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1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
"Obama Administration Considers Fee on Banks to Recoup Bailout Funds"
http://online.wsj.com/article/SB126322918488724799.html?mod=WSJ_hpp_MIDDLETopStories
"Some in Congress have suggested taxing a wide range of financial transactions as one way taxpayers might benefit from Wall Street's resurgence. The Treasury Department opposes that idea, which would require international coordination to be effective."
"Ideas currently under consideration by the administration include a more straightforward fee. It's not yet clear whether the move would require congressional approval. The original legislation creating the Troubled Asset Relief Program provided a way for the government to recoup its investments."
"One challenge faced by the administration is structuring a fee that doesn't simply get passed on to the bank's customers or other investors."
-Guru
http://online.wsj.com/article/SB126322918488724799.html?mod=WSJ_hpp_MIDDLETopStories
"Some in Congress have suggested taxing a wide range of financial transactions as one way taxpayers might benefit from Wall Street's resurgence. The Treasury Department opposes that idea, which would require international coordination to be effective."
"Ideas currently under consideration by the administration include a more straightforward fee. It's not yet clear whether the move would require congressional approval. The original legislation creating the Troubled Asset Relief Program provided a way for the government to recoup its investments."
"One challenge faced by the administration is structuring a fee that doesn't simply get passed on to the bank's customers or other investors."
-Guru
Obama said to weigh fee on financial services to trim U.S. budget deficit.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aXmznEaRnmqg&pos=1
Officials declined to give specifics about the structure of a possible fee, which was reported earlier by Politico.
**** The fee wouldn't amount to a transaction tax or a bonus levy, Politico reported, citing unnamed officials.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aXmznEaRnmqg&pos=1
Officials declined to give specifics about the structure of a possible fee, which was reported earlier by Politico.
**** The fee wouldn't amount to a transaction tax or a bonus levy, Politico reported, citing unnamed officials.
We are part of Main Street. Nobody will give us bailouts if we lose money. We don't have lobbyists to push for laws in our favor. And if we decide to leave trading nobody will offer us a job at the top of some government agency. We just happen to earn a living from the markets but we're in the same boat as everyone else on Main Street.Quote from Moneyball:
This was pretty much my point. I think it's better to take the approach that we are part of Main St., not Wall St. It may even make sense to go as far as saying we agree that Wall St. (GS, MS, etc.) should pay, but that this proposal would not lead to that.
Most people have no concept of what "Wall St." actually is (think about it, does your family even know exactly what you you do?), so they lump everything financial together under the Wall St. umbrella. While the public is very upset at whatever they consider to be "Wall St." right now, most are equally upset with our government. If we can show how this will be just another drain on the middle class taxpayer, not a penalty for the big guys, we could at least get some more non-traders on our side. As it's being presented, most people think that they won't be affected, it will raise a lot of needed revenue, and it will punish the "evil speculators", but we all know that won't be the case.
I'm compiling a spreadsheet of the members of Congress and their positions on the tax bills. I would appreciate it if anyone could PM me if they have information on the positions of any particular individual member whether from quotes in articles (please include links) or letters/emails received in response to contacting their offices.
AFL-CIO leader: Democrats inviting repeat of 1994 over economy woes
...
The union leader also laid out a number of laborâs priorities in Washington for the next year. He said Congress should institute a consumer financial protection agency, tax financial transactions and pass labor law reform.
http://thehill.com/business-a-lobbying/75245-afl-cio-leader-democrats-invite-repeat-of-1994
...
The union leader also laid out a number of laborâs priorities in Washington for the next year. He said Congress should institute a consumer financial protection agency, tax financial transactions and pass labor law reform.
http://thehill.com/business-a-lobbying/75245-afl-cio-leader-democrats-invite-repeat-of-1994
White House Press Briefing by Robert Gibbs, January 11, 2010
...
Q Let me make another pass at the banking one, but in the context of the deficit we've heard a lot from the President on the course of reducing the deficit. Are you guys ruling out any sort of transaction tax, or bank fee as a way to lower the deficit?
MR. GIBBS: I'm not going to add more in specificity to what I have yet to add to the previous four people that have asked.
Q Two people.
MR. GIBBS: Two.
Q So you're not ruling it out?
MR. GIBBS: I'm not ruling it in or ruling it out, how about that?
http://www.enewspf.com/index.php?op...88888983:latest-national-news&Itemid=88889930
...
Q Let me make another pass at the banking one, but in the context of the deficit we've heard a lot from the President on the course of reducing the deficit. Are you guys ruling out any sort of transaction tax, or bank fee as a way to lower the deficit?
MR. GIBBS: I'm not going to add more in specificity to what I have yet to add to the previous four people that have asked.
Q Two people.
MR. GIBBS: Two.
Q So you're not ruling it out?
MR. GIBBS: I'm not ruling it in or ruling it out, how about that?
http://www.enewspf.com/index.php?op...88888983:latest-national-news&Itemid=88889930
Quote from seasideheights:
White House Press Briefing by Robert Gibbs, January 11, 2010
...
Q Let me make another pass at the banking one, but in the context of the deficit we've heard a lot from the President on the course of reducing the deficit. Are you guys ruling out any sort of transaction tax, or bank fee as a way to lower the deficit?
MR. GIBBS: I'm not going to add more in specificity to what I have yet to add to the previous four people that have asked.
Q Two people.
MR. GIBBS: Two.
Q So you're not ruling it out?
MR. GIBBS: I'm not ruling it in or ruling it out, how about that?
http://www.enewspf.com/index.php?op...88888983:latest-national-news&Itemid=88889930
Gibbs is an idiot.
Quote from seasideheights:
AFL-CIO leader: Democrats inviting repeat of 1994 over economy woes
...
The union leader also laid out a number of laborâs priorities in Washington for the next year. He said Congress should institute a consumer financial protection agency, tax financial transactions and pass labor law reform.
http://thehill.com/business-a-lobbying/75245-afl-cio-leader-democrats-invite-repeat-of-1994
Trumka is a total hipocrate. Doesnt get what he wants he moans. There is a nice tax to raise money but hey its on his union workers already overly generous healthcare plans, so no way thats crazy according to him. He wants a second stimulus, well didnt the auto industry get a second stimulus already or are they on their third or fourth, taxpayers have poured so much money in the auto business with his union workers who cannot turn a profit yet he wants more! Now he is trying to threaten government to legislate on his priorities or they might not vote for them! Throw the unions out already.
obama is talking about a tax on banks and not a tax on stock sales correct? as i've posted before the worst thing thats ever happened to help this tax come along is the mkt skying. its created such anger among the little guy that wall street has gotten filthy rich again. here you have unemployment at 10% and people on the street hurting and the mkts skied 805 to one of the biggest bubbles in our lifetime. so it makes it look like wall street can take a big hit