1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
Dont worry about being spooked, trasnaction tax wont make it past the senate if even a chance it makes it there. There is more then enough opposition in senate including many dems. if you dont believe it write to the dem senators and see some of the respones you will get from them. I have gotten a few democrat opposition letters already.
risk, I am paranoid about this tax but at the moment I'm with you on its potential diminishing. One thing that always has me worried is the undeniable need for revenue going forward and taxes having to be raised. It's an enviroment where something unexpected can definitely happen you know. Like this tax always has this macro tailwind sorta.
I am sure the tax will alwys be on the burner for a while, but getting it thru both houses will be difficult if not impossible.Maybe in some sense like Larsons bill on derivitives or something of that manner. So far total support has come from a few and lefist dems at that, even Lord turner said today it has a relativley small chance. And he is the tax
I can see the slight possibility of a tax on institutional trading IF the market tanks again and the politicians think they need to show some action.
But if such a tax were to reach down to the level of individual traders and investors, there are just too many main street interests that would raise hell for it to get anywhere.
Understand that those in congress have only one objective in life, and that is to get re-elected. A tax that would impact so much of the electorate so directly is not something they'd want to be associated with.
Imagine yourself in the position of having to explain to your major contributors and financial backers that you are going to tax their financial transactions.
Ain't gonna happen.
More Downing street spin. We knew that the IMF was looking into the tax among other options as well. Still the UK says they will have input to make sure the IMF is just not going through the motions on studying the tax. Who will watch teh UK to make sure they are not the cheerleader on the sidelines
Anything to save Browns career Not sure if you can comment on the aticle becuase a lot of Guardian articles cannot be commented on when it comes to the tobin tax for some reason
If you want to see IMF and DSK real words you can search google and find out what he said with out the spin.
http://www.guardian.co.uk/business/2009/nov/23/cbi-global-economy
Anything to save Browns career Not sure if you can comment on the aticle becuase a lot of Guardian articles cannot be commented on when it comes to the tobin tax for some reason If you want to see IMF and DSK real words you can search google and find out what he said with out the spin.
http://www.guardian.co.uk/business/2009/nov/23/cbi-global-economy
Keep in mind there's a huge gap between trader and investor in the eyes of politicians, as evidenced by their recent willingness to exclude the tax for the first $100k per year. To put that in perspective, consider that buying and selling a single ES contract represents a value greater than 100K (if assessing the value per side). So even if you're a piker in the trading world, in the political world you're far from it.
It's bad that Strauss-Kahn is softening his language on this -- I guess that's all we can do is wait for his report next April or so to know his true intentions.
At this point Gaurdian is publishing one or two articles a day in favor of the tax -- fine, whatever, but where the hell are they pulling this stuff from:
" . . . but Downing Street said the White House was privately interested in the idea . . "
If true, that's obviously very bad.