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

Quote from jprad:

You've got to be kidding.

Start with Reagan, who tripled the debt during his two terms.

http://en.wikipedia.org/wiki/Nation...s#Federal_spending.2C_federal_debt.2C_and_GDP
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http://www.cnsnews.com/news/article/52916


"Since the beginning of the republic in the late 18th century, the U.S. government has accumulated a total of $11.67 trillion in debt. In the next decade, under the budget plans the Obama administration has in mind, that debt will almost double to about $20.67 trillion."

"Until this year, according to historical budget tables published by the White House Office of Management and Budget, the largest annual budget deficit the U.S. government ever ran was in fiscal 2008, when the deficit was $458.5 billion."

"At $1.58 trillion, this year’s deficit will be almost three and a half times as large as last year’s, and thus about three and a half times larger than the largest deficit the U.S. government has ever run."

Depends on who you believe. Enjoy the new taxes coming, including the tax being discussed in this thread.

As far as the transaction tax, I have also expressed my concerns to my rep and senator.

Peace
 
Added another comment there... copy and paste what I said there if necessary in other forums or emails. I don't want to toot my own horn but it's a well thought out post outlining most of the points that must be made.
 
Quote from Midas:

It is easy to see other exchanges providing dual listings on all of our securities the way we do with ADR's. Most futures already trade on other exchanges as well.

People will trade where it is cheapest to transact.
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Governments would be truly stupid to allow such obvious exemptions.

What is it that people don't understand about this? If this tax passes, it will most likely be unified across all or most G20 economies. One country going solo makes little sense. That means US citizens will pay for transactions in the US, Europe, Dubai, Singapore, Switzerland - everywhere. Dubai or Swiss or Singapore citizens trading on NYSE, CME, Nasdaq will pay the tax too. EVERYONE will pay it EVERYWHERE except non-tax countries own domestic exchanges traded by their own citizens - and there will be no liquidity for dual listings, because the taxing countries will tax domestic institutions trying to escape abroad.

Please stop thinking you will be able to easily avoid this if it passes. Not a chance. The government may be stupid in general but they are not that dumb.

I agree with your other points and think your "form letter" is a good one. It's important to suggest an alternative - either an ongoing or one-off "windfall profits" tax on Wall Street bailout recipients.
 
Not sure about that, Cutten.

Why wouldn't Toronto exchange continue to list european and US stocks? ( They are already doing it )

Why wouldn't Winnipeg Exchanges creates alternatives to CME agricultural in Canada, DME alternatives to WTI and Brent?

Even if they don't list new products, there are still the old ones.

Just think about the benefits for the countries holding non-taxed exchanges, you can make a financial center out of Stockholm if you want ...It happened in Rejkjavik for fewer reason than that.
 
Also be very careful of reps trying to include this tax in other bills that they try to pass, politicians are real scum that way (remember Harry Reid getting caught trying to pass the bonus for AIG honchos)


Also please dont confuse the boards with calculations---seems politically motivated :D something the politicians would do --here si the basic math for you ( teaching my 7 year old here too)

1% of $100k= 1000
1/100th of 1000 (or 1% of 100k)=$10
5/100th of 1000 (or 1% of 100k) or .05 =$10x5= $50
5/1000th of $1000 or .005 = $5

Just save it for future reference LOL:D
 
Quote from bears21:

what we need to do as traders is forget about us for a second and think about our iras and such and do some computing. example if i contribute the max to my sep ira or roth ira show the percentages do be gained with the tax and without the tax side by side in black and white so main street atleast has some sort of clue as to the difference in figures. if one figure is lets say after 35 years of investing with the tax comes out to 1,000,000 and without the tax comes out to 1,500,000 if any ordinary american is still for the tax than i want to be their money manager, bookie, or spiritual leader because they either are the easiest marks on the planet or they need serious help.
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folks we need to show examples over a long period of time 10 years 30 years etc so americans can see black and white. im not that good in math anybody want to take a swing at it assuming you put away 5k a year for 40 years and turn over you portolio once a year
 
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