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

Quote from FutsTrader111:

All people in the financial services industry should call the Treasury every day for a month to get your point across.

We should also call up Defazios office everyday and all the constituents to let them know that this bill is bullshit. Its clear to me he doesn't have a clue how the markets work and how his stupid bill could destroy Wall Street and put more people out in the street.

The purpose of the bill was to recover bailout expenditures. As institutions are paying back the TARP money, there is no need for this assine bill. It was merely created by some Democrats who got all emotionally worked up in "outrage" as a way to make themselves look good. Whether they realize it or not, they stand to bring down the house of cards.

Read HR 1068 again and its purpose - IT IS NO LONGER VALID. Wall Street and the financial service industry should not be held responsible for paying taxes.
More...

HR 1068 is no longer the focus bill for this transaction tax: it is the newer "Make Wall Street Pay for Main Street Restoration" bill (HR 4 something, something something) that is the focus and more geared to the class war fare that this administration has been pushing since Jan. The latter one is the bill stoking the populist rage. The troublesome part of the article is that the specifics of the Wall Street Tax is left open and if sources are to believed about how the big players are clandestine supporters of the FTT, then tax on bonuses and not the FTT is not a done deal. They will push back on this so I expect increasing talk of FTT going forward, not decreasing.

In the article, got a laugh out of "sources say Geitner is against this tax". Sources?? It was all over Bloomberg and BBC and CBS that Geitner is against this tax. But good thing those Post reporters went to their unnamed sources for that little tidbt of info. That paper is a joke when it comes to financial news reporting. (BTW, Geitner is beginning to get railroaded and might be pushed out shortly, so I wouldn't bet it all on Geitner being there to block any FTT.)
 
This is a massage from one Member of Congress, Brian Bilbray

-------------------------------------------

Thank you for taking the time to contact me regarding investments. I appreciate hearing from you on this important issue.



In the last century, the stock market has been a symbol of America's economy. When it went up, our economy prospered, when it went down, our economy faltered. Still, for most of the last century most Americans had little direct investment in the stock market, but over the last two decades this fact has changed dramatically. Today, more than ever before, the average American has a direct stake in the market. Whether it has been through direct purchases of stock or through retirement funds like IRA's or 401k's, the stock market has become an invaluable tool for individuals and businesses to save for retirement.



Over the last year, we have seen our economy struggle and hundreds of billions of dollars have been injected into our financial markets in an effort to stabilize these assets. In a proposal to pay for the costs of these bailouts, Representative Peter DeFazio (D-OR) introduced H.R. 1068, the Let Wall Street Pay for Wall Street's Bailout Act, on February 13, 2009. This bill would impose a tax of up to .25 percent on all security transactions as a mechanism to pay for the Troubled Asset Relief Program and other bailouts. While well intentioned as an effort to protect the taxpayer, I strongly believe that this bill will do more harm than good. With American's long term financial health increasingly tied to the stock market it is ill advised to place a tax on investment that will hurt our middle class even as their retirement accounts are disappearing. If this bill comes before the House of Representatives in its current form, I will oppose it.



Again, thank you for contacting me. If you have any questions, please call me or my office at (202) 225-0508.

Sincerely,


Brian Bilbray
Member of Congress
 
Wow. You'd think (or hope) that these Congressmen would craft a letter of their own rather than send out a canned response to us. For once I'd like to see a response:

"DeFazio is a moron and this bill just plays into the populist rage. There is no way in hell I or anyone from my caucus would support this legislation if it came to a vote."
 
Quote from hippie:

If this bill comes before the House of Representatives in its current form, I will oppose it.
More...
He is referring to H.R. 1068. In its "current form" could leave him enough wiggle room to agree to H.R. 4191 or some other future version.
 
I believe this was mentioned before but the best thing would be to get the legislation killed in committee. The House bill is before the Ways and Means, Rules, and Budget Committees.

I am putting all the members of the committees into a spreadsheet. Below is a list of the members of the House Committee on the Budget. I will post a list of the other two committees after I have compiled them.

Aderholt, Robert, Alabama, 4th
Berry, Marion, Arkansas, 1st
Becerra, Xavier, California, 31st
Campbell, John, California, 48th
Nunes, Devin, California, 21st
DeLauro, Rosa L., Connecticut, 3rd
Boyd, Allen, Florida, 2nd
Diaz-Balart, Mario, Florida, 25th
Mack, Connie, Florida, 14th
Simpson, Mike, Idaho, 2nd
Yarmuth, John A., Kentucky, 3rd
Melancon, Charlie, Louisiana, 3rd
McGovern, James, Massachusetts, 3rd
Tsongas, Niki, Massachusetts, 5th
McCollum, Betty, Minnesota, 4th
Harper, Gregg, Mississippi, 3rd
Andrews, Robert E., New Jersey, 1st
Garrett, Scott, New Jersey, 5th
Bishop, Timothy, New York, 1st
Etheridge, Bob, North Carolina, 2nd
McHenry, Patrick T., North Carolina, 10th
Austria, Steve, Ohio, 7th
Jordan, Jim, Ohio, 4th
Kaptur, Marcy, Ohio, 9th
Latta, Robert E., Ohio, 5th
Blumenauer, Earl, Oregon 3rd
Schrader, Kurt, Oregon, 5th
Schwartz, Allyson Y., Pennsylvania, 13th
Langevin, Jim, Rhode Island, 2nd
Spratt, John, South Carolina, 5th
Doggett, Lloyd, Texas, 25th
Edwards, Chet, Texas, 17th
Hensarling, Jeb, Texas, 5th
Connolly, Gerald E. "Gerry", Virginia, 11th
Scott, Robert C. "Bobby", Virginia, 3rd
Larsen, Rick, Washington, 2nd
Moore, Gwen, Wisconsin, 4th
Ryan, Paul, Wisconsin, 1st
Lummis, Cynthia M., Wyoming, At-Large
 
Quote from TPCS:

I believe this was mentioned before but the best thing would be to get the legislation killed in committee. The House bill is before the Ways and Means, Rules, and Budget Committees.

