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

[rc8222]

Quote from zdreg:

Considering the success of the Democratic congress in passing spending bills a FTT in their minds is a logical way to pay for it. to most congressional people a FTT on wall street is an obvious way to raise large sums of money even if in reality this tax will raise negligible amounts.

you should not be smug. "just more nonsense of the liberal left" could turn you into a mcdonald hamburger flipper instead of a stock flipper.

That's exactly what it is, just more nonsense of the liberal left!!!!! How many bills have these idiot Democrats put forth that have a FTT in them??? I have actually lost count, and the Democrats look more and more like the clowns they are every time they push another FTT proposal. One week, their revenue estimates say the FTT proposal would bring in 500 billion a year. Then another week, they say it would raise 100 billion a year, then the next week, they say it would pay off the entire national debt in a year. lol
There's no way a FTT would become law in the U.S. Even if the House passes it, which would be very unlikely, it would then go to the Senate where it would meet a quick and certain death. The Republicans have the power to block any bill in the Senate with a filibuster. In addition to that, there are at least 5-6 Senate Democrats that would be absolutely opposed to any FTT. This latest proposal is baseless, and is more about politics, running for re-election in Nov., and appeasing their liberal shithead base, then actually trying to seriously push a FTT. Why do I say that? How many bills have these libertards placed FTT proposals in??? Again, I've lost count as to how many. That's why this political charade is much more laughable than worrisome.

 

[listedguru]

Quote from listedguru:

Clyburn lobbies for Wall Street tax to raise cash for roads:

http://www.postandcourier.com/news/2010/aug/31/clyburn-lobbies-wall-street-tax-raise-cash-roads/

"U.S. House Majority Whip Jim Clyburn said he is working on a plan that would charge a new tax on Wall Street transactions that would end up generating the $500 billion to fund a new transportation bill and pay back money toward the national deficit each year. Trades would be assessed a 0.25 percent tax, under the proposal."

"The plan is contained in legislation before the U.S. House. Clyburn said he feels confident the bill will pass his chamber, but he needs buy-in from the U.S. Senate and President Obama."

So is this proposed .25% tax already in a bill before the US House like the article says? Does anyone know the HR# for this proposed transportation bill? I find that hard to believe. He really thinks this would pass the house with a FTT in there? Possible but no way it would pass the Senate.

Also keep in mind that Peter Defazio sits on a transportation committee

-Guru

Just as an update it appears Clyburn is referring to our good old friend HR 4191 (Defazio's bill). I wasn't sure if he was referring to 4191 or if something else was in the pipe:

http://www.southcarolinaradionetwor...l-street-pay-for-restoring-main-street-audio/

"Clyburn, the House Majority Whip, says H.R. 4191, the “Let Wall Street Pay for the Restoration of Main Street Act,” would pay for the $500 billion, five-year transportation bill with a stock market securities transaction fee of ¼ of one percent (.25%)."

"Clyburn projects that the bill, as he supports it, would cut unemployment in the state by half over six years. But he admits that the bill has until September 30 to make it through this Congress– with lack of real support by the White House and facing obstacles in the Senate."

I'm sure Defazio is going to reintroduce this bill (in one form or another) if he still has a job in the next session of congress. Anyway I'm still confident that this FTT isn't going to happen.

-Guru

 

[listedguru]

According to the WSJ the Obama Administration is considering a new nationwide infrastructure program (and tax cuts) amongst other things:

http://professional.wsj.com/article...550.html?mod=rss_US_News&mg=reno-secaucus-wsj

I wonder how they would fund this? We already know a FTT ain't going to happen.

-Guru

 

[sprstpd]

Quote from rc8222:

Exactly! The Democrats are in for the mother of all bitch slaps on Nov. 2nd. It wouldn't surprise me at all if the Republicans take the House, although the Senate is a long shot. ... In addition, come Jan. of 2011, the Senate will have 6-7 new GOP Senators, that will replace Democrats. So there goes the leftist, idiotic Obama agenda out the window. Thank God!!!!

