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

Trumka specifically calls for a financial transaction tax that he says will put $150-$300 million into the federal treasury that can be used for job creation.

I wonder if that is a typo in the article or lowered expectations as they have been throwing around billions, not millions, as figures from this tax.
 
Quote from Arnie:

http://thehill.com/blogs/congress-b...y-tax-a-way-to-invest-in-our-future-rep-stark
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submitted this comment

This tax will be used for something that has nothing to do with currency exchange. Selecting currency transactions as opposed to all transactions and other exchanges or events makes it an unconstitutional bill of attainder.

Rationalizing this tax based on a declaration that currency exchanges or trades or speculations are bad public policy is wrong. Trading and speculation provides liquidity and more efficient pricing, an absolute requirement for this important market. How else would farmers export their products for American gain? This tax destroys that price efficiency so greedy-politicians can spend more. It's wrong on so many grounds.
 
FUCK THESE COMMUNISTS who have no better ideas than to TAX hard-working Americans!

As November approaches I become angrier and angrier.....


The (angry) Chicago CTA
 
Quote from seasideheights:

AFL-CIO president Richard Trumka took aim at the current (and past) administration and Wall Street with what he calls a "two-fer" solution to increasing job opportunities and punishing the financial industry for the current economic climate.

"We figured out a way to bail out the banks who created this problem. We figured out a way to pay for wars. We figured out a way to do everything you decided to do, we can figure out a way to pay for these jobs as well and I think that Wall Street really should start paying for their fair share of what they've done." Trumka specifically calls for a financial transaction tax that he says will put $150-$300 million into the federal treasury that can be used for job creation.


Read more: http://liveshots.blogs.foxnews.com/2010/07/26/dem-base-not-optimistic-on-economy/#ixzz0uqz8fqrU
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Union pukes like Trumka will keep advocating for this tax, but will never get anywhere. And in Jan. 2011, when the new Congress is sworn in with "many" newly elected GOP members, his voice will be even more meaningless then it is now.
 
Quote from andohmeeta:

http://www.telegraph.co.uk/comment/...Tax-why-350-economists-are-utterly-wrong.html
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"This assembly of opinion calls to mind the letter sent to The Times in March 1981 and signed by 364 economists. They denounced the Conservative governments anti-inflation policies, saying they would never bring economic recovery. The 364 represented one for every day of the year (yes, they got that wrong, too). It is now a matter of record that what they said was impossible occurred soon afterwards."
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It really makes you wonder about those 364 economists. You would think one of them should have known that there are 365 days in a year.
 
Quote from FightTheFuture:

"This assembly of opinion calls to mind the letter sent to The Times in March 1981 and signed by 364 economists. They denounced the Conservative governments anti-inflation policies, saying they would never bring economic recovery. The 364 represented one for every day of the year (yes, they got that wrong, too). It is now a matter of record that what they said was impossible occurred soon afterwards."
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It really makes you wonder about those 364 economists. You would think one of them should have known that there are 365 days in a year.
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They could have made it simpler. Just one for each of our 57 states.:D
 
70% of intraday volume or could be more is wash trades by quants automated trading systems etc. did they just realized there is actually no or little money on the table to tax all phantom money and trades.??? not even worth the cost of collecting and administering the tax. it does the IRS millions in collecting and auditing taxes.

these guys on congress thinks the volume is real. haha


Quote from IanMacQuaide:

They could have made it simpler. Just one for each of our 57 states.:D
More...
 
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