1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
It will be interesting to see how many co-sponsors attach their names to this piece of garbage legislation. But wait, it'll raise hundreds or billions of dollars annually (LOL).
Yes it's called the Inclusive Prosperity Act.
http://maryknollogc.org/alerts/ask-your-rep-cosponsor-“inclusive-prosperity-act”
Remember when talking to the public...they have no idea what trading is, as a profession, they think it is gambling.
They have no idea how the markets work.
So, when talking with the uninformed it is better to talk with them in terms of their personal concerns, not the concerns of traders.
They have no idea how the markets work.
So, when talking with the uninformed it is better to talk with them in terms of their personal concerns, not the concerns of traders.
This is an important concept. A good teacher goes to where the student is and guides him/her from there. A bad teacher forces the student to come to him leaving gaps in understanding. We have to gently teach the truth as we not only have to convey the information but also overcome the emotions against banks/finance held by the people we must enlighten.
Elegantly stated, and like Redshak, spot on.
Also, remind them of unintended consequences. The "luxury tax" is a great example:
In 1990 the idea of a luxury tax on yachts had 80% support from the public. College professors all across America clamored for the tax in the name of âfairness.â
Under sustained public pressure, Congress enacted the luxury tax in the fall of 1990. Within months the yachting industry tumbled into an irreversible decline. American boat sales fell by half. Over 25,000 middle-class boat-building workers, sales people, administrative staff and managers lost their jobs. An additional 50,000 people who worked for companies that supplied yacht parts and raw materials also found themselves in the unemployment lines. Factories that had been filled with American workers manufacturing high-quality products were suddenly empty. In less than two years, the luxury tax on yachts destroyed tens of thousands of middle-class jobs. The tax was repealed in 1993, but not before irreparable damage had been done.
Adding insult to injury, the luxury tax also resulted in a net loss to the US Treasury. In other words, the lost income taxes from the workers and boat businesses plus the cost of unemployment benefits paid by the government was tens of millions of dollars more than the amount of luxury tax collected.
The luxury tax was a popular-sounding idea that was supposed to âsoak the rich,â but instead it hurt thousands of middle class workers who ended up paying the bill.
We must be engaging...to engage and communicate with the public
everyone now days has a very short attention span
if traders try to " push" the public to seeing FTT from the trader's perspective it is never going to work
Remember that Steve Jobs said that communication of Apples vision and values was the highest importance, and required a very short focused message that reached quickly into the hearts of the audience. This is what made Jobs so great....Apple sells commodities, really. So does Nike. shoes and clothes
So we have to acknowledge the publics pain, frustration, and anger, this is the emotional substance of the FTT It is our pain too as we watch the country spin out of control. We are part of it, not because of our trading, but that we are part of this society.
We have to accept that the public has a lack of understanding of the financial markets. We can't talk to them in terms of liquidity.
This is why what we are talking about, in terms of communication, is a role that probably most traders are not good at, but will be essential for any communication .... public relations ..... not phonies, but people who have warmth, truly care for others and can communicate inter personally. This is why people liked Reagan, Clinton, and yes Obama
we need people in our ranks with these types of skills, or we need the money to hire them
to engage the pubic and the lawmakers in a personal (relating to THEIR needs) conversation is essential to gaining their support
They don't care about Trader's needs.
everyone now days has a very short attention span
if traders try to " push" the public to seeing FTT from the trader's perspective it is never going to work
Remember that Steve Jobs said that communication of Apples vision and values was the highest importance, and required a very short focused message that reached quickly into the hearts of the audience. This is what made Jobs so great....Apple sells commodities, really. So does Nike. shoes and clothes
So we have to acknowledge the publics pain, frustration, and anger, this is the emotional substance of the FTT It is our pain too as we watch the country spin out of control. We are part of it, not because of our trading, but that we are part of this society.
We have to accept that the public has a lack of understanding of the financial markets. We can't talk to them in terms of liquidity.
This is why what we are talking about, in terms of communication, is a role that probably most traders are not good at, but will be essential for any communication .... public relations ..... not phonies, but people who have warmth, truly care for others and can communicate inter personally. This is why people liked Reagan, Clinton, and yes Obama
we need people in our ranks with these types of skills, or we need the money to hire them
to engage the pubic and the lawmakers in a personal (relating to THEIR needs) conversation is essential to gaining their support
They don't care about Trader's needs.
In my discussions with people (including a telephone conversation with a congressional staff member), there are two points that seem to resonate the most:
1. The man-on-the-street ends up paying most of the FTT bill.
2. The most effective way to tax the banks is to directly tax the banks without shooting innocent bystanders (man on the street).