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

listedguru · Dec 3, 2009

Quote from Math_Wiz:

This Bloomberg article says they are proposing a tax on "large" stock transactions. They used the word "large" twice. Why do you think they used the word "large"? Up to this point, I haven't heard anyone arguing for a tax on "large" stock transactions. It was always supposed to be a tax on "all" stock transactions. And what do you think "large" means?

Would 1000 shares of COF be considered "large"?

Hmm.

+-*/ Math_Wiz

Here are some more comments from Pelosi:

http://www.forexpros.com/news/inter...tax-"has-a-great-deal-of-merit"-pelosi-105348

-Guru

Midas · Dec 3, 2009

Quote from Math_Wiz:

This Bloomberg article says they are proposing a tax on "large" stock transactions. They used the word "large" twice. Why do you think they used the word "large"? Up to this point, I haven't heard anyone arguing for a tax on "large" stock transactions. It was always supposed to be a tax on "all" stock transactions. And what do you think "large" means?

Would 1000 shares of COF be considered "large"?

Hmm.

+-*/ Math_Wiz

Maybe the 100k watermark that has been added.

jksn922 · Dec 3, 2009

Quote from piggie2000:

why aren't schwabs,amtds and even the banks and brokers more vocal opposing this? i've heard almost nothing from them. why aren't the brokers saying millions will lose there jobs. why aren't we seeing commercials?

My only guess would be that the financial sector/Wall Street has been assured by the White House that this transaction tax idea is not going anywhere. If it were a real distinct possibility, one would think that you would see an incredible about of movement by the financial sector to fight this tooth and nail. I agree that we've really not heard much at all from the financial sector about this. It's as if they are not really concerned about it. Maybe they know something we don't, and that's why they are still on the sidelines while every liberal asshole on the planet is screaming for this tax.

JOSEF · Dec 3, 2009

Quote from Math_Wiz:

This Bloomberg article says they are proposing a tax on "large" stock transactions. They used the word "large" twice. Why do you think they used the word "large"? Up to this point, I haven't heard anyone arguing for a tax on "large" stock transactions. It was always supposed to be a tax on "all" stock transactions. And what do you think "large" means?

Would 1000 shares of COF be considered "large"?

Hmm.

+-*/ Math_Wiz

Wouldn't it then be easy to avoid this tax for just about everybody? If the limit is $50,000 and you want to make a $100,000 transaction, you would just make two orders. Am I missing something?

rsikit · Dec 3, 2009

Quote from listedguru:

Here are some more comments from Pelosi:

http://www.forexpros.com/news/inter...tax-"has-a-great-deal-of-merit"-pelosi-105348

-Guru

This is the scary line below! She has no clue and she has her millions so she doesnt care, all she wants is more face lifts! Plus I am interested to read how they crafted the bill to include the international problem. We have to hope for the senate right now, we know so far its good, but u never know what can happen and what comprimises could be made among other things

The tax would have a "really minimal impact on the transaction, but a tremendous impact on helping us meet our needs," Pelosi said.

rsikit · Dec 3, 2009

Quote from JOSEF:

Wouldn't it then be easy to avoid this tax for just about everybody? If the limit is $50,000 and you want to make a $100,000 transaction, you would just make two orders. Am I missing something?

Its a 100k total for the year

MrPowerBallad · Dec 3, 2009

Quote from MrPowerBallad:

http://www.bloomberg.com/apps/news?pid=20601087&sid=adcaJQ1Xp4_w&pos=8

It looks like this article has been updated with some important info -- suggest everyone re-read it. Some new key points:
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and a 0.02 percent levy on derivatives including futures, options, swaps, and credit default swaps.
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Support for Tax

Harkin and DeFazio said the proposed new levy is backed by more than 200 economists, the AFL-CIO labor union, and business leaders including Warren Buffett and Vanguard Group Inc. founder John C. Bogle, now president of Bogle Financial Markets Research.

âI endorse the Harkin-DeFazio bill in principle,â Bogle said in an e-mail released by the lawmakers. He urged âcareful studyâ to find appropriate tax rates.

Business groups including the Business Roundtable oppose the bill.

âNearly every American would be impacted by a new transaction tax, no matter how small it is,â said Steve Bartlett, president and chief executive officer of the group. âIt would reduce the investment accounts for all Americans and erect a roadblock to capital flowing into the system, thereby limiting job growth and productivity.â
----------------------------------------
Congressional Approval

Clint Stretch, a tax policy specialist at the Deloitte Tax LLC consulting firm, questioned whether the proposal will win approval.

âThe current state of the economy and market does not suggest that Congress will want to risk having an adverse impact on markets,â he said.

jksn922 · Dec 3, 2009

Quote from rsikit:

Its a 100k total for the year

That whole 100k theory is laughable. If I wanted to trade one 30 year bond contract, is has a value of 100k. So, after I make that one trade with one contract, I'm already at my limit for the year, and the rest is subject to a transaction tax.

drukes1234 · Dec 3, 2009

Quote from MrPowerBallad:

It looks like this article has been updated with some important info -- suggest everyone re-read it. Some new key points:
-----------------------------------
and a 0.02 percent levy on derivatives including futures, options, swaps, and credit default swaps.
------------------------------------
Support for Tax

Harkin and DeFazio said the proposed new levy is backed by more than 200 economists, the AFL-CIO labor union, and business leaders including Warren Buffett and Vanguard Group Inc. founder John C. Bogle, now president of Bogle Financial Markets Research.

âI endorse the Harkin-DeFazio bill in principle,â Bogle said in an e-mail released by the lawmakers. He urged âcareful studyâ to find appropriate tax rates.

Business groups including the Business Roundtable oppose the bill.

âNearly every American would be impacted by a new transaction tax, no matter how small it is,â said Steve Bartlett, president and chief executive officer of the group. âIt would reduce the investment accounts for all Americans and erect a roadblock to capital flowing into the system, thereby limiting job growth and productivity.â
----------------------------------------
Congressional Approval

Clint Stretch, a tax policy specialist at the Deloitte Tax LLC consulting firm, questioned whether the proposal will win approval.

âThe current state of the economy and market does not suggest that Congress will want to risk having an adverse impact on markets,â he said.

Would it also be 0.02% for stock transactions? Or nothing for stock transactions at all?I could live with 0.02%

TraDaToR · Dec 3, 2009

Sometimes I would just like to see their face in front of 60-80% missing volume on D-Day.