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1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
A rare article explaining why a trans tax won't work.
Here's Why The Financial Transaction Tax Won't Work
http://www.businessinsider.com/heres-why-the-financial-transaction-tax-cannot-possibly-work-2009-11
Here's Why The Financial Transaction Tax Won't Work
http://www.businessinsider.com/heres-why-the-financial-transaction-tax-cannot-possibly-work-2009-11
"Reading a little bit (and maybe there is/are someone here more knowledgeable than I) but to target day traders and firms that daytrade while exempting pensions and 401k which may employ similar trading activities, doesn't this fall under a violation of the Constitution in re: Bills of Attainder?"
Maybe, but consider this point:
Lobbyists for big boys, like GS and others, have the bucks to bribe those power hungry (as ever always, see my last few posts) pols into giving THEM the keys to the kingdom while the little guy they say they are not against gets told, "oh well, you really should not be gambling, invest like good ordinary buy and holders, 401kers, etc.".
This is the whole point, you KNOW the big guns WILL get hidden exemptions or other clauses that make THEM even more powerful than now, because that is nature of the game.
Pols always do this as they do EVERYTHING that increases their power, as per human nature, just like the pig Napoleon in Animal Farm did in the Orwell book, no matter what intentions he started out with, he ends up sucking up to that new human farmer carting in goods and booze and cheeses that OTHERS in the herd are not privy to.
That is why it is so comical that people with ordinary means keep falling for this boondoggle, like these pols care about them! Against the corporations, pu-leazze!
Most regulations like the Pattern Day trading rule requiring no less than 25K balances, etc. only benefit better capitalized players. It puts barriers in the way of the little guy to entry and participation.
Same with these taxes. Even IF it applied to everyone, (and it won't, see this above) the big guns can sustain more fees than little players can, like us retail day traders with less than 250K accounts.
Just as with insider trading, a huge fee for violating CAN be paid by a whale, but YOU or I cannot even try it, because if fined, we are toast on the first offense as the fee is huge *relative* to our pocket depth. If your account capital size is less than the size of the penalty, you do the math!
Maybe, but consider this point:
Lobbyists for big boys, like GS and others, have the bucks to bribe those power hungry (as ever always, see my last few posts) pols into giving THEM the keys to the kingdom while the little guy they say they are not against gets told, "oh well, you really should not be gambling, invest like good ordinary buy and holders, 401kers, etc.".
This is the whole point, you KNOW the big guns WILL get hidden exemptions or other clauses that make THEM even more powerful than now, because that is nature of the game.
Pols always do this as they do EVERYTHING that increases their power, as per human nature, just like the pig Napoleon in Animal Farm did in the Orwell book, no matter what intentions he started out with, he ends up sucking up to that new human farmer carting in goods and booze and cheeses that OTHERS in the herd are not privy to.
That is why it is so comical that people with ordinary means keep falling for this boondoggle, like these pols care about them! Against the corporations, pu-leazze!
Most regulations like the Pattern Day trading rule requiring no less than 25K balances, etc. only benefit better capitalized players. It puts barriers in the way of the little guy to entry and participation.
Same with these taxes. Even IF it applied to everyone, (and it won't, see this above) the big guns can sustain more fees than little players can, like us retail day traders with less than 250K accounts.
Just as with insider trading, a huge fee for violating CAN be paid by a whale, but YOU or I cannot even try it, because if fined, we are toast on the first offense as the fee is huge *relative* to our pocket depth. If your account capital size is less than the size of the penalty, you do the math!
Quote from seasideheights:
They already know the consequences. Schwab is one that discussed it on their most recent earnings conference call. Call them & ask why they're advertising on the 2PM Street Signs show that REPEATEDLY promotes the very idea that their CEO said will damage their business.
Advertising on CNBC is understandable. Advertising on the one program that will damage their business is odd.
http://www.schwab.com/public/schwab/nn/customer_service/contact.html
You don't have to be a customer to contact them.
A 60 second email will do a lot more than reading this thread or worrying about it.
My suggestion would be that we email investor relations. That email is not on your link.
Here's one link that I emailed them:
http://www.aboutschwab.com/investor/information/information-investor.html
Anyone who has a better link, please post.
OldTrader
Quote from traderbigt:
............Most regulations like the Pattern Day trading rule requiring no less than 25K balances, etc. only benefit better capitalized players. It puts barriers in the way of the little guy to entry and participation.........
That is why I'm more afraid of the possible SEC rule proposals on "high frequency trading" in the coming months than I am of a trans tax.
Quote from OldTrader:
My suggestion would be that we email investor relations. That email is not on your link.
After watching the recent segment, I think a better idea is to not email anyone associated with the show -- not the host, the producer, sponsors, or anyone else. The host started the show with discussion of the "passionate" feedback she's been receiving and she ended the show with a request for more feedback. Anyone associated with the show that you email will just pass it along to her and she'll have grounds to do another segment. The sooner they think people are bored with this topic, the sooner they will drop it and never look back. Despite her language, she doesn't care about the tax, only her ratings (as others have pointed out on this thread).
Quote from MrPowerBallad:
After watching the recent segment, I think a better idea is to not email anyone associated with the show -- not the host, the producer, sponsors, or anyone else. The host started the show with discussion of the "passionate" feedback she's been receiving and she ended the show with a request for more feedback. Anyone associated with the show that you email will just pass it along to her and she'll have grounds to do another segment. The sooner they think people are bored with this topic, the sooner they will drop it and never look back. Despite her language, she doesn't care about the tax, only her ratings (as others have pointed out on this thread).
My point exactly. Turn the station when the show that she anchors comes on. Street Signs at 2pm eastern time.
Quote from MrPowerBallad:
After watching the recent segment, I think a better idea is to not email anyone associated with the show -- not the host, the producer, sponsors, or anyone else. The host started the show with discussion of the "passionate" feedback she's been receiving and she ended the show with a request for more feedback. Anyone associated with the show that you email will just pass it along to her and she'll have grounds to do another segment. The sooner they think people are bored with this topic, the sooner they will drop it and never look back. Despite her language, she doesn't care about the tax, only her ratings (as others have pointed out on this thread).
I think you're wrong. I don't think the sponsors, to include Schwab, have direct or indirect discussions with Erin Burnett.
I think Schwab may well be the biggest idiot of all, advertising on a show which is supporting the end of Schwabs business, active traders.
I think they need to be made aware of it.
OldTrader
Quote from OldTrader:
I think you're wrong. I don't think the sponsors, to include Schwab, have direct or indirect discussions with Erin Burnett.
I think Schwab may well be the biggest idiot of all, advertising on a show which is supporting the end of Schwabs business, active traders.
I think they need to be made aware of it.
OldTrader
I think your right maybe if a few sponsers pull out, wishful thinking on my part, but if they did then the show would get the picture!
"Brown drops bank tax idea after worldwide cristicism."
This is a good little read...
http://www.thefirstpost.co.uk/55831...drops-bank-tax-idea-after-worldwide-criticism
-Guru
This is a good little read...
http://www.thefirstpost.co.uk/55831...drops-bank-tax-idea-after-worldwide-criticism
-Guru