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

Look what Jon Najarian put on twitter. He retweeted another users twitter comment to his 7,714 followers. I'd love to hear the next conversation between DrJ & Cramer.


optionmonster Write your Congressman here: http://bit.ly/93copW RT @ywsr: @optionmonster cramer what a jerk....he stops trading and sells books
 
Quote from seasideheights:

In our comments & emails we must break the association between Wall Street Investment Banks & the general public that has trading accounts. They're two different things & we're getting caught up in the tornado on the banks.
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Agree, and I think it's also best to use down to earth examples, like 50 shares of AAPL = 10K transaction = $50 in transaction tax + broker fee + cap gains tax.

I've seen people commenting using examples in the 100k range, and that number just doesn't reflect the "average investor".
 
Quote from Arnie:

Well, now you have an "insider" in favor of this tax. I think Cramer knows something and is just going with the flow. This is like when Duke Energy and others came out in favor of cap and trade. There's a saying about regulation.....If you're not at the table when it's written, you'll be on the menu. Maybe Cramer knows something and is just postioning. GS and others will make sure they get some sort of exemption.
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I would not classify Cramer as an insider anymore, he may have been when he had is hedge fund. After he came out and told what they do and how they made money by cheating, I bet alot of people shut him down. This is why he is a clown on mad money on cnbc, no one wants to talk to hime, he doesnt do the interviews with powerful people anymore. I think he was prertty much blackballed by real people on the inside!
 
Quote from seasideheights:

Look what Jon Najarian put on twitter. He retweeted another users twitter comment to his 7,714 followers. I'd love to hear the next conversation between DrJ & Cramer.


optionmonster Write your Congressman here: http://bit.ly/93copW RT @ywsr: @optionmonster cramer what a jerk....he stops trading and sells books
More...

Thats funny, now the Najarian brothers are good! If cramer has twitter, eveyrone sign up and blast his twitter account
 
Quote from Arnie:

Well, now you have an "insider" in favor of this tax. I think Cramer knows something and is just going with the flow.
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I think Cramer was just running his mouth before he ran the numbers on the size of the tax on typical trades.

Note the final comments of Erin Burnett just before the top of the hour. She said they're going to talk about it more in depth. When Cramer comes back & talks about it again, he'll either turn into a friend to the trading community, or, someone who wants to eliminate short term trading entirely, which would be ironic for someone who earns a large income & ownership interest in a website that caters to traders & investors.
 
Are there any "Action Alerts" subscribers here who could give us the turnover in Cramer's portfolio? It would help to show him how this would impact his performance.
 
Quote from rsikit:

I would not classify Cramer as an insider anymore, he may have been when he had is hedge fund. After he came out and told what they do and how they made money by cheating, I bet alot of people shut him down. This is why he is a clown on mad money on cnbc, no one wants to talk to hime, he doesnt do the interviews with powerful people anymore. I think he was prertty much blackballed by real people on the inside!
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OK, fair enough, but he is close to others in the industry. Maybe they won't give him an interview, but he knows who's who. Btw, has anyone looked into what it takes for a US citizen to open a trading account in another country?
 
Buffet, amazing I did not even KNOW that and he does exactly what I feared he would. :(

The public needs to understand that small time day traders are NOT rich GS firms that take down financials making billions, and it could be THEM, as small business men, that will be ruined because their amount of capital will not finance at a profit such a tax against commissions and slippage, which disproportionately affect smaller regular Joe accounts if less than 250K.

It also would ruin it even for small longer term position play holders, like Cramerbots, because it affects them that WE are not providing liquid and they underestimate how much it would cost and affect even low transaction rate users.

Right now, they think ALL of "Wall Street" are the same bail out happy getting pigs that will get exemptions like GS while WE ordinary Joe's will finance the tax!
 
http://www.thestreet.com/p/_columnstconver/dps/cc/columnistconversation1.html

Scott Rothbort
Taxing Taxes
11/24/2009 3:25 PM EST
I listened to all of Jim Cramer's "Stop Trading." I am not in favor of raising any taxes. That being said, we have to accept the reality of living in the current political environment. President Obama and the Democratically controlled Congress is going to raise taxes.

I agree with Jim that a trading tax is more palatable than an increase in dividend and capital gains taxes. A trading tax might sap liquidity from the markets but we can adjust to that, just as we finally adapted to the lack of an uptick rule, as abhorrent it may be that the rule was stricken.

However, a disincentive to invest in capital by raising capital gains and dividend taxes is far more deleterious to economic growth and stability, as well as to the capital markets. A capital gains and dividend tax increase would violate both Keynesian and supply-side doctrines.
 
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