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

Quote from seasideheights:

Mulcair Says Canada Should Back G-7 Financial Transaction Tax

"Mulcair, a member of the House of Commons’ finance committee, said his party would make a tax on financial transactions a part of its platform in the next election."

http://www.businessweek.com/news/20...hould-back-g-7-financial-transaction-tax.html
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Unfortunately this isn't going to go away anytime soon I guess. Someone is always going to be talking about it sometime. The good thing is I highly doubt it's going to become a reality as global concensus will never happen (IMHO)...

-Guru
 
Quote from listedguru:

Unfortunately this isn't going to go away anytime soon I guess. Someone is always going to be talking about it sometime. The good thing is I highly doubt it's going to become a reality as global concensus will never happen (IMHO)...

-Guru
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you can repeat yourself as many times as u want but your underlying assumption about the necessity of global consensus for a transaction tax is not correct. the UK, Hong Kong, India have it now. they will be most happy if the tax happy congress of the US will pass this tax which would hamper trading on US exchanges. it would work very much to their advantage.
 
Quote from zdreg:

you can repeat yourself as many times as u want but your underlying assumption about the necessity of global consensus for a transaction tax is not correct. the UK, Hong Kong, India have it now. they will be most happy if the tax happy congress of the US will pass this tax which would hamper trading on US exchanges. it would work very much to their advantage.
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It won't happen. Why? In order for the deficit commission to approve this recommendation, at least 4 Republicans on the panel would have to approve it. There is not one GOP member that would ever allow this to happen. Will the FTT be brought up by panel member Andy Stern? Absolutely! But again, there's no way this will fly. In addition, any sort of FTT would destroy the NYC economy even worse than it is now. All this talk by these liberal douche bags is just that, talk. In the UK, Gordon Brown is about to be voted out on May 6th. In Canada, you have this asswipe Mulcair bringing up the FTT as a campaign platform issue, which in the end will not help him win anything.
Plus, after the November 2nd elections, the U.S. House and Senate will have a drastic makeover after the GOP soundly kicks the Democrats asses. The FTT talk will obviously not go away completely, and we can expect to hear more of it over the coming months, since Obama's debt reduction panel has to come up with their ideas to reduce the deficit by the end of the year. But at the end of the day, the FTT won't be part of any tax policy here in the U.S. I think there's a great chance of tax rates being raised across the board for all income levels, a VAT tax, as well as massive spending reductions. But being we have spend happy Democrats currently running the show, I doubt we'll ever see the latter.
 
Quote from Midas:

4:00 in "give us a transaction tax of a quarter of a penny...."

http://www.cnbc.com/id/15840232/?video=1480745337&play=1

Originally they wanted .25% of the value. I have been out of the loop I guess. .25 of a penny is more reasonable.
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Nothing is reasonable because if they get their foot in the door, it will be so much easier in the future for them to just start raising the fee whenever it suits them. There must be NO transaction tax. None at all. Just like there must not be a VAT tax.
 
Quote from sprstpd:

Nothing is reasonable because if they get their foot in the door, it will be so much easier in the future for them to just start raising the fee whenever it suits them. There must be NO transaction tax. None at all. Just like there must not be a VAT tax.
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I misunderstood what Trumpka said. They are still pushing .25%. I agree, even a smaller tt would be bad, for the very reason you mentioned.
 
Quote from rc8222:

It won't happen. Why? In order for the deficit commission to approve this recommendation, at least 4 Republicans on the panel would have to approve it. There is not one GOP member that would ever allow this to happen. Will the FTT be brought up by panel member Andy Stern? Absolutely! But again, there's no way this will fly. In addition, any sort of FTT would destroy the NYC economy even worse than it is now. All this talk by these liberal douche bags is just that, talk. In the UK, Gordon Brown is about to be voted out on May 6th. In Canada, you have this asswipe Mulcair bringing up the FTT as a campaign platform issue, which in the end will not help him win anything.
Plus, after the November 2nd elections, the U.S. House and Senate will have a drastic makeover after the GOP soundly kicks the Democrats asses. The FTT talk will obviously not go away completely, and we can expect to hear more of it over the coming months, since Obama's debt reduction panel has to come up with their ideas to reduce the deficit by the end of the year. But at the end of the day, the FTT won't be part of any tax policy here in the U.S. I think there's a great chance of tax rates being raised across the board for all income levels, a VAT tax, as well as massive spending reductions. But being we have spend happy Democrats currently running the show, I doubt we'll ever see the latter.
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I completely agree with your assessment. Thanks for the well thought out reply.

-Guru
 
"One of the chief aims of the Thursday march on Wall Street -- and of the union's own efforts inside the Beltway these last few weeks -- is to lobby for an excise tax on trading, what some have called a "speculation tax" and others a "trader tax." Essentially, under the measure, the government would take a 25-basis-point cut of every transaction, whether in stocks, bonds or derivatives."

....

"A bill proposing such a tax is sitting in both the House and the Senate. (The House version even has a slogan for title. It's called the "Let Wall Street Pay for the Restoration of Main Street Act.") The White House has so far been noncommittal. "We've had discussions with the administration about this, but they haven't taken an official position," Pedrotty said."

http://www.thestreet.com/story/10740085/2/labor-to-march-on-wall-street-for-trading-tax.html
 
Quote from seasideheights:

"One of the chief aims of the Thursday march on Wall Street -- and of the union's own efforts inside the Beltway these last few weeks -- is to lobby for an excise tax on trading, what some have called a "speculation tax" and others a "trader tax." Essentially, under the measure, the government would take a 25-basis-point cut of every transaction, whether in stocks, bonds or derivatives."

....

"A bill proposing such a tax is sitting in both the House and the Senate. (The House version even has a slogan for title. It's called the "Let Wall Street Pay for the Restoration of Main Street Act.") The White House has so far been noncommittal. "We've had discussions with the administration about this, but they haven't taken an official position," Pedrotty said."

http://www.thestreet.com/story/10740085/2/labor-to-march-on-wall-street-for-trading-tax.html
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Wow these Unions just really piss me off. What gives them the right to lobby Washington for a FTT? Don't these people know what kind of damage a FTT would cause and how much it would kill their retirements and pensions over say 30 years? Good thing they don't have the administrations ear on this as Geithner, Bernanke, etc have all come out against the tax (they know what damage it would cause). This tax needs to be killed off asap and buried right alongside Mr. Tobin:)

I think everyone agrees that some financial reform is necessary here but let's use common sense.

Sorry for the rant,

-Guru
 
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