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

so long as pundits keep postulating in public how a tax would raise 100B a yr, Congress will be tempted. So far, no one in a postion of importance (i.e. Geitner, Summers) has taken the time to demonstrate WHY as tax would be detrimental to the economy. All we get is "I don't think so"s and that will not disuade the tax writers from finding new ways ro raise revenue to pay for these grand schemes, nevermind that these same tax writers can't even account for their own tax liability.

Plus check out seaside's link.
 
Article is new but they must have needed something to print on a friday becuase all of that is old news from a week or 2 ago. That Mishel guy is the left leaning economist who testifed a few weeks ago in front of a house sub committee. Then the house ways and means committee came out 2 days later and said it was not under consideration. Gotta love the media!
 
Quote from cstfx:

so long as pundits keep postulating in public how a tax would raise 100B a yr, Congress will be tempted. So far, no one in a postion of importance (i.e. Geitner, Summers) has taken the time to demonstrate WHY as tax would be detrimental to the economy. All we get is "I don't think so"s and that will not disuade the tax writers from finding new ways ro raise revenue to pay for these grand schemes, nevermind that these same tax writers can't even account for their own tax liability.

Plus check out seaside's link.
More...

I see seasides lihnk its actually old news from the past year rolled into an article today:) I think Geitner echoed a little of the concerns about what it would do when the gentleman spoke of his concerns on the interview. But your right he could go into more detail.. I assume they arent becuase it is not a big deal to them now, to us it is. But to them its not really on the table yet or anything more than this past discussion. I look to the g20 meeting and then u see, the IMF was tasked to look into ways to make banks pay, and everyone siad tobin tax. Then the tobin tax was rejected by way of the head of the IMF but he suggested a type of insurance model , modeled after the FDIC is what Dominic Straus Kahn had said. Now after the interview today, Geitner said he proposed something along the lines of that effect. So I am trying to read between the lines there, plus proof that IMF is totally in the US pocket book :)
 
This legislation will always be floated on Cap Hill, infact if you look back it has been proposed each year in the house for the past decade. Some thing we have to deal with.
 
Quote from listedguru:

I haven't had a chance to listen to this yet (just found it) - but I think this is the interview where Geithner talks about the transaction tax:

http://www.economist.com/blogs/freeexchange/2009/10/an_interview_with_the_tim_geit.cfm

-Guru
More...


A superlative question with follow up by the questioner. A terrific job at explaining directly to Geithner about the downside of the tax's effect on traders.

I've invited the questioner to this thread.

Please keep things high quality & low noise here as is the norm.

Thanks.
 
Hey Guys,

My name is Scott Redler- Chief Strategic Officer t3live.com
I was at the Economist event and had the luxury of getting picked to ask Treasury Geithner about the Transaction tax- I've done a lot of homework on the devastion this tax can put on the trading industry-- I'm doing all i can thru my media Connections to let the powers at will Learn--- about the Real ramifications here- before it's too late

i will do my best

hope everyone has a nice weeekend
 
god bless you scott. You need to explain you and t-3 have more to lose than anyone out there as your money factory at t-3 doing billions of shares a month and making overides to the moon on 100's of traders would be over. i think you need to bring it up every time you're on cnbc.
 
You must log in or register to reply here.
Back
Top