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

French Bank chief is against the tax:

The BNP chief does not support the proposal of a “Tobin tax” — a small levy on financial transactions that has been floated by Gordon Brown and Mr Sarkozy. Tobin tax proponents believe that it would have the dual benefits of creating a fund to pay for bank bailouts, while acting as a deterrent against excessive risk taking. Mr Prot says: “No tax will provide a safer financial industry. The main thing is supervision, and in the last few years that has been very ineffectual.”

http://business.timesonline.co.uk/t...ectors/banking_and_finance/article6969067.ece
 
fwiw Douggie Kass predicts Dems GAINING seats in Nov. Certainly would be a contrarian surprise. And I wish Mandy Drury would replace Burnett for good, sooo much better in more ways than one....:p
 
7 Ways Financial Services Could Change

http://www.smartmoney.com/Investing/Economy/7-Ways-Financial-Services-Could-Change/

A New Transaction Tax

Earlier this month, Rep. Peter DeFazio (D., Ore.) and others in the House introduced a bill, Let Wall Street Pay for the Restoration of Main Street Act, that seeks to impose a tax of around 25 basis points on securities and derivatives transactions.

The burden of paying the tax would fall on investors. Also, a transaction tax would make most high-frequency trades unprofitable. This could lead to a scenario where traders realize it’s easier to conduct transactions overseas than in the U.S., and trading volumes will drop here, and that will make it harder for investors to get in and out of investments, says Rotblut.
 
Not with the intention to cross-post... (there's another thread about this in another forum. but it can't get too much attention)

The Dems are saying the tax is for the relief of Main Street.
But we were relieving Main Street and the government with our capital gains taxes and taxes on interests and dividends all along!

And they want to make this tax worldwide, so they can tax Forextraders as well, and also to prevent traders to wander off to more free markets (like it happened in Germany).

They say scalpers and daytraders were non-productive!
But how productive is the money that I spend afterwards for goods and services I want and need!
And how the hell are persons like Pelosi, Reid or DeFacio productive?! :mad:
 
Government has to keep their hands off the markets and from everything.
At all costs. :mad:

<object width="560" height="340"><param name="movie" value="http://www.youtube.com/v/1hhJ_49leBw&hl=en_US&fs=1&"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/1hhJ_49leBw&hl=en_US&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="560" height="340"></embed></object>
 
If US implements this tax they will loose revenue from pattern-day-traders - since there wont be none or very little of them after it.

Does a definite loss of tax revenue from pattern-day-traders justify an uncertain gain from implementation of this tax?

Lose in one area - certain
Gain in the other - uncertain

What are they thinking.

The gov is speculating just like day traders.

Will there be a revolt or any serious opposition? Unlikely.

Today's governments can sell a tax like this to poor-middle class like lemonade to children.

"Fat cats must pay"

Jealousy - let it go, results could be tragic.
 
You must log in or register to reply here.
Back
Top