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

Quote from drukes1234:

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!!!
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Yeah drukes thats what I was getting at, I stated 95k just as a means to be under the taxable limit. Your right though, we dont want to figure out ways around this, we just dont want this at all!
 
Quote from rsikit:

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 .
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Yeah, no one wants to talk to Rangel over the tax, because they know he would tear them a new one. Hoyer was less than enthusiastic in mentioning the tax as a possible option and Slaughter wasn't signing on without international participation, which isn't going to happen. For the tax to have taken hold, it would have had to been at the beginning of the year. It shouldn't surprise anyone when you read the supporters of this levy. I have yet to see anyone significant embrace the levy, I've only seen significant people distance themselves from it.
 
It looks like the tax would only be refunded on the first 100K traded annually:

"The tax would be applied to stock transactions (at 0.25 percent), futures, swaps, credit default swaps and options. In an effort to make sure it does not affect pension funds or average investors, it would be refunded for the first $100,000 of transactions annually, as well as for tax-favored retirement accounts, education savings accounts and health savings accounts."


http://www.cbsnews.com/blogs/2009/1...ntry5700582.shtml?tag=contentMain;contentBody

-Guru
 
Quote from listedguru:

It looks like the tax would only be refunded on the first 100K traded annually:

"The tax would be applied to stock transactions (at 0.25 percent), futures, swaps, credit default swaps and options. In an effort to make sure it does not affect pension funds or average investors, it would be refunded for the first $100,000 of transactions annually, as well as for tax-favored retirement accounts, education savings accounts and health savings accounts."


http://www.cbsnews.com/blogs/2009/1...ntry5700582.shtml?tag=contentMain;contentBody

-Guru
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Now that part about the first 100,000 dollars annually would suck thats bacially useless for us and for most. So we shall see what the bill entails when we see it.
 
Quote from listedguru:

It looks like the tax would only be refunded on the first 100K traded annually:

".... it would be refunded for the first $100,000 of transactions annually, "

- Guru
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Exactly, this number is PER YEAR not per day -- this is an exemption for the people that only make a few transactions per year!
 
Quote from rsikit:

Now that part about the first 100,000 dollars annually would suck thats bacially useless for us and for most. So we shall see what the bill entails when we see it.
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If it's as much as 0.25% per side then day and swing traders (me) are royally f*cked.

I'm smalltime and I did $17.5 million in just stock trades last year. That $100K is nothing... :mad:
 
Quote from Wayne Gibbous:

If it's as much as 0.25% per side then day and swing traders (me) are royally f*cked.

I'm smalltime and I did $17.5 million in just stock trades last year. That $100K is nothing... :mad:
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That would be about 87k in taxes!
 
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