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

Quote from listedguru:

These articles keep mentioning the same old names over and over again. I'd say this thing doesn't have any momentum at all (esp with the Geithner comments, etc). Let's put a fork in it and kill it once and for all:)

-Guru
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I wish there was a fork because I'd be the first one to get my hands on it! Unfortunately there are people like DeFazio that wouldn't get paid unless they didn't look like they were at least trying something so he has to make up bullshit and push it hard.
 
That bastard has been in congress a long time and always wins by a big margin, we need to annex off Oregon from the US, give it to canada or somewhere else. I hope if there are any traders here from Oregon they move!
 
From today's hearing:

GEITHNER ON FINANCIAL TRANSACTIONS TAX:

"I have not seen a version of that kind of tax that I think would be appropriate for our country. In designing the future rules of the game for this financial system going forward ... if the taxpayer is ever exposed to the risk of loss in the future, then that risk should be covered by a fee on the financial industry. That is a basic fair principle of justice. And it is a necessary essential thing."
 
Congress and Big Labor Collaborate to Raise Taxes

http://blog.heritage.org/2009/11/18...to-raise-taxes-on-non-union-retirement-plans/

Supporters of higher taxes and larger government have often suggested taxes on financial transactions in various forms as a way to pay for any number of government spending programs, and as a cure for persistent deficits. Just recently, United Kingdom Prime Minister Gordon Brown proposed such a tax on a global scale. The idea, immediately shot down at home, was quickly deflated internationally when U.S. Treasury Timothy Geithner rightly and quickly gave it two thumbs down.

Taxes on financial transactions if levied globally would diminish the efficiency of financial markets, destroying jobs on a global scale. If such taxes were enacted in the United States, it would sound the death knell for much of the domestic financial industry. Given their penchant for proposing job destroying tax hikes, the AFL-CIO’s financial transaction tax proposal should not be entirely surprising. What is odd in this case is that the proposal would reduce the value of investments in union pension funds which are among the most frequent traders of stocks, making one wonder who the unions think they’re helping.
 
Pelosi weighs in:

Wall Street tax must be international: Pelosi

http://www.reuters.com/article/newsOne/idUSTRE5AI3ZV20091119

http://www.nasdaq.com/aspx/stock-ma...dnt-implement-financial-transaction-tax-alone

She said the idea has "substantial currency" among House Democratic lawmakers, but said it was one of several ways being considered to pay for another job creation package.

Her acknowledgement that the U.S. couldn't unilaterally implement such a tax would appear to leave its chances of being pursued minimal, given the difficulty of reaching international agreement on such a thorny issue.
 
Quote from MrPowerBallad:

Pelosi weighs in:

Wall Street tax must be international: Pelosi

http://www.reuters.com/article/newsOne/idUSTRE5AI3ZV20091119
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It is good to see comments from the big players on the left. Most agree it would need to be an international effort. Good luck getting the entire international community to come together on anything much less something as esoteric as a transaction tax. It would only take a few hold outs to keep it uncompetitive for the US killing any effort for international cooperation.
 
Quote from Midas:

It is good to see comments from the big players on the left. Most agree it would need to be an international effort. Good luck getting the entire international community to come together on anything much less something as esoteric as a transaction tax. It would only take a few hold outs to keep it uncompetitive for the US killing any effort for international cooperation.
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And even thoug there is some consensus internationally there are still alot of safe countries that do not want this so we are safe on that respect.
 
Quote from NielsenDK:

Good find. But don't think is it dead yet. The only way for this to die is for the Conservatives to win in the UK in April and the Republicans to regain a lot of seats next year.
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The UK is not the only country that needs to do this, obviouslr France was behind this, although Merkel was at one point sinced Germany has been very quiet, but Switzerland was clearly against this as well as other countries, So it need not matter what the UK does there are plenty other countries that would need to be behind this. There are plenty of safe countries that would like to have the business from us that wont agree to the tax.
 
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