Good stuff rsikit!
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1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
Good stuff rsikit!
Quote from rsikit:
Here is a letter from Senator Kay Hagan, who is a democrat in the senate. She is against the bill in the house and would oppose it, but there is no bill in the senate. Here is the letter
November 17, 2009
Thank you for your message regarding the Let Wall Street Pay for Wall Street's Bailout Act. I appreciate hearing your thoughts on this important issue. I apologize for my delayed response.
On February 13, 2009 the Let Wall Street Pay for Wall Street's Bailout Act of 2009 (H.R. 1068) was introduced in the House of Representatives and referred to the Committee on Ways and Means. The bill would amend the Internal Revenue Code to require securities trading companies to pay a sufficient excise tax on a percentage of the value of their securities and commodities transactions in order to recoup the net cost of the Troubled Asset Relief Program (TARP). A similar bill has not been introduced in the Senate; however, I am opposed to the House version.
TARP was created under the Emergency Economic Stabilization Act, which was enacted in October 2008 at the peak of our financial crisis. The program was aimed at purchasing assets and equity from banks to strengthen them and encourage them to expand lending during a tightening credit squeeze. The funds provided under TARP were an investment, with the understanding that the American taxpayers will be repaid with interest. As a result of TARP and other targeted rescue program, banks are now recovering more quickly than the overall economy. Legislation such as H.R. 1068 could derail this progress. Furthermore, banks have already started to repay their TARP funds with interest.
In June, ten of nation's largest banks were able to demonstrate their return to stable profitability, and were cleared to repay a combined $68.3 billion in federal aid. They join 22 community banks that were previously allowed to repay about $1.8 billion in TARP funding. In addition to those repayments, so far, the Department of Treasury has collected about $6.85 billion in dividend and interest payments from recipients of the TARP funds. These repayments are an encouraging sign that we are on the road to economic recovery. I will continue to closely monitor TARP's progress in the upcoming months.
Again, thank you for contacting my office. It is truly an honor to represent North Carolina in the United States Senate, and I hope you will not hesitate to contact me in the future should you have any further questions or concerns.
Sincerely,
Kay R. Hagan
Please do not reply to this email. Instead, if you have further questions, please visit www.hagan.senate.gov and fill out my web form for your inquiry. Thank you.
So whether or not you think writing your senator helps, if it does great, if anything atleast we might get to know the position of the senator. I emailed Kay Hagan ( D N.C.)about a month or so ago, and she got back to me today. I was respectful when I emailed her, even though I didnt vote for her or her party. I told her how it will affect main street. I told her I was a trader but I am not worried about me I am worried about people's retirements, and what effect this could have on jobs. Among other things, but strayed away from worryying about me, the day trader. So I didn't expect much becuase she is a dem, but at least she got back to me. Whether its an aide or not writing this stuff, she is opposed to it and thats one more Democratic senator on our side.
We're getting caught up in the hatred for Goldman Sachs. We need to explain to people the we & the person you're writing to aren't Goldman Sachs.
http://www.huffingtonpost.com/mike-elk/protestors-to-goldman-sac_b_360726.html
http://www.huffingtonpost.com/mike-elk/protestors-to-goldman-sac_b_360726.html
Sometimes the best ideas are the simple ones. A modest levy on bank profits has a specific purpose â to provide insurance as long as banks enjoy a taxpayer guarantee â and raises a useful sum to reduce government borrowing. It can, and should, be introduced quickly. By contrast the Governmentâs proposed Tobin tax on international currency trading is fraught with technical difficulties and has no prospect of being implemented soon.
http://www.timesonline.co.uk/tol/comment/columnists/guest_contributors/article6920683.ece
http://www.timesonline.co.uk/tol/comment/columnists/guest_contributors/article6920683.ece
Dems eye stock trade tax
By Mike Soraghan - 11/17/09 08:46 PM ET
House Democratic leaders are considering imposing a new tax on stock transactions to fund a jobs bill, leadership sources tell The Hill.
Rep. Ed Perlmutter (D-Colo.) has been making the case for such a Wall Street tax, and House leaders have started paying attention as they look for a way to pay for the jobs bill, leadership sources said.
http://thehill.com/homenews/house/68273-dems-eye-stock-trade-tax
By Mike Soraghan - 11/17/09 08:46 PM ET
House Democratic leaders are considering imposing a new tax on stock transactions to fund a jobs bill, leadership sources tell The Hill.
Rep. Ed Perlmutter (D-Colo.) has been making the case for such a Wall Street tax, and House leaders have started paying attention as they look for a way to pay for the jobs bill, leadership sources said.
http://thehill.com/homenews/house/68273-dems-eye-stock-trade-tax
WASHINGTON, Nov 17 (Reuters) - The House of Representatives aims to pass job-creating legislation before the end of the year to ease double-digit unemployment levels that threaten the economic recovery, Democratic leaders said on Tuesday.
...
Some of these programs could be funded by a transaction tax on Wall Street, or money left over from the financial-industry rescue package, said the House's No. 4 Democrat, Representative John Larson.
http://www.reuters.com/article/comp...091117?pageNumber=1&virtualBrandChannel=11617
...
Some of these programs could be funded by a transaction tax on Wall Street, or money left over from the financial-industry rescue package, said the House's No. 4 Democrat, Representative John Larson.
http://www.reuters.com/article/comp...091117?pageNumber=1&virtualBrandChannel=11617
Quote from seasideheights:
WASHINGTON, Nov 17 (Reuters) - The House of Representatives aims to pass job-creating legislation before the end of the year to ease double-digit unemployment levels that threaten the economic recovery, Democratic leaders said on Tuesday.
...
Some of these programs could be funded by a transaction tax on Wall Street, or money left over from the financial-industry rescue package, said the House's No. 4 Democrat, Representative John Larson.
http://www.reuters.com/article/comp...091117?pageNumber=1&virtualBrandChannel=11617
In the end of the above piece it says this:
* A transaction tax on over-the-counter trades in unregulated "dark markets" (Additional reporting by Susan Cornwell, Thomas Ferraro and Donna Smith; editing by Philip Barbara and Todd Eastham)...
That doesn't sound like a tax on stocks to me? Hmmm...Interesting. Even Defazio mentions other methods they are looking at for funding the bill.
-Guru
Quote from listedguru:
In the end of the above piece it says this:
* A transaction tax on over-the-counter trades in unregulated "dark markets" (Additional reporting by Susan Cornwell, Thomas Ferraro and Donna Smith; editing by Philip Barbara and Todd Eastham)...
That doesn't sound like a tax on stocks to me? Hmmm...Interesting. Even Defazio mentions other methods they are looking at for funding the bill.
-Guru
It looks as though John Larson has a bill in Congress to tax derivatives .25% (He's talking up the tax in the piece above). Anyway his bill (HR 3153) has no cosponsors:
http://www.govtrack.us/congress/bill.xpd?bill=h111-3153
It sure doesn't sound like they are jumping on the bandwagon.
Also this piece from a month ago gives some color on it and it mentions Bernie Sanders Senator (D) Vermont as supporting the transaction tax:
http://dealbook.blogs.nytimes.com/2...ax-is-floated-on-capitol-hill/?pagemode=print
-Guru