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

Quote from jksn922:

Pelosi has now ruled out trader tax to offset the cost of a job-creation package.




http://news.google.com/news/url?sa=...wmakers-unveil-financial-transaction-tax-bill
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That article also mentions Pelosi saying the tax would need to be international.

So basically it's highly unlikely this tax gets put in a jobs bill but whats next? I guess the bill will have to pass both the house and Senate on it's own. I say that ain't going to happen...
 
Quote from listedguru:

That article also mentions Pelosi saying the tax would need to be international.

So basically it's highly unlikely this tax gets put in a jobs bill but whats next? I guess the bill will have to pass both the house and Senate on it's own. I say that ain't going to happen...
More...



Defazio has a butt buddy in the Senate - Harkin, who is proposing a separate transaction tax bill in the Senate that is similar to Defazios. I agree that this isn't going to pass.
 
Wall St tax has "great deal of merit" - Pelosi

http://www.reuters.com/article/BROKER/idUSN0311827720091203

* Comments suggest tax could end up in House jobs package

* Tax faces resistance in Senate, White House

* Lawmakers vent anger at Wall Street (New throughout, adds byline)

By Andy Sullivan

WASHINGTON, Dec 3 (Reuters) - A proposed tax on financial transactions "has a great deal of merit" and would help raise much-needed revenue for the U.S. government, House of Representatives Speaker Nancy Pelosi said on Thursday as other backers touted it as a measure to slash Wall Street salaries.

"It is really a source of revenue that has really minimal impact on the transaction but a tremendous impact on helping us meet our needs," Pelosi said at a news conference.
 
ksharmon,

In your Reuters URL, there's a blurb about a 2nd bill.



"Another bill crafted by Representative John Larson, the No. 4 Democrat in the House, would rope in international bodies like the World Trade Organization to ensure compliance."



If anyone sees the HR numbers on these bills, please post them. I'll be looking as well.
 
Quote from ksharmon:

Wall St tax has "great deal of merit" - Pelosi

http://www.reuters.com/article/BROKER/idUSN0311827720091203

* Comments suggest tax could end up in House jobs package

* Tax faces resistance in Senate, White House

* Lawmakers vent anger at Wall Street (New throughout, adds byline)

By Andy Sullivan

WASHINGTON, Dec 3 (Reuters) - A proposed tax on financial transactions "has a great deal of merit" and would help raise much-needed revenue for the U.S. government, House of Representatives Speaker Nancy Pelosi said on Thursday as other backers touted it as a measure to slash Wall Street salaries.

"It is really a source of revenue that has really minimal impact on the transaction but a tremendous impact on helping us meet our needs," Pelosi said at a news conference.
More...

Also said in the article:

"But analysts said it still faces long odds due to opposition from prominent lawmakers and the Obama administration."
 
geithner asked about transaction tax on fox

rough paraphrase (I failed to tape it):

That specifically is not the way to go, some sort of fees on wall street institutions is the way to go to save the tax payer from future bailouts'
 
Quote from ksharmon:

geithner asked about transaction tax on fox

rough paraphrase (I failed to tape it):

That specifically is not the way to go, some sort of fees on wall street institutions is the way to go to save the tax payer from future bailouts'
More...

great, thanks
 
Quote from Stok:

Also said in the article:

"But analysts said it still faces long odds due to opposition from prominent lawmakers and the Obama administration."
More...



Also, Democratic Senator Charles Schumer -NY will not support this. He is also up for re-election in 2010, so you know he'll help kill this bill.
 
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