about 2 years ago and thats when it was on his website. He lost:) Also look at some of the other things on his site, he is pretty progressive and an activist.
 
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