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

Quote from bullmarket79:

A tax on money itself, lol. Wasnt it the FIRE sector we had to bail out? So corporations paid 300 billion n taxes last year,,the fed had to open up the discount window and lend out 13 trillion to keep em all open for business, about 30 plus years of taxes?
We have road taxes to keep the roads open, we all pay 65 billion pr yr just to the feds for the roads upkeep, we all agree having roads is a fine thing and we pay the taxes for it. Many here want a financial system but not the funds to keep it going. Im glad the tea party doesnt drink your kool aid, next time you collaspe, call someone else to bail ya out. Perhaps your right,, the system isnt worth the taxes we pay to keep it moving.
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The financial transaction tax is a tax on long or short term, exchange traded securities, and investors-traders who had nothing to do with creating the financial crisis.

Go tax those responsible for creating the crisis: debtors, lenders, real estate speculators, those that traded and created the mortgage debt securities, and the politicians who set up that environment.
 
Fightthefuture,,those responsible for the crisis are the voters whom put these politicians in charge,,so ultimately we have to pay. Since we are 100% responsible for there actions on our behalf we of course are 100% responsible for the total cost of the clean up.
Yes 28% of the real estate share was from speculators, but we the people have allowed those with vested interest in the system to distort it,,change the laws to encourage more of the same,,with absolutely NO hope of altering or changing the current system.
Those whom you name will not pay,,we just seen with the latest tax relief package even those who benefit the most,,the wealthy wont pay an additional 700 billion to allow the system to carry on,,they feel its just not worth it, that leaves it to the ordinary people to make up the difference.
Like the old saying says,,everyone wants to go to heaves,,yet no one wants to die, and there we are
 
Why tax investors (with a FTT) for Wall Street bailouts? Plus, Wall Street paid back TARP once and now faces paying it back twice with President Obama’s proposed 100 billion bank levy assessed on bank’s non-insured assets.

Financial service companies, their employees, traders and investors pay significant taxes in the U.S. and to charity too. They are proud to contribute to the needs of America. They also help create and run the financial-infrastructure, enabling investments into hard infrastructure like roads, rails, buildings, education, health, the Internet and more.

Liberal rhetoric and populist attacks on fat cat bankers and the financial services industry is not in spirit with President Obama’s call for more civility and productive discussion to advance this country. FTT won’t raise revenue; it will reduce trades and related commerce. FTT is more spiteful angry politics than productive policy. The President has called on Americans to give up their pitchforks and turn them into plowshares.

Don’t blame banks entirely for the financial crisis. Yes, banks contributed to it, but so did government, the Fed, mortgage borrowers, mortgage brokers, the real estate lobbies, rating agencies, appraisers, and more. We got ourselves into that mess together and we need to climb out of it together too. FTT is the blame game.
 
Quote from Robert A. Green:

We got ourselves into that mess together and we need to climb out of it together too.
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Speak for yourself. This was a continual refrain coming from CNBC talking heads back in the day that somehow we were all culpable. Most likely that was the company line because GE was imploding at the time because of their idiotic financial arm. Most of these financial companies should have gone bankrupt. We would be much better off today if capitalism was allowed to run its natural course (i.e., the obliteration of most of our bloated financial sector). If you feel partially responsible for the crisis, then so be it. I don't.
 
Quote from MrPowerBallad:

French prez pumping FTT hard yet again:

Nicolas Sarkozy calls for a tax on banking industry

http://www.thisislondon.co.uk/stand...arkozy-calls-for-a-tax-on-banking-industry.do
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"I realise that this tax will have many enemies... France believes that a tax on financial transactions is the best solution but we are ready to discuss other solutions."

The above sounds to me like France knows that the FTT isn't going to happen. We are surely going to keep hearing about the FTT as France now holds the chair for the G20 and they will keep pumping it. If any form of taxation were to occur I continue to believe it would be some sort of balance sheet tax or a FAT tax.

It just cracks me up that they keep referring to an FTT as a tax on the banks when we all now it is truely a tax on investors (and investment)...

-Guru
 
Quote from sprstpd:

If you feel partially responsible for the crisis, then so be it. I don't.
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I agree completely. I get really pissed every time I hear the refrain frequently that ""we're all in this together and we all have to sacrifice."

Bullshit.

Those who created this crisis with their greed and laziness are now out sailing.
 
Can someone clarify what the tax actually is?

A quarter of a percent of what? Of your profits?
Of the total purchase?

So if I buy $30,000 of Microsoft, it costs $75? And to sell another $75?


That is madness, wouldn't it shut down the bots as well? All the HFT?

If they did this it sounds like we'd be back at the quarter spreads, rather than pennies....

Scary stuff
 
This is what is scary of the socialist/progressive/environmentalist who are trying to rob as much people and money as possible to fund their agenda's. I have always said the biggest threat to the USA is not Iran, al queda, north korea, china....it's liberal socialists agenda's who have used and abused tax payers money to buy votes (unions) and use the front of fighting for the little guy and the tree's, etc. and blaming and destroying wealth creator's.

Nevertheless, I seriously doubt this will ever pass here (USA). First of all, Hong Kong would take all the business away and would love to do so...and Switzerland would be the meca for forex trading as well.

I do believe after the crisis in Europe (seeing first hand what socialism will lead to) and the Obama agenda being exposed as a massive socialist, anti-business campaign; that the liberal/socialist agenda will die a slow death.
 
Bad day today for FTT opponents. Haven't seen this many links for FTT in google alerts for some time.

On Jan 24, 2011, at 10:33 PM, Google Alerts <googlealerts-noreply@google.com> wrote:

News 6 new results for financial transaction tax
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Sarkozy calls for financial transaction tax
Xinhua
24 (Xinhua) -- French President Nicolas Sarkozy said on Monday his country believes the tax on financial transaction is the "best instrument" to regulate ...
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Financial speculation tax could cut deficit
CNNMoney
French President Nicolas Sarkozy, in comments Monday, said a financial transaction tax is one of his top priorities as leader of the Group of 20 nations ...
See all stories on this topic »
France Lagarde: Global Fin Transaction Tax High On G20 Agenda
IMarketnews.com
PARIS (MNI) - A global financial transaction tax to fund environmental protection and development will be high on the agenda of this year's G20, ...
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Speculation in food prices is a crime against humanity
Scoop.co.nz (press release)
“A Financial Transaction Tax of 1% would allow the government to remove GST from food and direct money towards funding public services properly, ...
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No Social Security Cuts in the State of the Union?
Huffington Post (blog)
... even though raising the payroll tax cap is a simpler fix -- and a financial transactions tax could be used to increase benefits, which would create jobs ...
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Bristol Oxfam Group supports tax on banks
Bristol Evening Post
Currently, international financial transactions are largely untaxed. The "Robin Hood" tax is a proposal to levy a tiny tax on each financial transaction ...
See all stories on this topic »
 
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