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

The sad irony is that should there be a transaction tax, it the the main street that will bare most if not all of its costs.

But it is very hard to explain to people who are not involved in the markets.

Plus, big players will get some kind of exemption any way.
 
Quote from RedDuke:

The sad irony is that should there be a transaction tax, it the the main street that will bare most if not all of its costs.

But it is very hard to explain to people who are not involved in the markets.

Plus, big players will get some kind of exemption any way.
More...

can you explain it here?
 
rosy, perhaps what red was speaking of is that ordinary people have iras, 401s and a host of other plans, pensions included. Now if they have a ftt those imbedded cost will flow down to the ordinary person. People who purchase mutual funds in their plans pay management fees of say 1.5%, loads, say 5%, 12b-1 fees .87%, so right there over 7%. Thats why after tax returns on investments are so low, but those returns are rarely included in say a brochure, which is why you must inquire. So kick in the ftt and those cost will rise greatly, perhaps a scalp of total cost 10% doesnt seem unreasonable.
Now those in hedge funds already do pay say a 2-5% management fee plus 20% or greater total return for performance back to the hedge fund, so those cost would rise even greater.
I dont believe we would return back to a buy a hold strategy but I can bet some etfs would be created to cover it.
 
Quote from seasideheights:

Nurses to Converge on 60 Congressional Offices in 21 States Sept. 1 -- Call for Tax on Wall Street to Heal America

WASHINGTON, Aug. 25, 2011 /PRNewswire/ -- From Maine to California, nurses, joined by others fed up with the ongoing economic crisis, will call on Congress members in their local district offices September 1 to support a tax on Wall Street financial speculation, a revenue source fast becoming an international norm, to pay for healing the nation.

To view the multimedia assets associated with this release, please click http://www.prnewswire.com/news-rele...on-wall-street-to-heal-america-128370293.html

Events, from soup kitchens to help feed the hungry and homeless, to community speak outs to street theater are planned in major urban centers like Boston, Chicago, San Francisco, and Orlando, to smaller cities and towns, such as Corpus Christi, TX, Marquette, MI, Bakersfield, CA, Dayton, OH, and Worcester, MA. National Nurses United is sponsoring the actions.

Nurses will visit the home offices of Republicans and Democrats, with a common message. Everyday Americans are hurting, and they need jobs, healthcare, housing, quality education, nutrition, and a secure retirement, not more cuts, as has been the obsession of Congress.

See a preliminary list of nationwide actions here.

The RNs will call on Congress members to sign a pledge to "support a Wall Street transaction tax that will raise sufficient revenue to make Wall Street pay for the devastation it has caused on Main Street." The visits follow a letter sent by certified mail to all 535 members of the House and Senate last week asking them to back the pledge and help "make the promise of the American dream...a reality."

A tax on Wall Street trading of stocks, bonds, derivatives, currencies, credit default swaps, and futures � the speculative activity linked to the 2008 financial meltdown and resultant recession � could raise hundreds of billions of dollars to pay for the programs that "are desperately needed to reduce the pain and suffering felt by so many families who feel abandoned in communities across this nation," says NNU Co-President Deborah Burger, RN.

NNU, the nation's largest union and professional association of nurses, has sponsored other protests in recent months, including Washington DC, outside the headquarters of the U.S. Chamber of Commerce, and in New York City, across from the Stock Exchange, to advance this campaign.

"America's nurses see every day the broad declines in health and living standards that are a direct result of patients and families struggling with lack of jobs, un-payable medical bills, hunger, and homelessness. We know where to find the resources to bring them hope and real solutions," said NNU Co-president Karen Higgins, RN.

"It's time for Wall Street financiers, who created this crisis and continue to hold so much of the nation's wealth, to start contributing to rebuild this country, and for the American people to reclaim our future," says NNU Executive Director Rose Ann DeMoro.

Related Links:

Get HD TV Broadcast Quality Video Bites & B-Roll

View The List of Sept. 1 Nationwide Actions

Learn More About the Main Street Contract for America

Learn More About the National Nurses United

SOURCE National Nurses United


Timestamp:
August 25, 2011 20:29:37 EST

Contact Information:
NNU National, Charles Idelson, (510) 273-2246, or Minnesota, Jan Rabbers, (651) 414-2861, or Michigan, Mary Holbrook, (517) 349-5640, or Massachusetts, David Schildmeier, (781) 830-5717

WebSite:
http://www.nationalnursesunited.org
More...



Yawn!
 
France Expects Consensus on Financial Transaction Tax at G20:

http://www.rttnews.com/Content/AllEconomicNews.aspx?Id=1701785&SM=1

RTTNews) - French plans to achieve consensus on the financial transaction tax at the G-20 meeting to be held on November 3 and 4 in Cannes, Finance Minister Francois Baroin said in an interview with newspaper Le Journal du Dimanche on Sunday.

Baroin is working with his German counterpart Wolfgang Schaeuble on a joint proposal regarding the financial transaction tax to be presented to the European Union in September. The particulars of the tax are yet to be worked out. He said the proposal will be submitted for its adoption in 2013.


This really made me lol. Does France really think they are going to get G20 consensus on an ftt? They won't even be able to get the Eurozone to agree on it let alone the European Union or the G20.

These people really are idiots...

-Guru
 
That's just the journalist hyping it again. Baroin said they are "determined to get results" and he translates it by "achieving consensus"...
 
Transaction Tax Would Be Very Weak Says French Minister:

http://online.wsj.com/article/BT-CO-20110819-701431.html

PARIS (Dow Jones)--France's junior Minister for European Affairs Jean Leonetti Friday said the tax on financial transactions being discussed by European leaders would be "extremely weak" and wouldn't threaten the competitiveness of the European stock exchanges.

The rate of the tax on financial transactions would be as low as 0.001%, Leonetti told French radio France Info.

I wonder if this guy knows what he's talking about? I just hope they don't float a real low number like the 0.001% mentioned above to try and get others to sign on. We all know that number would just go up from there. Hopefully the UK, Sweden, and the Netherlands, etc won't fall for this if it turns out to be true.

-Guru
 
I like this part though.

"The particulars of the tax are yet to be worked out. He said the proposal will be submitted for its adoption in 2013. "

We have 2 years before...it is rejected again...LOL
 
Quote from listedguru:

I wonder if this guy knows what he's talking about? I just hope they don't float a real low number like the 0.001% mentioned above to try and get others to sign on. We all know that number would just go up from there. Hopefully the UK, Sweden, and the Netherlands, etc won't fall for this if it turns out to be true.

-Guru
More...


The european socialists hate speculators and hedge funds. For them the FTT is about keeping them out of european markets, any money raised is a bonus.

UK hopefully wont fall for this, even at 0.001% they will lose a good chunk of business for very little direct gain and a most probably a net loss in overall tax take.
 
Don't know why you chaps are getting all worked up about this so much. It ain't going to happen: the country that implements this first will find that overnight all their trading moves to another country where there is no such tax. And we all know that the Wall Street lobby is too powerfull for this to happen, look at the bailout and handouts to those who were responsible for the previous shockwave.
 
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