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

Quote frm spunkmeyer:

Futures Traders

Here is a copy of the bill introduced this month. All of those writing that futures contracts will be taxed at .25% are wrong. The tax would be .02% if passed. That is a significant difference. Again I am not for the tax at all. Iam just trying to correct some misconceptions written in this thread.
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This thread is a year old. There have been several bills introduced this year and there will be many more with different rates.

It does not make me feel any better at all that the latest futures rate is much lower. I do not want it if it is only one cent per side. It's best to not care what the current proposed rate is. Less is not better. We want none. Zero. Rates will be increased if enacted.

Most of the US media and previous bills over the past year have usually referred to 0.25% on most securities.

A wide range of rates have been suggested in the US and globally, including from 0.005% to 1.0%, US bills up to 0.25%, from only international currency transactions to all transactions on all securities, all financial transactions even bank withdrawals.
 
Quote from benwm:

Please add comments after these UK based BBC and Independent articles. The Tobin Tax story is a hot topic now as Brown & Sarkozy push for it at the Copenhagen meeting:-

http://www.bbc.co.uk/blogs/thereporters/robertpeston/2009/12/can_banks_save_the_planet.html

http://environment.independentminds.livejournal.com/237417.html
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When I read comments posted on UK and European forums like these, I'm often struck by how civilized and intelligent they can be compared to here in the U.S.
 
Quote from cstfx:

Anyone catch Bogle this morning on CNBC slamming the speculators? He's becoming DeFazio's head cheerleader against our group.
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Nothing new. Bogle has been on a witch hunt against speculators for years. Speculating (i mean investing) on the future prospect of a company growing on a fundamental level is the virtuous path, all else is useless gambling.
 
Quote from Midas:

Nothing new. Bogle has been on a witch hunt against speculators for years. Speculating (i mean investing) on the future prospect of a company growing on a fundamental level is the virtuous path, all else is useless gambling.
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...................................

Bogle is a very lucky man....

Although he has made his fortune on blabbing about
indexing....he has no clue that it is "active management"
that has given him....what he has....

And ....just how have the majority faired in his index fund ????

No gains for a ten year hold ????

Even his own staff are against such nonsense....


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Thirty-Six Members Of Congress Oppose Tax On Trading

......

Obama administration officials like Treasury Secretary Timothy Geithner are also seen as cool to the idea of taxing financial transactions. Last month, NYSE Euronext (NYX) Chief Executive Duncan Niederauer said administration officials assured him the idea had been shelved.

Taxing trades still has the support of Sen. Tom Harkin (D., Iowa), who views the idea as a way for Wall Street to repay economic damage done to the country as a whole.


http://www.nasdaq.com/aspx/stock-ma...six-members-of-congress-oppose-tax-on-trading
 
Quote from seasideheights:

Thirty-Six Members Of Congress Oppose Tax On Trading

......

Obama administration officials like Treasury Secretary Timothy Geithner are also seen as cool to the idea of taxing financial transactions. Last month, NYSE Euronext (NYX) Chief Executive Duncan Niederauer said administration officials assured him the idea had been shelved.

Taxing trades still has the support of Sen. Tom Harkin (D., Iowa), who views the idea as a way for Wall Street to repay economic damage done to the country as a whole.


http://www.nasdaq.com/aspx/stock-ma...six-members-of-congress-oppose-tax-on-trading
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more people in congress oppose compared to how many he has co sponsoring his bill. thats a good start. it all comes down to numbers and lets hope those numbers stay on our side of the fence.
 
Quote from libertad:

...................................

Bogle is a very lucky man....

Although he has made his fortune on blabbing about
indexing....he has no clue that it is "active management"
that has given him....what he has....

And ....just how have the majority faired in his index fund ????

No gains for a ten year hold ????

Even his own staff are against such nonsense....


.............................................
More...



ETFs will more likely than not replace firms such as Mr. Bogle's....
 
Quote from bears21:

more people in congress oppose compared to how many he has co sponsoring his bill. thats a good start. it all comes down to numbers and lets hope those numbers stay on our side of the fence.
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We can help get more people by emailing our Reps and asking them to sign onto Carolyn Maloney's "Dear Colleague" letter along with giving them our most persuasive arguments on why they should do it for people in their/your district.
 
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