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

Quote from RedDuke:

If this tax ever sees the light of the day in US and Europe, there still will be few places, in the world that will not abide by it, and the business will shift there. Places like SGX, HKFE, KSE or DME will reap huge rewards.

Our solution will be to open offshore corporate account (this does not cost too much these days) and trade via this entity on exchanges that do not support this tax. There is no way the whole world unanimously will sign off on this stupid thing.

This law, if it ever happens, will have many loopholes, and unless all you have is 5K account, there will be ways to go around it.
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hong kong has a stamp tax for hong kong stocks

http://www.gov.hk/en/residents/taxes/stamp/stamp_duty_rates.htm

the only loophole will be for goldman and market makers.

"Our solution will be to open offshore corporate account (this does not cost too much these days) and trade via this entity on exchanges that do not support this tax. There is no way the whole world unanimously will sign off on this stupid thing. "

another nonsense.

they won't even open up an account without sizable proof who the owners are. the account will have tobe a substantial size. on ET there are threads pages long for traders who don't even have capital of $25,000 to be a patterned day trader.

furthermore companies will not rush to list their securities etc.
 
Quote from zdreg:

hong kong has a stamp tax for hong kong stocks

http://www.gov.hk/en/residents/taxes/stamp/stamp_duty_rates.htm

the only loophole will be for goldman and market makers.

"Our solution will be to open offshore corporate account (this does not cost too much these days) and trade via this entity on exchanges that do not support this tax. There is no way the whole world unanimously will sign off on this stupid thing. "

another nonsense. they won't even open up an account without sizable proof who the owners are.
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There is no tax on capital gain at Hong Kong, Singapore, etc.

If you are a U.S. citizen or a resident alien of the United States and you live abroad, you are taxed on your worldwide income. However, you may qualify to exclude from income up to $91,400 of your foreign earnings. In addition, you can exclude or deduct certain foreign housing amounts.
 
Quote from moonmist:

There is no tax on capital gain at Hong Kong.

If you are a U.S. citizen or a resident alien of the United States and you live abroad, you are taxed on your worldwide income. However, you may qualify to exclude from income up to $91,400 of your foreign earnings. In addition, you can exclude or deduct certain foreign housing amounts.
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as if most american traders are going to pick up and go abroad. americans are not particularly welcome in any civilized place.

does it apply to trading income or only earned income?

americans are not use to moving abroad.
 
Quote from drukes1234:

I really think Obama and the administrations commentary over the next several days is going to be very telling after meeting with the EPI and their union thugs. I really do think they'll have to address the tax as it will be pushed in the meeting and we'll really know where O and his boys stand.
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Let's hope this quote from time magazine today is accurate:

"The AFL-CIO, the nation's largest umbrella union, would like to see aid to struggling states to help avoid layoffs of teachers, police and public employees and upwards of $500 billion more in targeted infrastructure and green-jobs investment. It proposes paying for this by instituting a stock transaction surcharge of 0.25% per trade — a move vehemently opposed by Wall Street, business groups, House Speaker Nancy Pelosi and the White House."

http://www.time.com/time/politics/article/0,8599,1945230,00.html

-Guru
 
Quote from listedguru:

Let's hope this quote from time magazine today is accurate:

"The AFL-CIO, the nation's largest umbrella union, would like to see aid to struggling states to help avoid layoffs of teachers, police and public employees and upwards of $500 billion more in targeted infrastructure and green-jobs investment. It proposes paying for this by instituting a stock transaction surcharge of 0.25% per trade — a move vehemently opposed by Wall Street, business groups, House Speaker Nancy Pelosi and the White House."

http://www.time.com/time/politics/article/0,8599,1945230,00.html

-Guru
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I hope that's accurate but I'm not convinced they know more than we do.
 
This is somewhat off-topic but Bernanke just said that he believes all the tarp money will be paid back by financial institutions but he's unsure whether that will be the case for the Automakers. Does anyone see the incredible irony here? The Main St. union workers that got bailed out at GM are going to be the money losing investment and the big bad Wall Street banks will likely return the TARP $ at break even.
 
when trading futures, you would have to pay 0.25 percent of the contract value, which would kill futures daytrading. what about options? would the 0.25 percent transaction tax be applied to the premium or the underlying?
 
Quote from drukes1234:

This is somewhat off-topic but Bernanke just said that he believes all the tarp money will be paid back by financial institutions but he's unsure whether that will be the case for the Automakers. Does anyone see the incredible irony here? The Main St. union workers that got bailed out at GM are going to be the money losing investment and the big bad Wall Street banks will likely return the TARP $ at break even.
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Yeah it's highly unlikely we'll get all our money back from the auto co's (esp Chrysler).... Maybe we should institute a union tax and make them pay the money back:)

-Guru
 
Quote from ranger64:

when trading futures, you would have to pay 0.25 percent of the contract value, which would kill futures daytrading. what about options? would the 0.25 percent transaction tax be applied to the premium or the underlying?
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the new bill is supposed to be released sometime today -- check the wording when it comes out

also, it's pretty weak on Defazio's part to only get 2 of the 13 HR 1068 co-sponsors to initially sign on to the new bill -- hopefully that's a precursor of its prospects
 
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