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

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.

anybody with exchange status memberships would be exempt, you just have to join a firm with that status instead of trading on your own.
 
hopefully obamasan will enact a retailer inventory tax - just as he wants to tax traders/firms who carry 'inventory.'

im sure walmart, etc would love a quarter % tax on everything in their store whether they make a profit on it or not. after all it's america's shopping addiction that helped people overspend so they should help clean up mainstreet.
 
"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."


Yes there is.

It is called another way to control the serfs and increase the divide between rich and poor for the benefit of the unholy alliance between operations like GS and big government.

Serious underestimation of the galling nerve of these people, my friend.

We are all plantation slaves getting table scraps, and ANY chance to suck blood and control another revenue stream on ANY level is considered a victory by these ideological nutballs...
 
Quote from traderbigt:

"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."


Yes there is.

It is called another way to control the serfs and increase the divide between rich and poor for the benefit of the unholy alliance between operations like GS and big government.

Serious underestimation of the galling nerve of these people, my friend.

We are all plantation slaves getting table scraps, and ANY chance to suck blood and control another revenue stream on ANY level is considered a victory by these ideological nutballs...

+1
 
Jim Cramer
Trader Tax
11/24/2009 5:40 PM EST
I talk about the misstatement of my position on tonight's Mad Money for the death threater and potential assassins out there!!!
 
Lots of brokerages advertise on thestreet.com.

See the "Brokerage Center" section of the home page.

Those brokers would take a financial hit if the tax that James Cramer is ok with gets enacted to pay for a jobs bill.

Why do those brokers advertise on a site where the CoFounder & Chairman is siding with a transaction tax that would put those very brokers in a big time financial hurt with the inevitable drop in the quick activetrading that are big profit centers for those brokers?

Maybe a few emails to those brokers would enlighten them.

A link to the video of James Cramer's segment would probably be useful. I'm sure they'd love the part where it says "We deserve it" in regards to the tax. I wonder if the brokers feel they deserve it. or like being told they deserve it.
 
Quote from seasideheights:

Lots of brokerages advertise on thestreet.com.

See the "Brokerage Center" section of the home page.

Those brokers would take a financial hit if the tax that James Cramer is ok with gets enacted.

Why do those brokers advertise on a site where the CoFounder & Chairman is siding with a transaction tax that would put those very brokers in a big time financial hurt with the inevitable drop in the quick activetrading that are big profit centers for those brokers?

Maybe a few emails to those brokers would enlighten them.

A link to the video of James Cramer's segment would probably be useful. I'm sure they'd love the part where it says "We deserve it" in regards to the tax. I wonder if the brokers feel they deserve it. or like being told they deserve it.

just saw on cramers mad money he recanted his view and said he was against the tax, said he was bombarded with emails cant believing he was for the tax
 
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