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

Quote from GreenTraderTax:

OH petition signers should call him out on this pandering to petition signers.
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I contacted Sherrod Brown's Office (along with all House and Senate Members from ohio) regarding this very topic. I have yet to receive a response. I sent the same information onto Joe Biden and President Obama (not that I think they care).

This isn't the first time Sherrod Brown has 'straddled the fence' on an issue. He did the same thing, nearly a year ago, during passage of the S-Chip Legislation.

- Spydertrader
 
Quote from The Bishop:

he doesn't live in this country you moron.
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It's no surprise to see another idiotic remark from walter4. If anyone has seen some of his posts in the politics/religion section, he is a major Obama/Democrat lover that probably supports this tax.
It wouldn't surprise me to see supporters of this tax come into this forum, and try to derail what were trying to do, which is stop this madness from occurring. Just wanted to make everyone aware of that.
 
Quote from Billy Thunder:

My congressman, Mike Rogers of Michigan, he's a republican.

January 5, 2010

Dear Mr.:
Thank you for taking the time to contact me regarding your concern with reports of a proposed "transaction tax" on all securities transactions. It is good to hear from you. As you may know, Representative Peter DeFazio of Oregon has introduced H.R. 4191, the Let Wall Street Pay for the Restoration of Main Street Act. This legislation would create a new "excise tax" on the purchase and sale of a wide variety of financial products, including stocks, futures and options. As a strong opponent of the Wall Street bailouts, I can understand the desire to return some of the money taxpayers have spent on Wall Street to the taxpayer. However, this bill will only create new taxes on virtually every American, without doing anything to change how Wall Street operates or how Washington D.C. spends your tax dollars. I am adamantly opposed to any "transaction tax" on securities transactions. At a time when many Americans are struggling to restore their savings and investments, a tax on their efforts would be unfair.

Again, thank you for taking the time to contact me. Please keep in touch.

Mike Rogers
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He should know better that TARP money is already repaid by the banks with 16 bln of profits for taxpayers.
 
Quote from GreenTraderTax: The IMF's initial reports and Secretary Geithner are correct on the levy being preferable over a tax. [..] The IMF report due in early 2010 can put this financial firestorm out worldwide and in the US, UK and finally EU.
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On Wednesday at around 8:32 GMT the BBC Radio 4's flagship Today programme featured an interview with Simon Johnson, professor of economics at the MIT and a former chief economist at the IMF, discussing banking system reforms. The interview, conducted by Evan Davis, included a direct question about the Tobin tax.

Evan Davis, BBC Radio 4: There are various ideas around, aren't there, one of them is a Tobin tax, it's been associated with our own Prime Minister - a tax on global financial transactions. Is that a response, do you think, to the problems created by large banks and big bail-outs?

Prof. Simon Johnson, MIT (formerly IMF):
I think it's hmm... partially a response, or an attempt to respond, that's not my preferred line, approach to the problem, I think that would lead to a lot of distortions, a lot of moving of activities offshore. If you did it at the full level of the G20, you might be able to get some traction. Evasion at that level would be hard. But still I think it doesn't address the core problem which is really about financial institutions that are 'too big to fail'. Financial transaction tax is more of a tax on regular people like you and me.

Source: the Today programme website (BBC Radio 4), URL:
http://news.bbc.co.uk/today/hi/today/newsid_8442000/8442800.stm

Follow-up actions
1. Sending to the least competent politician you know (I'm really spoilt for choice) at least 1 copy of that badly needeed Dictionary of Economics (or other quality publications by Evan Davis ;) :
http://www.amazon.com/s/ref=ntt_ath...nk&search-alias=books&field-author=Evan Davis

2. Visiting Prof. Johnson's blog (at least 10 times) and praising his clear thinking on the Tobin tax:
http://baselinescenario.com/2010/01/05/“all-serious-economists-agree”/
 
Quote from ZeroSigma:

On Wednesday at around 8:32 GMT the BBC Radio 4's flagship Today programme featured an interview with Simon Johnson, professor of economics at the MIT and a former chief economist at the IMF, discussing banking system reforms. The interview, conducted by Evan Davis, included a direct question about the Tobin tax.
More...


Thanks ZeroSigma. I've uploaded the audio here if anyone wants to hear the whole interview:

http://www.houndbite.com/?houndbite=22866
 
Here are a few of the additional attack points I've come up with during the past several months. They may prove useful in your communications with Washington DC & the press.



Transaction Tax bill Facts

- No one invests in the stock market with the expectation of not getting at least part of their money back. Investing is a 2 way transaction. Just like with some bridges across the country, you can charge a partial toll in each direction across the bridge, or, the full amount in 1 direction. Since investing in the market is a 2 way transaction, the tax is 1/2% on investments, not the seemingly small 1/4% number as is billed. The 1/4% number is a marketing technique.

- It only takes reallocating $50,000 in a 100% stock portfolio to trigger the so-called exemption limit, not $100,000, since reallocation requires both a sell & a buy.

- NO ONE is exempt from paying extra. Even those who invest below the arbitrary $100,000 transaction threshold will be forced to give an interest free loan to the Government for a period of up to 16 months. Transaction taxes must be paid by everyone. Only on a tax return, can you receive your first $250 back. January trades followed with a tax return filed the following April equates to 16 months. The Government will have your money during this period at a rate of 0% interest.
 
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