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

Quote from sprstpd:

A job is a job. If the traders go, there will be a cascading effect on other jobs. Anyone who thinks this is just about saving traders is ignorant. I know personally I spend a small fortune on data fees. If this tax goes into effect, my data provider gets hurt and people will lose their jobs.
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And don't forget all the support and IT jobs at the brokerage. Many of those jobs will be gone.

Also the government will see less revenue in its capital gains taxes.


It is not only trader jobs, but many other jobs.
 
Quote from OldTrader:

Time to stop being defensive about being a trader. The fact is that if you "lose your job", several things are going to happen: some brokerage firms are going out of business, some software/support type firms are gone (chances are GreenTrader will have a problem by the way), lots of people lose their jobs, and spreads widen which raises costs on everyone. Traders as a group provide an important function...liquidity. From that, alot of other companies/people have jobs. I wouldn't hide from your "job".

OldTrader
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You're preaching to the choir OT.

I just think we as a group come off with more credibility if our arguments stick to the reasons why a TT would affect the entire system, rather than if we try to garner sympathy for our particular circumstance as traders.

That's all I was saying. I agree with everything you said about the toll this tax would take on our industry, for sure.

Edit: The goal is to get through to our opponents, and I feel the best way to do that is to try and filter everything we read or write through the eyes of this guy DeFazio.
 
Quote from rsikit:

This article is a little scary becuase it doesnt say that this Republican senator opposes the bill, its the nancy pelosi syndrome of must be global so we do not have job losses. You figure a republican senator would vigorously oppose a tax
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He nor any Republican would ever support this. Even if this tax were applied internationally, it would still result in numerous job losses in the U.S. That fact is something no politician would be able to get around.
 
Quote from MoreYummy:

Is this tax proposal moved forward yet since it was "introduced" almost a year ago?
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No a new bill was introduced this week hr4191 by defazio with more support and different tweaking then the one from the begining of the year which was hr 1068. The new one was introduced a few days ago.
 
Quote from leela:

And don't forget all the support and IT jobs at the brokerage. Many of those jobs will be gone.

Also the government will see less revenue in its capital gains taxes.


It is not only trader jobs, but many other jobs.
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A significant number of the traders affected by such a tax are short term traders and as such don't qualify for capital gains treatment - their gains are taxed as income, where the rates can be more than 2x the rate for capital gains taxes, so the loss of revenue would be even greater.
 
Quote from rsikit:

ANOTHER HILL ARTICLE, NOT ON OUR SIDE! COMMENTS NEEDED.

I got the ball rolling with a comment, not a great one against the tax more of showing what an ass the journalist was, will post another comment soon with my opposition for the tax:)

http://thehill.com/opinion/op-ed/71319-a-speculation-tax-would-make-wall-street-pay-for-damages
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i read your response and had a chuckle with the last sentence you wrote but you are spot on. when you think about it jounalist or reporters i mean you can throw politicians in there as well but what kind of economic value do they return. i just dont see it and i have been saying for years these type of professions sometimes do more harm than good so why cant we tax them as well.
 
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