Good call CSTFX, we just need to pound it out there in the public eye, we can talk about it here all day long and thats fine, but we also need to keep it up on the threads that will actually be seen by public and the author's of these articles that print this transaction tax crap! Just remember keep it polite and relevant, they do not want to hear about the conspiracy theories, focus on mainstreet and not daytraders like us.
1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
Good call CSTFX, we just need to pound it out there in the public eye, we can talk about it here all day long and thats fine, but we also need to keep it up on the threads that will actually be seen by public and the author's of these articles that print this transaction tax crap! Just remember keep it polite and relevant, they do not want to hear about the conspiracy theories, focus on mainstreet and not daytraders like us.
Thanks rsikit. I'm off to consume some "Turducken" then I'll get busy commenting!
Its a good place for people to vent plus if we get it out there and convince people on here to make a big deal of it on the comments section of these articles like CSTFX said it betters our chances. Better to be proactive now then before its too late and gains more steam. Better to keep the big sponorship out of it by advocating against this tax now
Listen, you're right that this has zero big sponsorship and at this point has no chance of being enacted. But we as traders need to keep it that way, if we become lazy and someone like Rangel or Frank jumps on board then it's far too late for us to have any effect so I think we have reason to lose our minds about this every time a new story on it comes out because quite frankly we're talking about our livelihood here.
let's see how many people respond to my previous suggestion. instead of writing dribble about leaving the country and trading binary options. write to people who have influence in these matters.
"write detailed emails explaining with facts and numbers how a transaction tax would put u out of business.
Mark A. Calabria has appeared on tv and written op eds for the wall street journal.
mcalabria@cato.org> "
cato institute is a conservative think tank based in the US."
one op ed or tv appearance with mr. calabria detailing the loss of income and loss of market liquidity
might even make wall street executives
realize the damage that this tax will create.
"write detailed emails explaining with facts and numbers how a transaction tax would put u out of business.
Mark A. Calabria has appeared on tv and written op eds for the wall street journal.
mcalabria@cato.org> "
cato institute is a conservative think tank based in the US."
one op ed or tv appearance with mr. calabria detailing the loss of income and loss of market liquidity
might even make wall street executives
realize the damage that this tax will create.
Absolutely agree. we have to show them the facts, specifically how this would be a net NEGATIVE in terms of revenue, thus INCREASING the deficit, how this would be a job KILLER, not CREATOR, and we really have to show them how it's not only 0.25% in increased costs, commissions will go sky high, spreads will increase dramatically, the tax would be more like 3% on each side, 6% both ways, 10% in a very volatile market like that year.
For once I agree with Zdreg, Calabria has been at this before and has stated his opposition for the tax. If you have not already emailed him go ahead, and if you have do it again. Here is Calabria from a piece when we had the g20 meetings:
âWe should focus our attention on things that actually fix our broken financial system, and this isn't it,â argued Mark Calabria, director of financial regulatory studies at the Cato Institute in Washington.
Mr. Calabria said taxing transactions is âcompletely wrong-headedâ because the volume of trading was never the problem. Excess debt is, he added.
âThere are a lot of better ways to do this,â Mr. Calabria said. âThis is just an attempt to raise tax revenue.â
âWe should focus our attention on things that actually fix our broken financial system, and this isn't it,â argued Mark Calabria, director of financial regulatory studies at the Cato Institute in Washington.
Mr. Calabria said taxing transactions is âcompletely wrong-headedâ because the volume of trading was never the problem. Excess debt is, he added.
âThere are a lot of better ways to do this,â Mr. Calabria said. âThis is just an attempt to raise tax revenue.â
you are much better off in life if you don't personalize.. either say nothing or a simple i agree with zdreg on this point would suffice.
calabria has nevers spoken about loss in income. then again he probably figures that congress doesn't give a damn about a trader's loss of income. they might even like the idea as it would make one more person dependent on the government which is the real goal of the left wingers in the US congress.