Anyway you spin it, the support among key legislators for this issue isn't there. Even the administration came out against in on an international level. The numbers are to big in the US to implement such a levy. Finance is to interconnected in the daily lives of people in the US. In addition, you have to look at all the key donors to the legislators that have proposed legislation relating to the tax, all union people. Also taxing futures doesnât exist in the world today. India just abolished such a tax in less than a year, after enacting the tax. If you look at the senate side, there have been several democrat senators that have come out against the proposed legislation. If the tax were to be adopted on an international level, then I would have cause to worry. But with the huge push back against such a tax on a world level, its hard to believe that ever coming to being. At the end of the day almost all the financial community, with the exception of the individual investor, know that the transaction tax will not be implemented. The window of opportunity for such at tax has come and gone. This tax manages to come out of the closet several times a year, with no real chance of passage. The evidence against such a levy is too overwhelming to ignore.
1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
I am sure they wont tell us that or how to get around it. I was thinking I would just go into every trade with 95k of a position each time. They didnt specify anything other then 100,000 dollar transaction, which means go in and out with 95k all day long 950 shares on a 100 dollar stock back and forth all day would keep you under it. I was also thinking would they lump trades in the same stock or future together, if so then screwed, if not then it seems alright. We also do not know what refunded means, if they charge it and then refund it at end of the year or day or week? That matters, otherwise t could drain our accounts until they refund it, or will they just not charge it on transactions under 100k. So many things to know that can only be told if this passes. Who knows. We will only find out once they pass it. Thats a big if they pass it.
I agree but what scares me a bit is more and more are wanting it on an international level, sure there are some countries against it but who knows maybe they are just siding with us. If all countries did it and we took the lead other countries would have no problem doing it becuase they would not be losing out. Its scary if the US takes the lead there. But switzerland has come out against it. I know places like India dont want it but how safe could our money be there, it seems most of the safe countries wnat this tax. We just cannot take the lead here on a domestic level. The world wants it for helping third world countries and millienum develpoment goals for the UN, we want it to pay for projects. I dont think it will make it through the senate at all. I just dont want it to be excluded now and then picked up at the next g20 and then they talk about some concerted effort again. I want these politicans and not the whacky ones like Defazio BUT Rangel and Hoyer and Shcumer to come out during this deabte when its time and really bash this issue. As they should becuase it will hit there home constituancy hard.
I don't know about you guys but a $95,000 intraday position for me is absurdly small and would have quite a big impact on my trading. Also, don't think for a second with liquidity falling off a cliff that commissions won't sky rocket, this WILL be passed on to everyone at every level. I still see the chances of this passing as extraordinarily low but until the chances are zero I will keep fighting and writing letters and hopefully all of you do as well and do our part to make this BS never come to fruition.
u took the words right out of my mouth, you can stay under the 100k limit. if i trade 100 shares at a time of a 100 stock its only 10k a transaction, tell you what that would put a crimp in block trading. if this passes something will happen that will split prints up anything to keep it under the number for the tax. unless they come out and say no more round trip trading.
Irregardless of anything that is proposed on an international stage or domestically, the tax can't pass the Senate. The Senate is where bills go to die
I hear ya drukes but if there is a way around it and u need to trade 900 share over and over then we have to. Forex can be an option since so far it wasnt mentioned this time around. I dont think it will ever be a zero chance, much closer if the republicans ever control the congress or Potus, but this will be an on going fight . I dont want a double dip recession or god forbid the market tanks soon, this wont help us. I want the higher ups and even the president to specifically say he is agains this, I am sure he wont say it but would be nice to hear.
I feel stupid for not even thinking of breaking the orders up which obviously would work but I think the issue with that is because the volume will fall off a cliff in such a big way it will be very hard to work for your price if you want to fill a big order very quickly because the spreads will be so wide. LET'S KEEP FIGHTING THIS SO WE DON'T HAVE TO FIGURE OUT WAYS AROUND THIS! FIGHT, WRITE, EDUCATE!!!
Quote from Billy Thunder:
Irregardless of anything that is proposed on an international stage or domestically, the tax can't pass the Senate. The Senate is where bills go to die
Yes and luckliy so far we have some friends in the senate, if you did notice the latest article I posted it only had 7 co sponsers for the tax that we are discussing, - no tax on 100k or less and .02 for futures and .25 for forex. Only 7 in the house and the house is pretty big. Also in the article, was a mention by Rangel, even though he said he wouldnt say if he supported it or not he did say no one has talked to him in his committee about it, thats good .