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

I am so sick of this endless taxation with the usual weak class warfare arguments where the public, with an IQ of less than -12,000, falls for in seconds, EVERY time.

Ya know, PT Barnum (?) once said a sucker is born every minute, he was wrong. One is born every nano second, at least.

You can fool enough of all of the people enough of the time to tax everything out of existence, to empower the same a$$holes America fought (Britain) over much the same honor the King taxation but 200 years AFTER the Boston Tea Party.

How come people *NEVER* #^@^ EVER learn from history???
 
Surprised the tool admits it wont raise revenue?

Why?

It seems like these a$$holes who are hell bent of destroying our lives thru taxes and regulations, are so bold these days they are going to legislate any opposition out of existance before the midterm elections in the USA 2010.

They can go on national TV, and ADMIT they are trying to stop "irresponsible day trading" and the general public, who is stupid, will remember Washington Mutual and agree "something has to be done" etc.

They admit they want to control people, and fools vote for them ANYWAY.
 
During that CNBC segment, they were talking about the transaction tax like it was already a done deal. I definitely did not get a good feeling after watching that.
 
The biggest problem is too many traders do not take this seriously enough.

Tons here now claim this is untrue, that many take it seriously, but no matter where we are in rhetoric or process, bet on many posting here claiming it will "never happen" etc.

Reality check:

These maniacs are true believer statists, and they will stop at NOTHING short of homicide to get a chance like this. Think of it, potentially unlimited (once the retro design the legislation to be amended to change the AMOUNT of the levy later on to ever larger dollar amounts per play, and lower the total amount of the play subject to tax, while first saying it only affects the rich) revenue and control over our lives.

Statists and leftists fought for national health care since at least 1948, and they are well on their way now, in case you had not noticed.

They are playing for pink slips, ownership papers, over your entire LIFE.

Anything less than an equal response in reverse will not cut it, bud...
 
Quote from ksharmon:

Today's WSJ Editorial

http://online.wsj.com/article/SB10001424052748703939404574566034074899214.html

Democrats are candid, at least in private, about the kind of the deal they have mind this time around. Democrats would agree to means-test entitlements, which means that middle and upper-middle class (i.e., GOP) voters would get less than they were promised in return for a lifetime of payroll taxes. Democrats would also agree to cut appropriations by two or three percentage points and live under pay-as-you-go budget rules—the same rules Democrats promised to live by in 2006 but have since violated routinely.

In return, Republicans would agree to an increase in the top income tax rate to as high as 49% and in addition to a new energy tax, a stock transaction tax, or value-added tax. The Indians got a better deal for selling Manhattan.
More...




This editorial is laughable. Does he actually think any Republican will fall for something like this? There is not one GOP congressman that would have anything to do with joining Democrats on anything, as they are going down big in 2010. Good luck finding one GOP congressman that would vote yes on a transaction tax. But the scary thing is that GOP support isn't needed for this tax to pass. That's why were in deep trouble. Senators in states like New York, and Illinois will get all the big players exemptions, and the tax will only apply to small time traders, who would be forced out of business. Like the tax supporter on CNBC said, it's not necessarily about the revenue, but about controlling the behavior. At this point, those advocating for this are starting to discount the revenue it will bring in, and want to basically stop any sort of speculative trading that goes on.
 
Quote from rc822:

Agreed. This is going to pass in some form, although I find it rather comical that the tool on CNBC supporting this tax admits that it won't bring in the significant revenues that congress expects. The tax will be just another way for Democrats to control and ruin our lives.
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It will never pass unless the Republicans agree to it. Schumer has claimed he is against it. So, all the GOP would have to do is to filibuster it. Will they?
 
Quote from JOSEF:

It will never pass unless the Republicans agree to it. Schumer has claimed he is against it. So, all the GOP would have to do is to filibuster it. Will they?
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It depends. What the Democrats could do is simply attach this transaction tax to their 2011 Budget Bill which comes out next year. As with any budget bill, the Democrats could easily use the reconciliation process to pass it, which would mean they only need 51 votes. The Republicans would not be able to filibuster anything going through the reconciliation process.
It is however, highly unlikely that the Democrats would use this process, as they would want/need Republicans to vote along with them on something like a transaction tax. As long as the Republicans stand their ground on this, like they did on healthcare, the tax would be much harder (but not impossible) to pass.
As for Schumer being against the tax, as long as he can secure exemptions for wall street, he could care less what happens to the small time trader, as he get's his mega money campaign contributions from the big boys on wall street. In addition, Schumer has been very quiet on this issue, and that should concern many of us. The other NY Senator, Dem. Kristen Gillibrand has recently stated her opposition to the tax, but with her being a freshman Senator, I'm sure she could be pressured to change her mind, especially with her needing support/funding from the Democratic party in her 2010 re-election bid.
 
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