1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
1.I have posted the calculation to show that a ftt of as low as .001 or 1/10 of 1 percent would put active stock traders out of business. after 10000+ posts on this threads there are still posters who are cluless to these correct calculations. familiarize yourself with these calculations.
2. write a letter to representative defazio of oregon who sponsors the ftt bill and explain the situation. the same goes to your local representatives.
3.write to the financial tv stations.
4. write to think tanks inc the conservative one like cato and the manhattan institute. write to liberal ones like brookings.
5. write to newspaper columnists who have written on the subject.
use google to find names.
We agree. I've sent out over 200 hundred faxes and emails over the past year.
I would add to your list:
6. Contact all your brokers, educate them and push them to take a public stand on the FTT.
7. Contact fellow traders, friends and family members, educate them and encourage them to write to congress.
8. Contact everyone who is in any way associated with the trading business (via their websites, via online forums, etc.). Encourage them to write letters and take a stand.
I've taken a short rest from sending out emails and faxes. After the political conventions I'm going to start again and plan on doing so relentlessly through the November elections. The more of us that get involved, the more effective we will be.
Anyone interested can find detailed information on the FTT at: http://financialtransactiontaxes.com/
I managed to find the chart for SBF 120. Nothing very dramatic happened, volume is down a little but it has been at those levels before.
The scenario I described earlier, the one Tradator didn't believe would happen - did. The political advisors knew it would go like this, the big guys don't pay a cent of this tax and the small guys are removed from the market completely. Therefore, there won't be any significant change in volume and they can point out how successful they were fighting the evil bankers - just don't ask how much money it raises for the government (almost none).
It's just a successful populist politics stunt - they managed to screw some citizens and win the votes of many ignorant voters.
While that is all obvious to most people here, it's not so for the average people.
The obvious strategy is to regularly request the relevant collection authority to make available their quarterly tax-take figures, and apply the obvious logic whenever, wherever if necessary. In this country such answerable authority would be the federal Treasury.
The findings could be regularly updated to the ftt.com website.
If any French-speaker here can request the figures we would be indebted.
If not, we will need to research their quarterly figures ourselves. Their Ministry will have English speaking inquiry officers who can liaise with the relevant department.