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

Illinois is probably the most corrupt state in the country. It's my feeling (I have no proof) that Mayor Daley is stepping down because the Feds probably told him he would be the next elected official to fall under the microscope if he ran for another term. He would probably be joining Ryan and Blago in a Federal Prison. Daley is as corrupt as they come. "Pay to play." That's Chicago politics.

I doubt the transaction tax will gain much support. Doing so would increase the chances that the dollar would no longer be the reserve currency.

Quote from Robert A. Green:

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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1/4% tax on all stock trades pushed in NY TIMES TODAY.
- we all know that it will come, and it won't shut down us i guess.
and i believe that you are still a trader now, it affects a little but it doesn't ruin the business.
 
Of course. But we are not all small time directional gamblers like you who foolishly thinks he can overcome a 0.01% tax( 10$ on a typical futures contract ). There are also some professional liquidity providers that provide a service to the marketplace and make far less per trade than what this tax would be.

So we don't really have time to educate you. Get the hell out of here.
 
Quote from TraDaToR:

Of course. But we are not all small time directional gamblers like you who foolishly thinks he can overcome a 0.01% tax( 10$ on a typical futures contract ). There are also some professional liquidity providers that provide a service to the marketplace and make far less per trade than what this tax would be.

So we don't really have time to educate you. Get the hell out of here.
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Damn right. Any tax that is based on a percentage of the transaction, will f**k anybody that trades more than once a month. And everybody that uses any leverage, might as well give up trading.

If I really had to (or to stave off a percentage tax), I'd pay a small "gas tax" commission of 10 cents, or the like, per transaction. Given the size of our markets, that would fund millions for whatever wasteful program they wanted to throw away money on...
 
Quote from AlexLutiera:

1/4% tax on all stock trades pushed in NY TIMES TODAY.
- we all know that it will come, and it won't shut down us i guess.
and i believe that you are still a trader now, it affects a little but it doesn't ruin the business.
More...
You are forgetting about the increase of the bid-ask spread as liquidity returns to what it was decades ago. Said to increase costs much more than the cost of the tax itself.

So, that tiny 1/4 percent tax on each side will cost around 2.5% per round turn with the spread cost. That's what the CIO of one of the largest mutual funds estimates.

Goodbye day trading, weekly trading, monthly trading, perhaps quarterly and even yearly as why even bother investing long-term when the average investor sees his life savings being consumed just to move his money around.
 
http://www.cnbc.com/id/41867067

Merkel and Faymann added that they still wanted to push through a proposal for a financial transactions tax across the euro zone. "We want to push for this to be accepted by all euro zone members," Merkel said.

After the idea of such a tax failed to be welcomed globally, Germany has focused its efforts on implementation on a European level, noting it would not introduce one at a level smaller than the euro zone.

Faymann had previously said Berlin needed to throw more of its weight behind the tax. "The tax is a question of justice," he told reporters on Wednesday. "It is morally right and financial right to bring transaction tax into life."
 
Does someone know the position of Netherlands on Tobin Tax? I would bet they are against it with all the options firm in Amsterdam and generally everybody shutting their mouth is against it..

Deutsche-Borse-NYSE-Euronext will be of Dutch Law if I am right( I didn't read much about the deal ). I bet it's not a coincidence that it's not German or French. :D
 
Quote from AlexLutiera:

1/4% tax on all stock trades pushed in NY TIMES TODAY.
- we all know that it will come, and it won't shut down us i guess.
and i believe that you are still a trader now, it affects a little but it doesn't ruin the business.
More...


6500+ posts and people still don't under that it wipes out the capital of active traders. take a piece of paper and do the arithmetic.
 
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