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1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
Quote from DirkDigler:
We are talking about HR 1068 right? I don't see any such reference in that bill (and it's certainly possible I'm missing it!)
Is this still a good link to the bill?
http://www.govtrack.us/congress/billtext.xpd?bill=h111-1068
That's the old bill, that 100k exemption was not in there yet. That was the bill from the begining of the year. The new bill is Let wall street pay for restoration of main street act 2009, it has yet to be posted and only thing that was floating around was copies to journalists. It should be filed soon. This bill is the one that had exemptions or refunds on the tax for first 100k of the year and some retirement , educational , and health savings accounts. I am not sure if the bill is written in stone yet because there was some conflicting things out there, one is .25% for all instruments, the other was .25 just for stocks and .02 for futures. So we will not know exactly till its filed, and referred to a committee.
Quote from rsikit:
That's the old bill, that 100k exemption was not in there yet. That was the bill from the begining of the year. The new bill is Let wall street pay for restoration of main street act 2009, it has yet to be posted and only thing that was floating around was copies to journalists. It should be filed soon. This bill is the one that had exemptions or refunds on the tax for first 100k of the year and some retirement , educational , and health savings accounts. I am not sure if the bill is written in stone yet because there was some conflicting things out there, one is .25% for all instruments, the other was .25 just for stocks and .02 for futures. So we will not know exactly till its filed, and referred to a committee.
How about exemptions for market makers and specialists? Will it be in the bill?
There was nothing said on this bill or the other bill. hr 1068. It sounds like his goal is not to exempt those people. If you exempt everyone whom is an exchange member you get no money. Props will get all the business , you can lease memberships on the futures exchanges. It seems they really want to make the banks pay as well as main street. But the journalists usually dont go into detail about that, but I am sure this time if they get the final copy and see that people are exempt and conclude GS is one of the exempt or any big house, there will be lots of air time on that!
Quote from DirkDigler:
Thanks, I missed that somewhere along the line.
Here is the article about the new bill from last week and The Hill article from the other day as well. This is a different bill from when this thread was started in Jan or Feb of this year.
http://www.cbsnews.com/blogs/2009/11/18/politics/politicalhotsheet/entry5700582.shtml
http://thehill.com/homenews/house/69295-dems-push-wall-street-150b-stock-tax
There have only been 22 posts in the comment section for this Post article (of which riskit has 3 of them!!!) and 24 posts here since seaside brought this to our attention. Come on guys, leave some more comments (I did as Bob12), smart comments, about why this tax is wrong and why Cramer is wrong and why DeFazio is wrong. I know it's a holiday, but only 22 comments so far?
Quote from jj69:
zdreg, what gives you such confidence that the tax will be "steamrolled" thru congress so soon? Is this just your feeling?
currently wall street and financial institutions are extremely disliked because they took bail out money. people with credit card are angry as banks are instituting new fees and reducing credit lines before the new credit card law goes into effect.the budget deficit is exploding. the liberal congress is constantly inventing ways to spend on their pet projects.
to congress and to the general public a transaction tax looks like an easy and almost painless way to plug a big hole in the deficit while still punishing the bad guy.
in the end wall street will be exempted through the effort of their lobbyiss and the typical ET poster will pay the tax if he is still around.
as I said previous only a large market slide will sidetrack the passage of this tax.
Quote from gkishot:
How about exemptions for market makers and specialists? Will it be in the bill?
That 100k exemption is nothing but a lot of fluff. It doesn't mean that you get to earn up to 100k in trading profits and not have to pay transaction taxes on it. For instance, if you traded just one 30 year bond contract, it's valued at 100k, so you have reached the 100k plateau on just one trade.