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1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
Also, when commenting articles on the subject, please always add that with the current proposals (0.25%) banks, market makers and of course GS would be EXEMPT.
Public needs to be aware of that.
Make clear you are against this _specific_ type of solution.
Public needs to be aware of that.
Make clear you are against this _specific_ type of solution.
Quote from seasideheights:
The online articles at least give us a platform to enter our viewpoints. It's extremely important that we fill those comment sections with them. Otherwise, the author & publisher of the stories will read all pro-tax comments & believe THAT is what the general public wants & believes. This is time for us to take our stance for the sake of our own livelihoods.
And why is it in today's paper? Because these same traders flooded Cramer's online site with their opposing (and maybe somewhat vitriolic) viewpoint which has now prompted THIS article and given it even greater exposure to the sheeple.
If you all are going to respond to these type of articles, make your case. Present your side in a clear, straight-forward manner, the effect it would have to the local economies and how it would probably be a net-negative tax. Turn down the rhetoric.
This is getting out of hand.
Quote from cstfx:
I agree with what you have said a few times already in this thread: this topic is getting too much press. And that's dangerous.
And now it is in the idiots-r-us Fox owned local newspaper (which undoubtedly will now make the local newscasts) which will raise the ire more of the pitchfork crowd, especially when they read the part about traders sending death threats and Cramer calling the FBI. This article does not endear any of us to the sheeple.
We need to keep writing Congress. But to make sure your point is made, we need to concentrate our resolve in the local markets that matter, NYC and Chicago, where the death of the small trader and the decrease in activity will be felt the most. I already know both Schumer (D-NY) and Menendez (D-NJ) have gone on record as being opposed to this tax, but if they (and Chicago representative politicians) waver in their resolve, we need to keep reminding them of the economic effect a tax such as this will have on their constituents.
I don't really have major concerns about Congress passing this, due to the Senators mentioned above. My biggest concern is when the G-20 meets in Washington in 2010. The Tobin Tax will certainly be one of the major topics of discussion. I can only hope that Geithner stands firm on the position that the U.S. opposes this tax. If they do, then we have nothing to worry about. I think the IMF actually favors a fee on the banks, than implementation of a transaction tax. I know the head of the IMF recently came out and stated that all proposals will be studied and considered, including the Tobin Tax. But I think the head of IMF only said this to show Britain's Prime Minister Gordon Brown that he has an open mind to all proposals. Speaking of this liberal asswipe Brown, it's looking very strong that he will not get re-elected next year, as the conservatives are favored to take the election.
I'm also encouraged that Obama has not made any comments supporting any transaction tax. That, coupled with Geithner's statement that the administration is not in any position to support the tax is note worthy. This inclines me to believe that Obama really does not support it, but there's no way he could state this publicly without pissing off the unions/liberals that are advocating for it. In his campaign rhetoric, Obama talks tough about Wall Street, but in the end, he has them in his back pocket, as I'm sure they've contributing big bucks to his future re-election campaign war chest.
But, as with anything, we always need remained focused on this issue, and contact our congressional reps, whether the Obama white house is for this tax or not.
These are the people we should be writing directly, Congress and Senators and your Governor:
http://www.conservativeusa.org/mega-cong.htm
These are the people to whom we should be making our case. While the online petitions are great and all that, they fall far short in detailing the effect such a tax will have to the traders personally and their communities/constituents as a whole. Contact your Reps and Senators and educate them of the real costs (not the supposed benefits) such a tax would have.
And above all, stop threatening Cramer!!
http://www.conservativeusa.org/mega-cong.htm
These are the people to whom we should be making our case. While the online petitions are great and all that, they fall far short in detailing the effect such a tax will have to the traders personally and their communities/constituents as a whole. Contact your Reps and Senators and educate them of the real costs (not the supposed benefits) such a tax would have.
And above all, stop threatening Cramer!!
Quote from cstfx:
These are the people we should be writing directly, Congress and Senators and your Governor:
http://www.conservativeusa.org/mega-cong.htm
These are the people to whom we should be making our case. While the online petitions are great and all that, they fall far short in detailing the effect such a tax will have to the traders personally and their communities/constituents as a whole. Contact your Reps and Senators and educate them of the real costs (not the supposed benefits) such a tax would have.
And above all, stop threatening Cramer!!
i agree we the people hopefully our reps and senators get the point. i know mine here in NC do kate hagen who is a democrat is not in favor of this tax as our dems in other financial hubs such as ny, chicago, im sure s.f. cali all though these are strong banking towns so that should be expected. but atleast its some strong opposition from democatrs and we know republicans are all going to be against it. got to need to make up those majority votes in our favor. rembember laws are passed on votes not what we think or defazzio or cramer. strength in numbers.
Quote from cstfx:
These are the people we should be writing directly, Congress and Senators and your Governor:
http://www.conservativeusa.org/mega-cong.htm
These are the people to whom we should be making our case. While the online petitions are great and all that, they fall far short in detailing the effect such a tax will have to the traders personally and their communities/constituents as a whole. Contact your Reps and Senators and educate them of the real costs (not the supposed benefits) such a tax would have.
And above all, stop threatening Cramer!!
I agree contacting our Reps & Senators is the number one priority. Telling them how it's a middle class tax that would effect everyone with a brokerage account & the numbers behind the seemingly small 1/4% are key in my mind as well.
I do believe ensuring our viewpoint is part of the online discussions of this topic is also important.
Lastly, if anyone knows of anyone here that has crossed the line with their comments, I would hope you'd post their username here & I hope we would all write to the moderators to get them banned from ET. A vigorous debate of the topic is one thing, crossing the line is another. Needless to say, though, if you see an online post about the tax, odds are it didn't come from anyone here. The thread doesn't get enough traffic for that. Look at all the comments to thehill.com article this week. That's the general public & the at large trading community. That was encouraging to see. That flood of comments had to have made an impact on legislators reading that article.
Happy Thanksgiving & not Happy Taxgiving to all.
Hopefully by next Thanksgiving this topic & thread will be a distant memory and the idea for the tax will be put into the dustbin of history in Washington DC.
I've seen references to trades of less than $100K being exempt from this tax. However it's only been in the comment sections various places. Has anyone seen anything even close to "authoritative" like this?
If true that really changes the picture in my mind...
If true that really changes the picture in my mind...
Quote from DirkDigler:
I've seen references to trades of less than $100K being exempt from this tax. However it's only been in the comment sections various places. Has anyone seen anything even close to "authoritative" like this?
If true that really changes the picture in my mind...
What I have read from various sources is that the 100k referenced pertains to the annual amt of stock sales, not per trade.