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

[Billy Thunder]

Quote from GG1972:

"Quote from rsikit:

That number has been floated out there as well not from the US side though. 500ths percent is basically 5 bucks on every 100k of money."

5/100 of 1 % on 100k is $50 bucks one way not $5 --so basically now you are 10 times your original $5 argument

100000 * 0.00005 = 5

 

[rsikit]

And some in Europe have quoted the .005% as well. The 50 bucks per100 thousand would be .05% just so people realize. We here in the US want .25% which is 250 bucks per buy and sell of 100k which is ridiculous

 

[wjk]

Quote from jprad:

Both parties have spent this country into oblivion.

The latest left wing spending dwarfs any spending done by the right.

All the differs is the method of how they take your money from you in order to do it.

There is a difference. I don't fear for my freedom when the right is spending money as I do when the left is spending.

 

[piggie2000]

even a relative inactive day trader will trade 5000 shares a day. 5000 shares x a $50 stock is 250k. even at .05% thats a huge $125 a day or $2500 a month. so if a day trader makes 60k a year thats 1/2 his gross profit gone and throw in capital gains taxes and he could make more at mcd's. pretty much the discounters will go under as vol could fall 90%. remember most discounters get 75% of there business from 5-10% of there active traders. if this ever passes 95% of traders will be out of business overnight and the remaining ones with big capital will become longer term swing traders if they want to survive

 

[ksharmon]

Why a Financial Transactions Tax Makes Sense

Alain Sherter

http://industry.bnet.com/financial-services/10005212/why-a-financial-transactions-tax-makes-sense/

Michael Ettlinger, vice president for economic policy at Washington, D.C., think tank Center for American Progress, favors giving Wall Street “a choice.”

They either get a financial transaction tax or offer an alternative way for us to tax them. After all, they can surely afford to be taxed. This is an industry that, if defined narrowly, handles upward of $50 trillion worth of transactions in a year. . . . If the financial transactions tax creates the bad incentives [Wall Street has] described, then fine — come up with something different. You’re the experts.

http://www.americanprogress.org/issues/2009/11/wall_street_tax.html

 

[jprad]

Quote from wjk:

The latest left wing spending dwarfs any spending done by the right.

Check your history. Each successive administration has leap-frogged the past the former ever since Jackson cleared the debt tab.

There is a difference. I don't fear for my freedom when the right is spending money as I do when the left is spending.

Hmm, if I have my history correct, it wasn't a republican who took away the freedom own gold coin....

However, it was a republican who took away the freedom to own slaves...

 

[MrPowerBallad]

Quote from rsikit:

The EPI and Larry Mishel were not invited to the JOBS summit on thursday.

Actually Rsikit, both Mishel and Krugman are going to be attending the Jobs Forum on Thurs. You have to assume the chances of them not bringing up the tax at this high profile meeting are slim if they are given the chance.

http://www.cbsnews.com/blogs/2009/11/30/politics/politicalhotsheet/entry5838545.shtml

 

[listedguru]

Quote from MrPowerBallad:

Actually Rsikit, both Mishel and Krugman are both going to be attending the Jobs Forum on Thurs. You have to assume the chances of them not bringing up the tax at this high profile meeting are slim if they are given the chance.

http://www.cbsnews.com/blogs/2009/11/30/politics/politicalhotsheet/entry5838545.shtml

Joseph Stiglitz from Columbia is also on the list. I believe he is a supporter of the tax as well. Hopefully they don't get very far with their argument for the tax...

On the otherhand it looks like a number of attendees are from the business community (CEO's etc) and I gotta believe they arn't for more taxation...



-Guru

 

[rsikit]

Dam I guess I aint having a good day on this monday , I could have sworn I heard that he said on cnbc he wasnt going to be there. I stand corrected! I can tell you this look at that list and see whose name sticks out,

Very heavy on those who are pro tax, thats not good!

These are bad for tax

Larry Mishel, EPI
Alan Blinder, Princeton
Paul Krugman, Princeton
Joe Stiglitz, Columbia

Green Jobs bad for tax

Phaedra Ellis Lamkins, Green for All
Reed Hundt, Coalition for the Green Bank

Union Workers rep bad for tax

Leo Gerard, United Steel Workers
Joe Hansen, United Food and Commercial Workers

 

[traderjb]

Correct me here if I'm wrong. DeFazio's attempts really are a non-factor domestically. The only way here in the US his bills get done is if he can find more congressmen on the Hill and outside of Congress more Judases (Cramer) and academics and traditional lefty supporters (SEIU). But that the real threat comes from outside our borders? That the pressure would be an international collective like the G20. And spearheading that would be folks like Gordon Brown?

So really, what can we, as Americans, do to help out in the defeat of Brown? I mean if he goes, doesn't the international pressure pretty much cease? Because Sarko isn't much of a player. And it's basically those two pushing this out there.