1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
zero chance on trans tax in 09 because of filibuster and 2010 republicans take back the house, trans tax is dead in the water and has been ever since it has been brought up over the last 20 years. now dark pools, hft, new short rules those are the issues over the next few years. these rules will change the game but not eliminate it.
Frank is coming up on CNBC talking about financial regulation soon, we'll see if he mentions anything of interest.
Here is an article about the G20 in Scotland :
http://news.bbc.co.uk/2/hi/uk_news/scotland/edinburgh_and_east/8345958.stm
http://news.bbc.co.uk/2/hi/uk_news/scotland/edinburgh_and_east/8345958.stm
I have a few points I thought of regarding the Politico piece...
First off I noticed it says that Defazio is drafting legislation called "Let Wall Street Pay for the Restoration of Main St Act." Thats interesting because his current piece of Trans Tax legislation is called "Let Wall Street Pay for Wall Street's Bailout Act of 2009." I guess this is going to be reintorduced next year after his current bill expires in Congress?
Also the piece mentions paying for Infrastructure, etc. I thought Defazio was going to tax crude oil futures to pay for that:
http://www.govtrack.us/congress/bill.xpd?bill=h111-3379
The piece mentions the administration needing new sources of revenue for the 2011 budget due in February (something to monitor, btw). And it also mentions a transaction tax might help smooth out the effect of an increased capital gains tax (yeah right).
All in all this reminds me of the WSJ piece that came out a month ago or so. Much ado about nothing IMHO...
-Guru
Thanks for the heads up. They are no longer taking comments on this in the NY Times.
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I found the full article on Politico and it gives some more color on finding funding for the Infrastructure stuff. Here is an excerpt:
"To help the jobless through the holidays, Congress sent Obama a bill Thursday that would add up to 20 weeks in assistance for those who have exhausted their unemployment benefits. But the future of the highway program, hurt by a drop-off in gasoline tax revenues, remains a bone of contention.
The White House has said it wants to extend the current program only through the 2010 elections and then address increased funding. But 15 states are already so short of cash they canât meet their 20 percent matching requirement. And that number could double next year â greatly reducing the chance to let contracts and create jobs.
House Transportation and Infrastructure Committee Chairman James Oberstar (D-Minn.) has argued for an upfront investment of $80 billion over two years to get over this hurdle.
âThe concrete is cracking,â Oberstar said, laughing, hinting that the administrationâs resistance is weakening. And though he denies any role in the discussions, White House chief of staff Rahm Emanuel keeps popping up in conversations, drawn into the fray through his ties to old House colleagues, seen in the gym or at dinner.
The big question is where the money will come from. Rep. Steve LaTourette (R-Ohio) said he is prepared to round up 30 Republican votes for a plan tapping unspent stimulus funds â an idea that he said had been discussed by Emanuel with an old Chicago friend, Rep. Jerry Costello (D-Ill.). House Appropriations Committee Chairman Dave Obey (D-Wis.) said he knew nothing of this approach and would oppose it â leaving others to look for revenues.
House Majority Whip Jim Clyburn is most insistent on action requiring some give from the White House.
âIâve told the administration, I donât care who says it, that [it] is absolutely wrongheaded,â the South Carolina Democrat told POLITICO. âWe have to reauthorize that highway bill for at least four years. I would prefer five or six,â Clyburn said, even if it meant imposing a securities transaction tax on the financial community to cover the costs.
âThere are some painless ways to fund the highway bill,â Clyburn said. âTransaction taxes, thatâs a painless way; thatâs a painless way.â
All Democrats need to be voted out in 2010. What happened in New Jersey and Virgina was only the beginning. It's so comical that the Democrats don't seem to care about that. The 2010 elections are going to be exactly like 1994, which had the GOP destroy them, and take over congress. It's coming!!! 
I'm told that CNBC is going to be running a segment on the tax at around 2:40.... Let's see how they spin it..
-Guru
-Guru
Quote from skylr33:
All Democrats need to be voted out in 2010. What happened in New Jersey and Virgina was only the beginning. It's so comical that the Democrats don't seem to care about that. The 2010 elections are going to be exactly like 1994, which had the GOP destroy them, and take over congress. It's coming!!!
2010 cant get here soon enough, like i said you have the filibuster through this year if it even made it into the senate. and 2010 the gop wins hands down. i am originally from nj and that state has always had a democratic bias because of all the unions and such but the people have spoken and the increased taxes were getting out of control. the dems will never understand that raising taxes just stunts growth and really just throws this country into a vicsious cycle. i would love to help everybody too my advice to the democrats is to just go to your place of worship and just pray for everybody. come on dems believe in your soul !