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1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
Quote from gkishot:
Do the non-traders actually read your blog?
Quote from gkishot:
While I commend your efforts do you actually think that non-traders read your blog?
Some do, although I'm not the NY Times. But my blog is still new and I'm going to continue to build up the content over time.
Quote from gkishot:
The only effective way to convince the masses is through media with good publications that explain the negative impact of TT on Main Street. Unfortunately small retail traders do not control the mass media.
Fortunately, we don't have to convince the masses at this time.
In fact, informing the masses about the potential tax could stir up sympathy for the pro-tax crowd.
Targeted messages to Washington DC & sending convincing messages to the pro-tax articles whenever & wherever they pop up is the best way to keep the snowball from growing.
One correction.
Portfolio turnover requires both a sell of current assets coupled with a buy of the new assets.
Therefore, your spreadsheet should be computing the tax for year 2+ assets as .005% of the portfolio, not .0025%.
I don't know at this point. Seasideheights and others here are of the opinion that a low-profile approach is best. My focus until now has been to debate the issue with individual members of the pro-tax crowd and direct them to the blog for further reading. It's a low-profile approach compatible with what's been advocated on this thread up until now.Quote from gkishot:
How far-fetched would it be to have pieces of your blog published in let's say NYPost or NYTimes?
I see the blog as essentially having an option-like payoff. I think there is a need for a central repository of ideas against this tax (for the general public) and I haven't seen anyone do that so I am doing it myself. If it turns out to be necessary, then the repository will be there, all built out. If it turns out not to have been necessary, then it'll just be a wasted premium. (It's not entirely wasted actually. Putting some ideas down on paper about things that need to be said isn't a bad exercise. I also get a small amount of amusement from skewering some of the clowns on the pro-tax side).
Quote from TPCS:
I don't know at this point. Seasideheights and others here are of the opinion that a low-profile approach is best. My focus until now has been to debate the issue with individual members of the pro-tax crowd and direct them to the blog for further reading. It's a low-profile approach compatible with what's been advocated on this thread up until now.
I see the blog as essentially having an option-like payoff. I think there is a need for a central repository of ideas against this tax (for the general public) and I haven't seen anyone do that so I am doing it myself. If it turns out to be necessary, then the repository will be there, all built out. If it turns out not to have been necessary, then it'll just be a wasted premium. (It's not entirely wasted actually. Putting some ideas down on paper about things that need to be said isn't a bad exercise. I also get a small amount of amusement from skewering some of the clowns on the pro-tax side).
We would need to convince the public that if this were to pass, it would hit the average trader, and not it's intended recipients on Wall Street. These Democrats claim this bill will go after Wall Street, but they will simply get exemptions to the tax, and it will kill the average mom & pop daytrader.
If that word could get out, if needed, would be very helpful.
Yes, that was the point I was making in my last post. My approach has been low-profile. However, if something else becomes necessary later, the blog will be built up in the meantime. I have found that it still functions as an effective tool when engaging in debates with individuals.Quote from seasideheights:
Fortunately, we don't have to convince the masses at this time.
In fact, informing the masses about the potential tax could stir up sympathy for the pro-tax crowd.
Targeted messages to Washington DC & sending convincing messages to the pro-tax articles whenever & wherever they pop up is the best way to keep the snowball from growing.
Thanks for starting this thread, by the way.
The spreadsheet computes the 0.25% tax at the beginning of the year for the purchase and 0.25% at the end for the sale. Therefore, for computational purposes, the rebalance in year N consists of a sale at the end of year N and a purchase at the beginning of year N + 1.Quote from seasideheights:
One correction.
Portfolio turnover requires both a sell of current assets coupled with a buy of the new assets.
Therefore, your spreadsheet should be computing the tax for year 2+ assets as .005% of the portfolio, not .0025%.
Quote from TPCS:
Yes, that was the point I was making in my last post. My approach has been low-profile. However, if something else becomes necessary later, the blog will be built up in the meantime. I have found that it still functions as an effective tool when engaging in debates with individuals.
Great job.
I agree entirely. Should going forward we need to alert the masses, then the info is set to go. In fact, I have a fully built out website ready to go.
Increasing the volume of the discussion to the general public now is unnecessary & quite possibly counterproductive to our cause.
Remember, the vast majority of bills introduced die in congress before ever even reaching a vote. Let's help this one die a quiet death.