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1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
How can they say this will help create jobs? It would kill jobs in the financial industry. I just don't get it..Net net this tax would be a job killer and a net negative revenue generator.
-Guru
-Guru
C'mon guys, PLEASE respond to that article. That is the entire purpose of this thread to get our viewpoint out IMMEDIATELY when this topic comes up in the press.
With this guy's big mouth, how can he not be a threat to us traders who do this for a living?
This is an important one.
Please throw up a comment to the article.
Thanks
--------------> REPLY IN THE COMMENT SECTION AT THE BOTTOM OF THE ARTICLE <-------
"The 0.25% tax hike isn't a call for alarm, Cramer said. "The right doesn't want to hear about tax hikes, but look at the mess we are in ... I can handle 20%."
http://www.thestreet.com/story/10632391/1/cramers-stop-trading-verizon-att.html
--------------> REPLY IN THE COMMENT SECTION AT THE BOTTOM OF THE ARTICLE <-------
With this guy's big mouth, how can he not be a threat to us traders who do this for a living?
This is an important one.
Please throw up a comment to the article.
Thanks
--------------> REPLY IN THE COMMENT SECTION AT THE BOTTOM OF THE ARTICLE <-------
"The 0.25% tax hike isn't a call for alarm, Cramer said. "The right doesn't want to hear about tax hikes, but look at the mess we are in ... I can handle 20%."
http://www.thestreet.com/story/10632391/1/cramers-stop-trading-verizon-att.html
--------------> REPLY IN THE COMMENT SECTION AT THE BOTTOM OF THE ARTICLE <-------
Quote from listedguru:
How can they say this will help create jobs? It would kill jobs in the financial industry. I just don't get it..Net net this tax would be a job killer and a net negative revenue generator.
Geez dude, use your brain. That is the point.
Congressmen do not write laws, the lobbyists do. The interests behind those know what is going on.
Quote from ksharmon:
cramer getting showered with emails
Jim Cramer
TRADER TAX
11/24/2009 4:17 PM EST
.... But i think those who are attacking me are missing the point: it would not be as catastrophic as it would have been at one time .....
It wouldn't be "catastrophic" to him because he's no longer making his money exclusively trading.
For the rest of us that do, how is it anything BUT "catastrophic"?
I hope people realize there will be massive exceptions to this. Both GS and JPM have HFT scalping businesses that would be rendered highly unprofitable. I'm sure other politically connected traders/investment banks will gain exemptions from this too. Also, 0.5% roundtrip is way too much to charge. I'm thriiled because I recently came up with a day trading strat I'm currently trading with real $ that averages ~ 0.6% per trade. (I've not posted about it on ET and I probably won't as positng results here seems to bring me bad luck). But, in my case, 0.5% will end the profitability for this strat unless there Is a market, like FX, that is not taxed. So, I think the tax would be less that 0.5% roundtrip.
Quote from endsongs:
I hope people realize there will be massive exceptions to this. Both GS and JPM have HFT scalping businesses that would be rendered highly unprofitable. I'm sure other politically connected traders/investment banks will gain exemptions from this too. Also, 0.5% roundtrip is way too much to charge. I'm thriiled because I recently came up with a day trading strat I'm currently trading with real $ that averages ~ 0.6% per trade. (I've not posted about it on ET and I probably won't as positng results here seems to bring me bad luck). But, in my case, 0.5% will end the profitability for this strat unless there Is a market, like FX, that is not taxed. So, I think the tax would be less that 0.5% roundtrip.
Unfortunately FX is considered a future in the eyes of the bill as well as all the Defazio's bills he has started. There has not been an instrument that he forgot to tax!
"Big guy" exemptions make the whole Transaction tax totally pointless. The whole point is to collect massive revenues, and if the people producing nearly all the transactions are exempt, the govt will make hardly any money. Hence, there would be no reason for passing this tax and exempting all the big dogs.
Quote from endsongs:
I hope people realize there will be massive exceptions to this. Both GS and JPM have HFT scalping businesses that would be rendered highly unprofitable. I'm sure other politically connected traders/investment banks will gain exemptions from this too.