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

I guess if he does propose this bill this week then we can see if it really has traction or not with health care funding needed and the transportation fundin needed in the next several weeks If this is gonna pass or go thru committee it will now if its destined to, so get writing to your reps! If its not taken thru committee now and looked at, since we know the bill from Feb has been debated or looked at, then if it is not now that will be a great sign, This bill is slightly different then the last, it exempts pension, health and education savings. Its the Guardian reporting so still a little weary, but the fact there was some chatter from Defazio about these exemptions a week or 2 ago on cnbc is a little nerve racking. We shall see what comes, but this can really help us if it is not looked at now, that will be proverbial nail in the coffin if they dont take a debate with all this crap going on.
 
Quote from rsikit:

He is at it again! Dam that Peter Defazio

http://www.guardian.co.uk/business/2009/nov/16/tobin-tax-levy-financial-transactions-us-bill
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I read this as well and think the Guardian fabricated this idea of a new Defazio bill. There is absolutely nothing on the net to back this up, including Defazio's website. Plus if the only difference is a few exemptions (i.e. pensions), then it would make more sense to revise the wording of his current bill, otherwise he'd have to practically identical bills. Having said that, at least it's Defazio's name we're hearing about and not another congressman.
 
I was thinking the same thing PowerBallad, if someone actually important was spearheading this I would be more worried. I know Guardian is for this tax as it is stated on the net in many places, I know the Financial Times is against it so it seems the Guardian always prints the articles in this favor , or tweaks what they hear to make this attractive, we shall see. I hope he brings it up here and gets shot down!
 
Lot's of talk about a second stimulus and a 'job's bill.' This mentions Defazio's Transaction Tax to fund it:(

"But far bolder and perhaps more expensive plans could be in the offing. One idea that continues to get talked about is a $500 billion transportation reauthorization bill, which is up for renewal anyway and would produce tangible projects and jobs that are easy for voters to see and lawmakers to tout."

"The bill authored by House Transportation and Infrastructure Chairman James Oberstar (D-Minn.) has been pushed hard by Majority Whip James Clyburn (D-S.C.) and Democratic Caucus Chairman John Larson (Conn.), among others."

“It’s not like there aren’t good jobs bills available,” a senior Democratic aide said.

"The question for Congressional leaders has been whether the spending in such a plan could enter the economy quickly enough and how to pay for it. Some Democrats, led by Rep. Peter DeFazio (Ore.), are pushing for a new transaction tax on Wall Street to help rebuild Main Street, believing it would put Republicans opposing any tax increases in the position of backing Wall Street traders over middle-class Americans."

http://www.rollcall.com/issues/55_57/news/40669-1.html

-Guru
 
That Defazio part was nothing new it was actually pulled from an article when they were talking about the transportation bill a few weeks ago. We shall see what Defaggio does this week tough. I am sure this will come up with the tranny bill but lets see if it gets the traction beyond the few it has. Plus , to get this tax put on record they still have to pass that part by the House ways and means, even though Defazio is on the Transportion committee the only one that can chage the tax code is the house ways and means, they havent moved on any other legislation yet. So far no mention of it to fund healthcare so thats good.
 
Quote from listedguru:

Lot's of talk about a second stimulus and a 'job's bill.' This mentions Defazio's Transaction Tax to fund it:(

"But far bolder and perhaps more expensive plans could be in the offing. One idea that continues to get talked about is a $500 billion transportation reauthorization bill, which is up for renewal anyway and would produce tangible projects and jobs that are easy for voters to see and lawmakers to tout."

"The bill authored by House Transportation and Infrastructure Chairman James Oberstar (D-Minn.) has been pushed hard by Majority Whip James Clyburn (D-S.C.) and Democratic Caucus Chairman John Larson (Conn.), among others."

“It’s not like there aren’t good jobs bills available,” a senior Democratic aide said.

"The question for Congressional leaders has been whether the spending in such a plan could enter the economy quickly enough and how to pay for it. Some Democrats, led by Rep. Peter DeFazio (Ore.), are pushing for a new transaction tax on Wall Street to help rebuild Main Street, believing it would put Republicans opposing any tax increases in the position of backing Wall Street traders over middle-class Americans."

http://www.rollcall.com/issues/55_57/news/40669-1.html

-Guru
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Here is an article from The Hill it talks about defiect and jobs much like your article above and ways people are looking to fund things but it doesnt mention the Tax atleast


http://thehill.com/homenews/administration/68041-dems-stuck-between-job-numbers-deficit
 
Ok, so we're coming up against first legitimate test. According to this political insider interviewd by Erin Burnett just now, a huge jobs bill in addition to the transportation bill is coming and soon, possibly before year end. What guru noted above is in motion and moving fast. He says that wall st. needs to pay attention because transaction tax is specifically being discussed as a way to pay for the bills. The big money lobby better get their asses moving. I think we'll be hearing of the major players aligning themseves on this tax sooner than we thought.
 
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