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

Well I was just stating this becuase I dont agree with you on a lot of things but to each his own, we are still fighting for the same thing. I am not here to fight with you or anyone on this board. I wish you a happy thanksgiving, hopefully next year we will be able to give thanks that this did not go through.
 
Just a quick update from France, there has been no articles at all in major newspapers since St Andrews. In old articles, I saw that Christine Lagarde wasn't in fact explicitely for a tobin tax and liked the IMF tax too... Just a few thoughts.

I also saw a ( funny )reference to Soros in one article, saying he was for a form of tax on banks. I think it is not the Tobin he was talking about and well... those are french newspapers...

NB: Kudos to the guy who threatened Cramer...Thats' really productive for us. Thanks.
 
I don't know if this has already been brought up. This $50bln or $150bln per year number they think they will extract from the trader tax bill. Well if all the big firms who essentially ARE the market are exempt and all us smaller retail traders are not exempt stop trading because we can no longer make a profit trading US markets. Where is this $50bln or $150bln going to come from? I would say at least half of us will stop trading completely and all short term trading will cease to exist for us.

Anyways, just a thought ... Happy Thanksgiving to all my US neighbors to the south.
 
I just saw a news story on bloomberg were france and brazil are going to introduce a worldwide transactons tax. basically the internet will be rendered worthless for trading and vol goes back to the 1980's if his passes
 
Quote from vikana:

I agree with your thinking, but the actual number is .54% in overhead, not 5.4%.
More...

Yes Vikana, my bad. I had to stop my thought process as family arrived. What I was going to say next was:

"Now imagine you invest in 9 more stocks. Whether you do this as a basket or invest throughout the year doesn't matter. Companies like Google, Dell, Intel, Goldman Sachs, Bank of America, JP Morgan, Starbucks. You put $50,000 in those issues as well.

Your total cost for investing is $2,700 in those 9 stocks (5.4%). That is too high a price to pay to participate in one of the oldest businesses in the US.

Do not be fooled by the seemingly low 0.25% number. This tax is a usage tax that accumulates into significant numbers over the lifetime of this law and your account.

It is wrong because the government is effectively saying it owns a piece of your account everytime you place a trade.

It is wrong because the American investor should not be penalized to solve a problem that government failed to recognize in 2008.

It is wrong because this law would shift the freedom to invest inexpensively to those who can only afford to invest.

It is wrong because various sectors in the financial industry would be crippled with loss of business for brokerage houses, investment advisors and every business that relies upon retail investors.

It is wrong because it would leave only a few select industries mainly the mutual funds to be investment vehicle of choice. The majority of equity would be controlled by this industry and be even more subject to manipulation by index future contracts."
 
Quote from jnorty:

I just saw a news story on bloomberg were france and brazil are going to introduce a worldwide transactons tax. basically the internet will be rendered worthless for trading and vol goes back to the 1980's if his passes
More...


There is no passing this one an international scale. It doesnt matter what they do in their own countries. We just worry about the US congress is all. You see when Gordon Brown mentions the tax, people turned their heads, when Sarkozy was talking about it all the time, nobody took him seriously. At both previous g20 meetings dating back to April, Sarkozy threatened to walk out if their was no transaction tax or no bonus curbs passed, see how much that did. Nobody takes that clown seriously. These are 2 countries who are in favor of the tax, and Brazil already has a tax like that domestically. We can always count on the few scandinvian countries who tried the tax, and saw it fail, and they now oppose it. As well as Switzerland opposes this tax, so there will always be some countries against it on the international scale. But again it means nothing, first steps start with congress, if it doesnt go there it wont go anywhere.

Here is the first try of Lulu From Brazil and Then French President Jaques Chirac trying the same thing

http://www.globalpolicy.org/social-...es-1-79/currency-transaction-taxes/46017.html
 
Quote from rsikit:

There is no passing this one an international scale. It doesnt matter what they do in their own countries. We just worry about the US congress is all. You see when Gordon Brown mentions the tax, people turned their heads, when Sarkozy was talking about it all the time, nobody took him seriously. At both previous g20 meetings dating back to April, Sarkozy threatened to walk out if their was no transaction tax or no bonus curbs passed, see how much that did. Nobody takes that clown seriously. These are 2 countries who are in favor of the tax, and Brazil already has a tax like that domestically. We can always count on the few scandinvian countries who tried the tax, and saw it fail, and they now oppose it. As well as Switzerland opposes this tax, so there will always be some countries against it on the international scale. But again it means nothing, first steps start with congress, if it doesnt go there it wont go anywhere.

Here is the first try of Lulu From Brazil and Then French President Jaques Chirac trying the same thing

http://www.globalpolicy.org/social-...es-1-79/currency-transaction-taxes/46017.html
More...




And some new recent insight into the transaction tax that Brazils Lulu and France Sarkozy are suggesting for environmental purposes. In their meeting today first point of contention,Lulu called everyone using his forest Gringos! That wont help their cause:) I guess Brazil should worry more about their crime rate and recent country wide black outs! Also the French and Brazil and about 7 Amazon nations were convening a group to make Gringos pay for the deforestation, but only 2 showed up haha. so this is an excerpt from the article a few minutes ago, and the article is titled" Gringo's must pay to stop Amazon Razing"

President Luiz Inacio Lula da Silva made the comments just before an Amazon summit in which delegates signed a declaration calling for financial help from the industrial world to halt the deforestation that causes global warming.

Silva convened the meeting to form a unified position on deforestation and climate change for seven Amazon nations ahead of the Dec. 7-15 Copenhagen climate summit. But the only leaders who attended were Guyana's Bharrat Jagdeo and France's Nicolas Sarkozy, representing French Guiana, prompting top Silva aides and environmentalists to admit the gathering will have a muted impact.

Other nations sent vice presidents or ministers, and the presidents of Colombia and Venezuela embarrassed Brazil by canceling at the last minute
 
Brown is softening a little bit, now he is not just touting the tobin, but he says also an insurance fee, or resoloution fund etc.. He was talking only tobin a few weeks ago. But now he seems to be taking credit and EUROPE seems to think these are Browns options he came up with so he can look like a savior. When it was the IMF and Geithner who talked about these before in Sept when actually Gordon Brown was against the tobin tax :)

http://www.nytimes.com/reuters/2009/11/26/business/business-uk-commonwealth-brown.html
 
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