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

Quote from MrPowerBallad:

Brief mention of the tax in a new NY Times article:

The package could also include a tax on financial transactions, which several Democratic senators said would have to be written in a way to avoid driving financial activity offshore.

"I don't want to impose a tax that clearly is going to make American companies less competitive, (but) it's on the table," said Democratic Senator Max Baucus, chairman of the tax-writing Senate Finance Committee.

http://www.nytimes.com/reuters/2009/12/01/us/politics/politics-us-usa-congress-jobs.html
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Yeah, good luck getting 60 Senate votes to overcome a guaranteed Republican filibuster if a transaction tax is included in any bill. No way a tax get's included.
 
This is the guy who was on CNBC the other day in favor of the task frOM the EPI, he is the one who stated that we can have this tax start 3 years after it is passed. I did not know they had ties to the Obama Administration

The Economic Policy Institute, a liberal policy research group with ties to the Obama administration, this week proposed a $400 billion American Jobs Plan. It calls for a mix of additional state aid, targeted spending and tax credits to foster employment. It would be paid for with a tax on financial transactions
 
Republican Support Sought For Senate Financial Overhaul Bill

http://www.easybourse.com/bourse/ac...ght-for-senate-financial-overhaul-bill-768133

"You could leave the unresolvable issues out and go with what you can resolve," suggested Sen. Mike Crapo (R., Idaho), who has been assigned to work with Sen. Charles Schumer (D., N.Y.) on finding bipartisan consensus on issues relating to executive compensation and funding of the Securities and Exchange Commission.
In an indication of how difficult it could be to reach a bipartisan consensus generally, Crapo said that he wants to make a dramatic change to one of the bill's less-controversial provisions - allowing the SEC to fund itself based on the fees it collects.
"I lean against self-funding authority" for the SEC, Crapo said, adding that he also is "disinclined" to support a new transaction tax to fund the SEC. Crapo said he would be willing to consider increased congressional funding for the agency.

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<i>Anyone else notice HOW MANY different things this transaction levy MIGHT be used to pay for? This time its the SEC. The list is very long</i>
 
ksharmon,

I think they might be talking about the transaction tax already levied by the sec on the sale of each security. I am not sure though, I heard talk of increasing that again. I think now its like a few bucks for every million bucks traded but its been a while since I traded stock. But atleast we know he is opposing it either way!
 
INDIAN CORPORATE LAW

Recently, the UK government proposed the levying of a ‘Tobin tax’ or a financial transactions tax to recover the cost of bailouts in recession situations. The proposal has not won many supporters; indeed, India is one of the countries which has opposed the tax. Despite initial rejections of the idea, the IMF is said to be considering the implications of such a tax.

http://indiacorplaw.blogspot.com/2009/12/recent-proposals-for-tobin-tax.html

There is an interesting link there to an earlier article about india likely opposing the tax

http://www.financialexpress.com/new...l-to-impose-financial-transaction-tax/539325/
 
Quote from ksharmon:

Republican Support Sought For Senate Financial Overhaul Bill

http://www.easybourse.com/bourse/ac...ght-for-senate-financial-overhaul-bill-768133

"You could leave the unresolvable issues out and go with what you can resolve," suggested Sen. Mike Crapo (R., Idaho), who has been assigned to work with Sen. Charles Schumer (D., N.Y.) on finding bipartisan consensus on issues relating to executive compensation and funding of the Securities and Exchange Commission.
In an indication of how difficult it could be to reach a bipartisan consensus generally, Crapo said that he wants to make a dramatic change to one of the bill's less-controversial provisions - allowing the SEC to fund itself based on the fees it collects.
"I lean against self-funding authority" for the SEC, Crapo said, adding that he also is "disinclined" to support a new transaction tax to fund the SEC. Crapo said he would be willing to consider increased congressional funding for the agency.

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<i>Anyone else notice HOW MANY different things this transaction levy MIGHT be used to pay for? This time its the SEC. The list is very long</i>
More...



The transaction tax levy was also placed into the Stimulus Bill, before it was taken out by the Senate. It has also been placed into other bills, but was always removed before the final legislation was completed. We can expect a transaction tax to be a part of pretty much any bill that get's proposed, but it will never make it into any final bill.
 
I don't think this has been posted yet, but the EPI now has a fairly lengthy detailed website describing their vision of the transaction tax. THE BEST PART -- they've apparently raised it to 0.5%!!!! They will have the chance to present this in person to the President on Thurs.

To put a 0.5% transaction tax in perspective, a typical state sales tax on goods and services is about 5.0%, or 10 times our proposed tax.

Enjoy:
http://www.epi.org/index.php/american_jobs/paying_for_the_plan
 
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