Oh yes! Yes! Hallelujah! Republicans are so much better than Democrats I can't wait! No wait a second, they are both terrible. 4 more years of suck pretty much no matter who is in office.

 

[tomdavis]

I can't stand either party. But the Democrats make it an easy choice. The Dems want the FTT that will put me out of business and the Repubs are against it. So I'll hold my nose and vote for Republicans.

Quote from sprstpd:

Oh yes! Yes! Hallelujah! Republicans are so much better than Democrats I can't wait! No wait a second, they are both terrible. 4 more years of suck pretty much no matter who is in office.

 

[FightTheFuture]

60 states to lobby U.N. for currency transaction tax

http://ca.reuters.com/article/topNe...01?pageNumber=2&virtualBrandChannel=0&sp=true



"For every 1,000 euros the tax we are suggesting will bring 5 cents," Kouchner told reporters. "It's not a lot, but enough to get things going."

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

Translation: Just low enough to more easily get it started and soon it will be raised to 2% and on all financial instruments.

 

[Fox-Mulder]

Quote from FightTheFuture:

60 states to lobby U.N. for currency transaction tax

http://ca.reuters.com/article/topNe...01?pageNumber=2&virtualBrandChannel=0&sp=true



"For every 1,000 euros the tax we are suggesting will bring 5 cents," Kouchner told reporters. "It's not a lot, but enough to get things going."

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

Translation: Just low enough to more easily get it started and soon it will be raised to 2% and on all financial instruments.

The bad thing is that UK is on board too .....

 

[cstfx]

Quote from FightTheFuture:

60 states to lobby U.N. for currency transaction tax

http://ca.reuters.com/article/topNe...01?pageNumber=2&virtualBrandChannel=0&sp=true



"For every 1,000 euros the tax we are suggesting will bring 5 cents," Kouchner told reporters. "It's not a lot, but enough to get things going."

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

Translation: Just low enough to more easily get it started and soon it will be raised to 2% and on all financial instruments.

Man, this is like a George Romero movie run amock!

 

[listedguru]

Quote from Fox-Mulder:

The bad thing is that UK is on board too .....

Yeah I wonder if the UK is really going along with this CTT? Hopefully thats a typo but who knows. I guess these idiots figure they need to try for a currency tax as a regular FTT just isn't in the cards.

This quote is pretty scary though:

"For every 1,000 euros the tax we are suggesting will bring 5 cents," Kouchner told reporters. "It's not a lot, but enough to get things going."

To me that reads once we get this tax on the books then the sky is the limit

-Guru

 

[CharlestonGator]

Its amazing what how moronic one must be to get into Congress. Clyburn, as my fellow South Carolinians have already pointed out, has ZERO business discussing anything relating to economics/financial policy. His track record is abysmal--it is beyond the pale how low our standards have become for elected leaders. This dude spends like a mutha.....and now he wants us (risk-takers/our neck on the line) to pay for his lack of fiscal responsibility???!!! His statement of creating 100,000 new jobs in SC is such a large turd he pulled out of his @$$..I don't know even where to begin. Trusting someone like this to make any kind of policy is freightening.

The disconcerting thing is this thing keeps coming back to life....now the world seems to be behind the whole "lets tax financial transaction" crap. This is just another example of taking what doesn't belong to you...something you took ZERO risk to get, and then claiming you are doing it for the good of all. BS.

We better hope this thing fails and hopefully freaks like Defazio get kicked out. It will kill trading as we know it and the industry as a whole. Liquidity will disappear. Its bad enough to be proposing any kind of new taxes during this time....but to attach it based on transaction amounts...and not profits, is soooo absurb. It will hurt...no KILL the "little" investor out there.

Clyburn isn't going anywhere though....his district is taylor-made for him to be continually reelected. Frankly, I'm FLOORED Obama and Geitner have been against this...this seems right up the admistration's alley. Hopefully they hold firm.