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

New tax chief promises ‘holistic’ approach to job

http://www.europolitics.info/econom...es-holistic-approach-to-job-art258639-30.html

A financial transaction tax - which was pushed by France and Britain at the December European Council - is on his radar, although it could be difficult to implement if the US and other major powers do not agree. US Treasury Secretary Tim Geithner ruled it out at a November G20 ministerial meeting. UK Prime Minister Gordon Brown and France's President Nicolas Sarkozy had brought up the levy - which is a variation on an idea put forward in the 1970s by economist James Tobin to deter currency speculation - as a means of financing a climate change fund.
 
Taiwan decides not to tax gains on securities investment for now

http://www.etaiwannews.com/etn/news...g_news&cate_img=35.jpg&cate_rss=news_Business


The Cabinet's tax reform committee reached a consensus Tuesday to maintain for the time being the existing taxation system under which gains obtained by individuals and corporates from securities investment are tax-free.

In the mid- to long term, however, the Ministry of Finance (MOF) should study the possibility of taxing corporates for gains from securities, instead of for securities transactions, the committee decided in a meeting held to discuss issues concerning capital gains.
 
FWIW,

I did get 2 more emails frmo both of my reps , I have gotten them a month or so ago when I wrote them about hr1068. And now recieved them again from the same reps in regards to hr 4191. One dem and one republican, both opposed to the tax , so thats good. Keep filling out Robert Green's petition to the reps we do get responses for whatever they are worth, it wont hurt!! I have also written the IMF several times with different aspects/ I made it to the attention of John Lipsky the one in charge of the April report. Sadly nothing back from him, but you never know. I reminded them of what they have said in the past about the taxes.
 
Quote from rsikit:

FWIW,

I did get 2 more emails frmo both of my reps , I have gotten them a month or so ago when I wrote them about hr1068. And now recieved them again from the same reps in regards to hr 4191. One dem and one republican, both opposed to the tax , so thats good. Keep filling out Robert Green's petition to the reps we do get responses for whatever they are worth, it wont hurt!! I have also written the IMF several times with different aspects/ I made it to the attention of John Lipsky the one in charge of the April report. Sadly nothing back from him, but you never know. I reminded them of what they have said in the past about the taxes.
More...

Maybe we should have Mr Green's petition sent to the members of the various committees (in the house) who are looking at the tax (especially the house ways and means committee). It would be best to stop this thing in committee before a vote is ever called.

It looks like HR 4191 is assigned to the following committees:

-House Ways and Means
-House Rules
-House Budget

These three committees tegether equal quite a few individuals.


We can do the same thing when the Senate version rolls out and we see what committies are taking a look at that..

Just a thought,

-Guru
 
After submitting the GreenTrader petition, this is what my rep emailed me yesterday.

"Thank you for getting in touch with me about the Let Wall Street Pay for the Restoration of Main Street Act of 2009.

This legislation would impose a 0.25 percent tax on the sale or purchase of financial instruments such as stocks, options, derivatives, and futures. The revenues from this tax – estimated to be $150 billion each year – would be used to reduce the deficit and fund job creation projects. In addition, this tax would seek to discourage financial institutions from participating in speculative trading that has caused economic turmoil.

I can understand concerns that this tax would place undue costs on investors and financial institutions during these turbulent times. While proposals that reduce the deficit and promote job creation deserve consideration, I realize that imposing taxes on financial transactions could have unintended consequences on investors and the prospects for long-term economic growth.

Should this legislation reach the Senate for a vote, I will be sure to keep your views in mind. Thank you again for getting in touch with me.

Sincerely,

Sherrod Brown
United States Senator "
 
"The Wall Street Trader Tax: Is Congress Targeting the Wrong Trades?"

http://www.huffingtonpost.com/chris-glorioso/the-wall-street-trader-ta_b_400871.html

"if we assume some sort of securities transaction tax is fair (on the grounds US taxpayers deserve recompense for bailing out the banks), the tax should be apportioned so as to accomplish two goals: raise maximum revenue and de-incentivize systemically risky investment bets. The current bill fails on both accounts."

"derivatives trading accounts for a pool of possible tax revenue that is more than 10 times the size of pool of stock trades."


-Guru
 
"Influential Lawmakers Back Proposed Stock Transaction Tax"

http://www.heartland.org/article/26...kers_Back_Proposed_Stock_Transaction_Tax.html

"The bill has not been submitted in final form and thus does not have an official revenue score from the Joint Committee on Taxation."

Does anyone now anything about this? I was wondering if some entity might score this bill (like the CBO does). I would be very interested in seeing that...

"This new tax would raise as much money as the capital gains tax currently does. If you think doubling the capital gains tax is a good idea for your average investor, you'll love this new tax,” said Ryan Ellis, tax policy director for Americans for Tax Reform."

-Guru
 
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