I am putting all the members of the committees into a spreadsheet. Below is a list of the members of the House Committee on the Budget. I will post a list of the other two committees after I have compiled them.

Aderholt, Robert, Alabama, 4th
Berry, Marion, Arkansas, 1st
Becerra, Xavier, California, 31st
Campbell, John, California, 48th
Nunes, Devin, California, 21st
DeLauro, Rosa L., Connecticut, 3rd
Boyd, Allen, Florida, 2nd
Diaz-Balart, Mario, Florida, 25th
Mack, Connie, Florida, 14th
Simpson, Mike, Idaho, 2nd
Yarmuth, John A., Kentucky, 3rd
Melancon, Charlie, Louisiana, 3rd
McGovern, James, Massachusetts, 3rd
Tsongas, Niki, Massachusetts, 5th
McCollum, Betty, Minnesota, 4th
Harper, Gregg, Mississippi, 3rd
Andrews, Robert E., New Jersey, 1st
Garrett, Scott, New Jersey, 5th
Bishop, Timothy, New York, 1st
Etheridge, Bob, North Carolina, 2nd
McHenry, Patrick T., North Carolina, 10th
Austria, Steve, Ohio, 7th
Jordan, Jim, Ohio, 4th
Kaptur, Marcy, Ohio, 9th
Latta, Robert E., Ohio, 5th
Blumenauer, Earl, Oregon 3rd
Schrader, Kurt, Oregon, 5th
Schwartz, Allyson Y., Pennsylvania, 13th
Langevin, Jim, Rhode Island, 2nd
Spratt, John, South Carolina, 5th
Doggett, Lloyd, Texas, 25th
Edwards, Chet, Texas, 17th
Hensarling, Jeb, Texas, 5th
Connolly, Gerald E. "Gerry", Virginia, 11th
Scott, Robert C. "Bobby", Virginia, 3rd
Larsen, Rick, Washington, 2nd
Moore, Gwen, Wisconsin, 4th
Ryan, Paul, Wisconsin, 1st
Lummis, Cynthia M., Wyoming, At-Large
More...

We need write, email and call the petition to these memberes even if they are not your representative.

Get the idiot bill Kill!
 
Kaptur, Marcy, Ohio, 9th
Ryan, Paul, Wisconsin, 1st

These two from the House are on the Budget Committee and are co-sponsors of 4191.
 
Rules Committee:

Cardoza, Dennis, California, 18th
Dreier, David, California, 26th
Matsui, Doris O., California, 5th
Perlmutter, Ed, Colorado, 7th
Polis, Jared, Colorado, 2nd
Diaz-Balart, Lincoln, Florida, 21st
Hastings, Alcee L., Florida, 23rd
Pingree, Chellie, Maine, 1st
McGovern, James, Massachusetts, 3rd
Arcuri, Michael A., New York, 24th
Slaughter, Louise, New York, 28th
Foxx, Virginia, North Carolina, 5th
Sessions, Pete, Texas, 32nd

4191 co-sponsors on this Committee:

Perlmutter, Ed, Colorado, 7th
Hastings, Alcee L., Florida, 23rd
Arcuri, Michael A., New York, 24th
Slaughter, Louise, New York, 28th
 
Ways and Means Committee:

Davis, Artur, Alabama, 7th
Becerra, Xavier, California, 31st
Herger, Wally, California, 2nd
Nunes, Devin, California, 21st
Sanchez, Linda, California, 39th
Stark, Fortney Pete, California, 13th
Thompson, Mike, California, 1st
Larson, John B., Connecticut, 1st
Brown-Waite, Virginia, Florida, 5th
Meek, Kendrick, Florida, 17th
Lewis, John, Georgia, 5th
Linder, John, Georgia, 7th
Davis, Danny K., Illinois, 7th
Roskam, Peter J., Illinois, 6th
Davis, Geoff, Kentucky, 4th
Yarmuth, John A., Kentucky, 3rd
Boustany Jr., Charles W., Louisiana, 7th
Van Hollen, Chris, Maryland, 8th
Neal, Richard E., Massachusetts, 2nd
Camp, Dave, Michigan, 4th
Levin, Sander, Michigan, 12th
Berkley, Shelley, Nevada, 1st
Heller, Dean, Nevada, 2nd
Pascrell Jr., Bill, New Jersey, 8th
Crowley, Joseph, New York, 7th
Higgins, Brian, New York, 27th
Rangel, Charles B., New York, 15th
Etheridge, Bob, North Carolina, 2nd
Pomeroy, Earl, North Dakota, At-Large
Tiberi, Pat, Ohio, 12th
Blumenauer, Earl, Oregon 3rd
Schwartz, Allyson Y., Pennsylvania, 13th
Tanner, John, Tennessee, 8th
Brady, Kevin, Texas, 8th
Doggett, Lloyd, Texas, 25th
Johnson, Sam, Texas, 3rd
Cantor, Eric, Virginia, 7th
McDermott, Jim, Washington, 7th
Reichert, David G., Washington, 8th
Kind, Ron, Wisconsin, 3rd
Ryan, Paul, Wisconsin, 1st

4191 co-sponsors on this Committee:

Stark, Fortney Pete, California, 13th
Ryan, Paul, Wisconsin, 1st
 
You must log in or register to reply here.
Back
Top