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

[zdreg]

Quote from jackpearson:

They want 1/10th of 1%.

1% of 60k = 600.

1/10 of 1% of 60k = 60.


60 on the buy + 60 on the sell = 120.

you posted the numbers correctly. it is incredible that after 7500+ posts other people are still posting incorrect calculations. it is no wonder the US cannot compete with the far east.

 

[pescador]

Quote from jackpearson:

They want 1/10th of 1%.

1% of 60k = 600.

1/10 of 1% of 60k = 60.


60 on the buy + 60 on the sell = 120.

Your numbers are correct, but you seem to ignore that it is 0.01%, meaning 1/100 of 1%.
1/100 of 1% of 60k = 6

Just for the sake of correctness, but of course I am completely against FTT.
6 on 60k, ie. 12 RT would kill immediately all daytraders.

 

[listedguru]

Quote from JamesL:

Cuban is at it again this time calling for a 25 cent/share tax to slow down hft:

http://www.nypost.com/p/news/business/cuban_looking_to_tame_street_cheetahs_CbnTG2woLLLh2FDsl1S2kJ

Their are much more effective ways to crack down on HFT. Cuban should stick to winning championchips - oh wait it's looks like the NBA is out of business this year (LOL).

-Guru

 

[TraDaToR]

Quote from zdreg:

you posted the numbers correctly. it is incredible that after 7500+ posts other people are still posting incorrect calculations. it is no wonder the US cannot compete with the far east.

My bad. I thought futures were derivatives taxed at 0.01%...

 

[MrPowerBallad]

Reminder that G20 finance ministers are meeting this weekend in Paris, and it sounds like FTT will definitely be part of the discussion.

The United States is eager to hear details about the "comprehensive plan" European leaders have been working on to address long-standing government debt and banking problems, according to Brainard.

European Commission president Jose Manuel Barroso announced a five-point plan Wednesday to address Europe's problems, saying leaders should agree on the plan at a meeting of the European Council on Oct. 23.

Brainard said G20 ministers, including Treasury Secretary Tim Geithner, expect to have "robust discussion" about the details of the plan.

http://money.cnn.com/2011/10/12/news/international/g20/

 

[listedguru]

Quote from MrPowerBallad:

Reminder that G20 finance ministers are meeting this weekend in Paris, and it sounds like FTT will definitely be part of the discussion.

The United States is eager to hear details about the "comprehensive plan" European leaders have been working on to address long-standing government debt and banking problems, according to Brainard.

European Commission president Jose Manuel Barroso announced a five-point plan Wednesday to address Europe's problems, saying leaders should agree on the plan at a meeting of the European Council on Oct. 23.

Brainard said G20 ministers, including Treasury Secretary Tim Geithner, expect to have "robust discussion" about the details of the plan.

http://money.cnn.com/2011/10/12/news/international/g20/

This would be a great time for the G20 to give a resounding "NO" to a global ftt and put this destructive tax to rest

Come on Timmy tell these idiots to shove their ftt idea.

-Guru

 

[zdreg]

Brainard said G20 ministers, including Treasury Secretary Tim Geithner, expect to have "robust discussion" about the details of the plan.

http://money.cnn.com/2011/10/12/news/international/g20/

if anybody besides the usual polyannas on this thread trust geithner I have a very well known bridge to sell you very cheaply.

 

[listedguru]

Quote from zdreg:

Brainard said G20 ministers, including Treasury Secretary Tim Geithner, expect to have "robust discussion" about the details of the plan.

http://money.cnn.com/2011/10/12/news/international/g20/

if anybody besides the usual polyannas on this thread trust geithner I have a very well known bridge to sell you very cheaply.

The ftt is just a small part of Barroso's so called 5 point plan so any "robust discussion" regarding the details of this plan will encompass much more than the ftt. Plus after the cool reception Geither recently gave the Europeans on their ftt plan I highly doubt he's going to embrace it warmly (LOL). But I'm a polyanna so what do I know.

-Guru

 

[sheda]

Activist group Bankster USA has launched a petition to get Congress to pass a financial transaction tax. Nearly 1600 people have signed the action alert so far

Proposals for an FTT rate are modest -- for instance 0.25 percent on a stock purchase or sale and 0.02 percent on the sale or purchase of a future, option, or credit default swap. These rates are proportional to the actual transaction costs in the industry.

http://crooksandliars.com/kenneth-quinnell/bankster-usa-calls-financial-tran

More groups pushing for it - god forbid they ever come out with any realistic demands - then they might gain a percent of ground - I feel nothing in the face of this constant noise any more.

Am I a polyanna to? Not really, I just remembered why I become a trader-

 

[zdreg]

the big compromise would be instead of a % amount they would come up with a euro amount. this would be be the camel's nose under the tent to be increased substantially in the future.