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

Here is a link to the FTT bill proposed by Ms. Waters in Illinois:

http://www.ilga.gov/legislation/Bil...1&DocTypeID=HB&LegId=60916&SessionID=84&GA=97

Synopsis As Introduced

Creates the Financial Transaction Tax Act. Beginning September 1, 2011, imposes a tax on the privilege of engaging in a financial transaction on any of the following exchanges or boards of trade: the Chicago Stock Exchange, the Chicago Mercantile Exchange, the Chicago Board of Trade, and the Chicago Board Options Exchange. Provides that the tax is imposed at a rate of 0.01% of the value of the transaction. Provides that the term "financial transaction" means a transaction involving the purchase or sale of a stock contract, futures contract, swap contract, credit default swap contract, or options contract, but does not include a transaction involving securities held in a retirement account or a transaction involving a mutual fund. Effective immediately.

-Guru
 
Quote from listedguru:

Here is a link to the FTT bill proposed by Ms. Waters in Illinois:

http://www.ilga.gov/legislation/Bil...1&DocTypeID=HB&LegId=60916&SessionID=84&GA=97

Synopsis As Introduced

Creates the Financial Transaction Tax Act. Beginning September 1, 2011, imposes a tax on the privilege of engaging in a financial transaction on any of the following exchanges or boards of trade: the Chicago Stock Exchange, the Chicago Mercantile Exchange, the Chicago Board of Trade, and the Chicago Board Options Exchange. Provides that the tax is imposed at a rate of 0.01% of the value of the transaction. Provides that the term "financial transaction" means a transaction involving the purchase or sale of a stock contract, futures contract, swap contract, credit default swap contract, or options contract, but does not include a transaction involving securities held in a retirement account or a transaction involving a mutual fund. Effective immediately.


-Guru
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First of all, this won't pass even with all the liberals in IL. IL is the new poster child of failed states...gawd they are horrible. Anyways, based on .01%...would be a $6.60 tax for the ES.
 
I read somewhere that Rahm Emanuel (new mayor of Chicago) used to be a member of one of the Chicago exchanges and is an ex banker. Therefore there is no way I can see him supporting this bill as it would crush his city. Hopefully other states don't start introducing their own FTT bills. I do remember that some nutjob in CA was trying to get a FTT bill enacted in that state.

-Guru
 
Quote from Stok:

First of all, this won't pass even with all the liberals in IL. IL is the new poster child of failed states...gawd they are horrible. Anyways, based on .01%...would be a $6.60 tax for the ES.
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I agree that this will never pass. But if I were in charge of the Chicago exchanges I would definitely ponder moving operations to someplace like Texas, where you won't have these liberal douche bag politicians drafting FTT proposals and making everyone crazy.
 
Quote from rc8222:

I agree that this will never pass. But if I were in charge of the Chicago exchanges I would definitely ponder moving operations to someplace like Texas, where you won't have these liberal douche bag politicians drafting FTT proposals and making everyone crazy.
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I bet this FTT proposal won't even be brought up for a vote. I wouldn't think the speaker of the IL house or the Gov would want to go anywhere near this one. Just my opinion.

-Guru
 
Quote from listedguru:

I bet this FTT proposal won't even be brought up for a vote. I wouldn't think the speaker of the IL house or the Gov would want to go anywhere near this one. Just my opinion.

-Guru
More...


All the Chicago exchanges would have to do is threaten to leave Illinois, and this proposal will be shit-canned so fast that the politicians will have been embarrassed to have even brought it up.
 
Doesn't apply to retirement funds. Awesome. Trading the IRA and/or start and LP that is compliant with ERISA. You can trade futures in your IRA but the margin requirements are very high.

Quote from listedguru:

Here is a link to the FTT bill proposed by Ms. Waters in Illinois:

http://www.ilga.gov/legislation/Bil...1&DocTypeID=HB&LegId=60916&SessionID=84&GA=97

Synopsis As Introduced

Creates the Financial Transaction Tax Act. Beginning September 1, 2011, imposes a tax on the privilege of engaging in a financial transaction on any of the following exchanges or boards of trade: the Chicago Stock Exchange, the Chicago Mercantile Exchange, the Chicago Board of Trade, and the Chicago Board Options Exchange. Provides that the tax is imposed at a rate of 0.01% of the value of the transaction. Provides that the term "financial transaction" means a transaction involving the purchase or sale of a stock contract, futures contract, swap contract, credit default swap contract, or options contract, but does not include a transaction involving securities held in a retirement account or a transaction involving a mutual fund. Effective immediately.

-Guru
More...
 
IL Rep. Mary Flowers http://www.ilga.gov/house/rep.asp?MemberID=1372 has no tax or business experience on her bio. She has experience spending money on entitlements like Medicaid, health, education and human services. As a Democrat and leader for big spending, it's not surprising that she would jump on the bandwagon of hiking taxes, including on financial transactions.

Like Trumpka suggesting tax hikes to deflect reform of his union excesses, Rep. Flowers is deflecting reform of her entitlement programs. Tax policy should be assessed with far more in mind than just looking to pay for wasteful spending. Flowers tax proposals will destroy independent trader jobs and financial service jobs too. It's no secret that IL government has been implicated in corruption, so why not find savings and rein in her spending first?
 
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