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

[listedguru]

Democrats revive financial transaction tax idea:

http://www.reuters.com/article/2011/11/02/us-usa-tax-transaction-idUSTRE7A175U20111102

With the G20 expected to resume its transaction tax debate this week, Representative Peter DeFazio and Senator Tom Harkin proposed a 0.03 percent tax on stock, bond and derivative trades. It would take effect, if adopted, in 2013.

"We're hoping that (President Barack Obama) will provide direction to Secretary Geithner to not go to (the G20 meeting) with a closed mind," DeFazio said.

The United States should consider the financial transaction tax "as a potential way for both the EU and the U.S. to squeeze some volatility out of the market," he said.

The Harkin-DeFazio proposal has not yet been scored by Congress' nonpartisan Joint Committee on Taxation for how much tax revenue it could generate. Harkin estimated it could bring in "a couple hundred billion."

He said he hopes Congress' so-called super committee on deficit reduction will consider the transaction tax. "This certainly ought to be part of the revenue mix," Harkin said.

 

[listedguru]

I just read in two different articles that this new Defazio tax will only cost the average american paying into a 401K $1.00 per year (LOL).

Where do they come up with this stuff? It also says this new proposed tax of 0.03% will raise between 700 billion and 1.2 trillion over the next 10 years. These people truely are living on fantasy island...

-Guru

 

[tomdavis]

Unfortunately, the public believes all the FTT fairy dust that's thrown their way.

Even after the EU Impact Assessment Report showed that the proposed EU-FTT would contract GDP, destroy jobs and be a net tax loss, it still has over 70% support in most European countries. The public is madly in love with this tax, the facts be damned.

It's important to write your congressional representatives now and go on the record opposing the FTT. Directly reference the Defazio-Harkin bill being introduced in congress. Get everyone you know to write congress. We can't sit silently while the public clamors for this destructive tax.

Quote from listedguru:

I just read in two different articles that this new Defazio tax will only cost the average american paying into a 401K $1.00 per year (LOL).

Where do they come up with this stuff? It also says this new proposed tax of 0.03% will raise between 700 billion and 1.2 trillion over the next 10 years. These people truely are living on fantasy island...

-Guru

 

[oldtime]

sorry, I missed the first 1300 pages. What the heck is going on? They're talking about a transaction tax on tv. They say it's to reduce volatility and stabalize the bond market. And that it would generate a ton of revenue.

The bond markets already so stable I don't even bother trading it. Won't reducing liquidity make it more volatile?

How will it generate revenue if people stop trading?

 

[oldtime]

If nobodys trading who will I sell to when I want to get out? You're going to have to pay me a heck of a lot more than 3% to hold that kind of risk until maturity.

 

[Stok]

Quote from oldtime:

sorry, I missed the first 1300 pages. What the heck is going on? They're talking about a transaction tax on tv. They say it's to reduce volatility and stabalize the bond market. And that it would generate a ton of revenue.

The bond markets already so stable I don't even bother trading it. Won't reducing liquidity make it more volatile?

How will it generate revenue if people stop trading?

What tv show?

 

[oldtime]

Quote from Stok:

What tv show?

Rachel Maddow on msnbc it will be rebroadcast later tonight

I like watching her, she thinks the Green Bay Packers are a non profit organization

 

[euclid]

Bill Gates backs a Tobin tax

http://www.bbc.co.uk/news/business-15565479

 

[Stok]

Quote from oldtime:

Rachel Maddow on msnbc it will be rebroadcast later tonight

I like watching her, she thinks the Green Bay Packers are a non profit organization

First, please quit watching mslsd.

Second, get ready for a fight with the liberal socialist lying about this destructive tax.

 

[Stok]

Quote from euclid:

Bill Gates backs a Tobin tax

http://www.bbc.co.uk/news/business-15565479

Gates can donate his money from all his stock holdings to help poverty. Quit fucking around with free markets (which made his $$ easier).

I'm surprised he can't understand the damage this does. Then again, maybe he is one of the liberal socialist who are destroying the world.