1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
The summary of andy9775's posted paper is worth noting
"The Government of Indiaâs proposed transaction tax on commodity
futures trading is likely harmful to Indiaâs economy. This report illustrates
the experience around the world (New York, Japan, Taiwan, etc.) which
shows conclusively that transaction taxes in financial markets hurt local
economies. Typically, these taxes adversely impact markets liquidity,
impair the price discovery function, cause a significant loss of trading
volume to competing overseas exchanges or to underground activity,
and secure no real gain in revenues. Indiaâs commodity futures markets
are no exception to this rule, and these markets in India are both highly
successful, and yet fragile because so new. No new commodity
transaction tax should be implemented."
http://tinyurl.com/ylzee33
Transaction Taxes: Why 2014 Might Look Like 1914
http://tinyurl.com/y9omamz
http://seekingalpha.com/article/179682-transaction-taxes-why-2014-might-look-like-1914
When the federal transaction tax was repealed, California decided to keep it. One could easily imagine that happening again.
The current and looming fiscal challenges will most likely mean government self justification for new forms of taxation.
http://tinyurl.com/y9omamz
http://seekingalpha.com/article/179682-transaction-taxes-why-2014-might-look-like-1914
When the federal transaction tax was repealed, California decided to keep it. One could easily imagine that happening again.
The current and looming fiscal challenges will most likely mean government self justification for new forms of taxation.
Potential and Unintended Consequences of the Financial Transaction Tax
By Irene Aldridge
Much of the U.S. manufacturing has already moved to China, leaving behind scores of unemployed factory workers and foremen. The U.S. financial services system has stepped in to replace manufacturing as one of the key and too-big-to-fail pillars of the U.S. economy. Yet, a new threat to the U.S. financial services and, as a result, domestic economy as a whole comes in the form of Financial Transaction Tax (FTT).
http://bit.ly/51RFWA
By Irene Aldridge
Much of the U.S. manufacturing has already moved to China, leaving behind scores of unemployed factory workers and foremen. The U.S. financial services system has stepped in to replace manufacturing as one of the key and too-big-to-fail pillars of the U.S. economy. Yet, a new threat to the U.S. financial services and, as a result, domestic economy as a whole comes in the form of Financial Transaction Tax (FTT).
http://bit.ly/51RFWA
This article demonstrates the inadvertent consequences of speaking out against the tax in places other than existing press articles or directly to those in Washington DC.
TradeKing puts out a Press Release for everyone, including the non-trading general public, to read which discusses the transaction tax idea.
Next, we have an entire article about the tax on Seeking Alpha due to the fact that the author saw the Trade King PR that discussed the tax which he sourced in the very first sentence of his article.
Helping the volume of this tax increase DOES NOT help our cause. This tax is serious. It could destroy many, many livelihoods. The more talk there is about the tax in this anti Wall Street environment, the harder our job will be in defending our livelihoods.
We need to ensure that the volume is turned down to zero.
Focussing on the members of the committees that have the defazio bill, the co-sponsors of the defazio bill, and the senators related to the upcoming Harkin bill is where we should be placing our focus.
Many brokers are involved in direct, quiet communication with Washington DC. I know. I've talked to them. You'd be surprised how many are lurking in this thread. They ARE working on your behalf. Direct communication is essential.
Let's work at getting this tax OUT of the public consciousness. Taking actions that inadvertently help spread the word assists the pro-tax crowd, not us.
post top page 730. Very sorry not from IMF but post mentioned preliminary IMF findings along with other org.
http://www.tuac.org/en/public/e-docs/00/00/05/D0/document_doc.phtml
Agree 100%. It's time to turn this hot, controversial topic into a boring, stale topic. The snotty-nosed bloggers and desperate reporters will simply move along to the next story.