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

Quote from Emini Maestro:

You sir are one of the most gullible people I have read on ET for days. If some politician told you if he had sex with your mother that it would create jobs, would you believe him?
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Unfortunately there will always be those blind, gullible people who have probably been brainwashed as they were being raised with certain false values. Only a few snap out and realize the truth.
 
Quote from ganesh6:

Is forex spot trading also taxed?
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All his bills stated anything covered under one of the sec acts in the 30s which accounted for stocks and stock options plus anything that is within the jurisdiction on the cftc, which is now also inclisve of spot FX/ Defazio had started this madness years ago just targeting currency transactions only then he branched out to all financial transactions
 
Quote from rsikit:

All his bills stated anything covered under one of the sec acts in the 30s which accounted for stocks and stock options plus anything that is within the jurisdiction on the cftc, which is now also inclisve of spot FX/ Defazio had started this madness years ago just targeting currency transactions only then he branched out to all financial transactions
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Where is spot FX covered by CFTC? Spot FX is unregulated.
 
Quote from PlusMinus:

Where is spot FX covered by CFTC? Spot FX is unregulated.
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FX is covered under NFA i believe. Anyway...even if they try to tax FX, we will just open our accounts in one of the many other countries that will not have that tax.
 
It is not a regulated exchange, it is under the jurisdiction of the cftc, thats why they can pursue fraud against firms etc.. You can read it on the cftc website. It will be covered by the tax if enacted.
 
Quote from peilthetraveler:

FX is covered under NFA i believe. Anyway...even if they try to tax FX, we will just open our accounts in one of the many other countries that will not have that tax.
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I am a forex trader myself, I have one open now to just have it ready. There was also talk about taxing the resident in the new bill, not who you trade from or where you trade, which is nuts but hey congress is nuts. Not sure how they would tax us since they do not get 1099 from brokers abroad
 
The extreme anger in the 500+ replies to that thehill.com story is actually pretty encouraging. I expected a lot of folks to come out in support of the tax just because of the Anti-WallStreet tornado that's spinning around. It seems to be universal anti-tax folks over there and they've differentiated between the investment banks & regular Americans with brokerage accounts. It's good to see. Almost like a hornet's nest that's been hit with a baseball bat. A politician reading that flood of harsh reaction won't be so quick to proudly boast about the tax in a positive way.

http://thehill.com/homenews/house/69295-dems-push-wall-street-150b-stock-tax?page=1#comments
 
I admire the movement againt this tax on et but i'm almost laughing at how heated people are. geitner already said obama is basically against it plus to get this passed it would have to be implemented world wide as our exchanges would perish. people are talking how the mkt survived this tax in the 30's and 60's. BUT NOBODY IS TALKING HOW 90% OF BUSINESS IS ELECTRONIC
NOW AN CAN MOVE IN DAY OVERSEAS . it will never ever pass period. how will look taxing peoples trades that have big loses?
 
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