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

woozi · Oct 30, 2009

I tried to comment to the NY Times article and discovered no more comments are being accepted.
Since the current US debt equates to roughtly 350k per citizen it is clear that no amount of taxes will cure the problem with spendaholics. If the interest on our debt doubles (from current 3% - 3.5%) to 6 - 6.5% the current tax revenues will not even cover the interest on our debt. With our AAA credit rating nearing downgrade status more tax revenues will be needed. I wonder if they will try to add a VAT tax after the transfer tax on winning trades :-)

Good parasites never kill their prey - to bad politicians don't have as much sense as the parasites.

Jupiter0 · Oct 31, 2009

those congressmen obviously don't care or understand anything about the small traders in this industry. This stuff really ticks me off. They're not going to do real reform like break up these monster banks that are way,way beyond "to big to fail" so they will try and win public support and get some good publicity stunts with these taxes that take away from liquidity and hurt small guys like me.

hopeful · Oct 31, 2009

Quote from woozi:

.
Since the current US debt equates to roughtly 350k per citizen it

It's $38,000 according to this:

http://www.usdebtclock.org/

And there are 19 other countries in a worse position ,in terms of debt to GDP ratio, than the US.

dumb_mother · Oct 31, 2009

Quote from hopeful:

It's $38,000 according to this:

http://www.usdebtclock.org/

And there are 19 other countries in a worse position ,in terms of debt to GDP ratio, than the US.

look down at the bottom at "liablilities per person" so that you count all the debt we've changed the accounting rules not to count.

seasideheights · Oct 31, 2009

Quote from FightTheFuture:

...'If the public demands it'. That is the scary part. On other financial, investing forums, seems like more than half want the tax. And you cannot reason with them. Someone of self-importance will mention the tax and the investors, much more than traders who know how the markets work, are all for it, don't even question it. ...

That's exactly why this thread was created, to counterbalance the pro-tax crowd with input from our viewpoint.

Authors of the pro-tax articles do read the online comments to their articles. Let's make sure they see our reasoning to NOT have the tax enacted.

Let's continue to shoot the idea down immediately whenever & wherever it pops up, while not fanning the flames by mentioning the idea to those who are unaware of it.

hopeful · Oct 31, 2009

Quote from dumb_mother:

look down at the bottom at "liablilities per person" so that you count all the debt we've changed the accounting rules not to count.

If you want to look at liabilities then you also need to look at assets. Assets minus liabilities per citizen is -$104,000. Pretty nasty but much less so than the nearly -$1,000,000 that was stated above.

Looking at the feb money creation is interesting - about 2.25 million bucks created per minute - just how many printing presses do they have ?

woozi · Oct 31, 2009

Quote from hopeful:

It's $38,000 according to this:

http://www.usdebtclock.org/

And there are 19 other countries in a worse position ,in terms of debt to GDP ratio, than the US.

take a look at the bottom right corner of the debt clock - the current liability (for the US to fulfill all obligations) is $344,096

woozi · Oct 31, 2009

Quote from seasideheights:

That's exactly why this thread was created, to counterbalance the pro-tax crowd with input from our viewpoint.

Authors of the pro-tax articles do read the online comments to their articles. Let's make sure they see our reasoning to NOT have the tax enacted.

Let's continue to shoot the idea down immediately whenever & wherever it pops up, while not fanning the flames by mentioning the idea to those who are unaware of it.

I wouldn't be opposed to paying the tax if I could be given the same "favored" status as Government Sachs. It seems they always know exactly what side of the market to be on when reports come out. I would love to have a 96% win ratio. Seems odd that the key people involved in bilking us for trillions was from GS. Now their ex-execs have permeated into the Fed and the Treasury. Should we be surprised that the little guy is being asked to give more?

woozi · Oct 31, 2009

Quote from hopeful:

If you want to look at liabilities then you also need to look at assets. Assets minus liabilities per citizen is -$104,000. Pretty nasty but much less so than the nearly -$1,000,000 that was stated above.

Looking at the feb money creation is interesting - about 2.25 million bucks created per minute - just how many printing presses do they have ?

I hope you realize that you are suggesting that you willing to give the government all of your assets. They have pledged all of each citizens personal assets + $104,000! I would like to keep my assets for the time being. They are sucking them down as fast as they can.

listedguru · Nov 4, 2009

It looks like the G20 is meeting this weekend and the dreaded tobin tax will most likely be brought up (according to this article). I can't post the entire thing as I'm not a subscriber so maybe someone else can?

http://online.wsj.com/article/BT-CO-20091104-712796.html

Also it looks like Lord Turner met with Geithner last week to push his Tobin Tax agenda (amongst other taxes):

http://www.ft.com/cms/s/0/b34619dc-c4f2-11de-8d54-00144feab49a.html

It really sounds like the US is more inclined to go with an insurance type plan to make banks pay for their own bailouts (which is good)... Things have been pretty quiet around here lately (hopefully that a good thing).

-Guru