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

[jksn922]

Quote from listedguru:

The above piece also mentions Pelosi seeking a transaction tax to fund part of a jobs bill. It sounds like part of the bill would be paid from TARP and maybe the trans tax for the other

To help pay for the jobs bill, Pelosi suggested a tax on financial transactions.

"Because 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," she said. "I think there would be a market for it among the American people, to say that we are all participating in the economic prosperity of our country and we are all pitching in to continue that prosperity."

-Guru

Pelosi translation - the Democrats are truly fucked in 2010, because we have spent trillions of taxpayer dollars and have absolutely nothing to show for it, except a national unemployment rate of 10.2%. We need to enact this transaction tax to show the American people that the monsters on Wall Street are totally responsible for our party's fucked up spending ideas, so we must point the finger at someone else so as to not get the royal shit kicked out of us in 2010.

**Too late bitch!!!!! You and your fellow douche bag Democrats are going to become extinct come Nov. 2010.

 

[listedguru]

Quote from listedguru:

Use bank bailout fund for jobs package - Pelosi:

http://www.reuters.com/article/marketsNews/idUSN037710620091204

Here's an interesting nugget from the piece:

"It turns out actually TARP, as wildly unpopular as it has been, has been much cheaper than any of us anticipated," President Barack Obama said on Thursday as he met with business and labor leaders to examine job-creating options.

-Guru

They mention attaching the jobs bill to a must pass bill that funds Pentagon operations:

"House Democrats hope to pass their jobs package before the end of the year, possibly by combining it with a must-pass bill that funds Pentagon operations."

Is is possible for them to put the trans tax into that must pass bill? God I sure hope not.

-Guru

 

[rsikit]

Quote from listedguru:

They mention attaching the jobs bill to a must pass bill that funds Pentagon operations:

"House Democrats hope to pass their jobs package before the end of the year, possibly by combining it with a must-pass bill that funds Pentagon operations."

Is is possible for them to put the trans tax into that must pass bill? God I sure hope not.

-Guru

They could but doubt it would fly, they would alll have to compromise on something.

 

[jksn922]

Quote from listedguru:

They mention attaching the jobs bill to a must pass bill that funds Pentagon operations:

"House Democrats hope to pass their jobs package before the end of the year, possibly by combining it with a must-pass bill that funds Pentagon operations."

Is is possible for them to put the trans tax into that must pass bill? God I sure hope not.

-Guru

If it's that easy for them to put the tax in a must pass Pentagon bill, it is just as easy to remove the tax from the bill, which is exactly what would happen. If Democrats want to hold Pentagon operations hostage because they are so desperate to get this transaction tax, this will only cripple their party even more. Liberal, radical Democrats feel that getting a transaction tax will save them in the 2010 elections. IT WON"T!!!!!!! It will just bring more of them down!!!

 

[leela]

Futures traders, big or small will be affected.

http://www.bloomberg.com/apps/news?pid=20601087&sid=absiuoM9iwwo&pos=9

"The measure would be based on legislation DeFazio proposed in the
House that would apply a tax of 0.25 percent or 25 basis points to
stock transactions in excess of $100,000, and a levy of 0.02 percent
or 2 basis points on derivatives including futures, options, swaps and
credit

 

[R. Raskolnikov]

Good thing you aren't weeks behind on this issue

Quote from leela:

Futures traders, big or small will be affected.

http://www.bloomberg.com/apps/news?pid=20601087&sid=absiuoM9iwwo&pos=9

"The measure would be based on legislation DeFazio proposed in the
House that would apply a tax of 0.25 percent or 25 basis points to
stock transactions in excess of $100,000, and a levy of 0.02 percent
or 2 basis points on derivatives including futures, options, swaps and
credit

 

[Mav88]

that tax would kill me, I hate these people

I had a thought, would the mini's be exempt since they are below 125K?

 

[rsikit]

Quote from Mav88:

that tax would kill me, I hate these people

I had a thought, would the mini's be exempt since they are below 125K?

There are no exemptions for products, just 100k total for transactions per year.

 

[jksn922]

TARP cash targeted in jobs push. In endorsing the use of TARP money, Nancy Pelosi said, "Congress wasn't likely to back the adoption of a financial transaction tax to pay for future jobs programs.", an idea supported by unions and liberal economists, but opposed by the administration.


This is a new article just put up on the Wall Street Journal website, dated 12/4/09.


http://online.wsj.com/article/SB125985738348774753.html?mod=WSJ_hpp_MIDDLENexttoWhatsNewsSecond

 

[OldTrader]

Quote from listedguru:

Here is a link to Mr. Larson's bill. He now has (1) co sponsor - he had zero for quite some time...

http://www.govtrack.us/congress/bill.xpd?bill=h111-3153

-Guru

This bill seems to cover over-the-counter derivatives transactions.

OldTrader