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

Quote from rsikit:

Nothing about this bill is going forward, this is older news we knew they were drafting this bill a few weeks ago. There are 2 or 3 others already drafted. This is just pulled from old news. The 2 bills drafted are Defazios from this year, and the trasnportation bill from this summer. A few weeks ago perlmutter and Defazio were drafting this bill. The key is to get anybody to take it for a vote and so far those in the proper tax writing committes like Rangel have not even had dicussions on it yet. So pretty muc same old stuff here of journalist trying to write a story on another slow news day :)
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Good work riskit, good work mate. Thanks.
 
Quote from Xspurt:

Good work riskit, good work mate. Thanks.
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Thanks! I am not taking away any seriousness of whats happening with this but it just irks me when the reports are the same old thing wrapped up into a article on a new day. Notice that it is so far Defazio and Perlmutter, here are some articles from last week and a few weeks ago about the same thing.
The first article is from last week that says Defazio looking for co sponsers for his let wall street pay for main street restoration act, well he got on perlmutter so far:) Perlmutter has been for this tax for a while. When he gets cosponsers like rangel or someone who counts then we worry. The next article was perlumtter discussing this a few weeks ago , and I am sure we posted all these on this thread a few weeks ago so no one should be upset with the same news over and over!


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





http://www.forexpros.com/news/inter...-trade-tax-faces-uphill-battle-in-u.s.-102393
 
Streetaccount on the trader tax bill proposal

<i>note especially the last paragraph--KSH</i>

Democrats drafting bill for financial transaction tax, would raise $150B--thehill.com

* The Let Wall Street Pay for the Restoration of Main Street Act that is being drafted by Reps. DeFazio (D-OR) and Perlmutter (D-CO) would tax the sale and purchase of financial instruments such as stocks, options, derivatives and futures at 0.25%.
* Under the draft legislation, $75B of the $150B in tax revenue would go toward reducing the deficit, while the other half would be deposited in a “Job Creation Reserve” to support new jobs. The measure specifies that tax revenue would need to support jobs that pay at least the median wage in the United States, promotes manufacturing jobs and prohibits any recipient of the $700B financial bailout from directly benefiting from the job reserve fund. Note that the bill aims to exempt retirement accounts from the impact of the tax as well.
* As mentioned on 19-Nov, StreetAccount notes that most observers believe it is very unlikely that this idea will pass as there are many New York Democrats on the House Ways and Means Committee who would likely block any such proposal. Additionally, Sen. Schumer (D-NY) and Sen. Gillibrand (D-NY) are unlikely to approve a measure containing this additional tax should the proposal ever come up in the Senate and with all Republicans united in opposition; the measure would have little chance of passage. Additionally, Treasury Secretary Geithner responded to a question regarding a financial transaction tax last week by saying that he hasn't seen a version of that tax that would be appropriate for the U.S.
 
I couldn't help but notice they revised their number for futures and derivatives from 0.02% (as reported last week) to 0.25%. Even the Euros understand the tax would have be closer to 0.05% or less in order to even be feasible.
 
I saw that too powerballad, it might be just reported like that in the article instead of specifics. lets see when ever they file the real bill what it says. then we can also see how many co sponsors it has and follow the status .
 
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