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

Quote from tomdavis:

A friend of the family who's pretty well connected in DC political circles says there are a group of Democrats pushing hard for the FTT right now.

It's time, once again, to send emails to your congressional representative and your state's Senators. Let them know that you're against the FTT and why you're against it. It's just 3 emails. It only takes a few minutes. Important Note: Reference the "Harkin-Defazio" and "Ellison" legislation in your subject line so that congressional staff members know how to classify your email. Also, make sure your letter is polite and professional or it will be ignored.

Below is a sample email. Feel free to copy or use in any way you think is appropriate.

==========================


Subject: Pending Financial Transaction Tax Legislation (bills introduced by Ellison and Harkin-Defazio).


Dear Senator Feinstein,

I am OPPOSED to the pending Financial Transaction Tax legislation (also known as the “FTT,” “Tobin Tax” or “Robin Hood Tax”).

It's not a tax on Wall Street – It’s a tax on Main Street.


• The Secretary General of the European Federation for Retirement Provision says the FTT is not a tax on Wall Street, but rather a tax on retirement savings and other “innocent bystanders.”

• A study by the Dutch Central Bank showed that over 40% of the FTT would be paid by pensions and retirement savings

• James Tobin’s co-author, Berkeley Professor Barry Eichengreen, says the Tobin tax is the “wrong tool” to raise revenues.

• A study by the World Bank concluded that “… neither the tax revenues nor the efficiency gains hoped for… are likely to materialize.”

• The IMF showed that the best way to hold banks responsible is to tax them directly because the FTT tax burden would “fall largely on final consumers,” not the financial sector.

To learn why a diverse group of people from many different backgrounds opposes the FTT, please read “Straight talk about the FTT” at: www.financialtransactiontaxes.com . (Includes over 40 references with research from experts around the world.)

Respectfully,

Tom Davis



===========================

It's important that we respond RIGHT NOW while the tax increase conversations are taking place in Congress and the White house.
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"It's important that we respond RIGHT NOW while the tax increase conversations are taking place in Congress and the White house. "

ET community:make sure that you can show the numbers, in a way simpletons can understand and accept , how the ftt will put you out of business.
 
Quote from zdreg:



ET community:make sure that you can show the numbers, in a way simpletons can understand and accept , how the ftt will put you out of business.
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Isn't it better to focus on the pensions? Most people give a damn whether you have to stop trading. If they levy an FTT this will most likely reduce your pension 5-15% per year. As far as I can see, this is a much better argument (?).
 
TradeStation sent this information to its clients regarding ADRs. Apparently ADRs of French stocks will be taxed finally( only on overnight positions ):

"The French Government has approved a Financial Transaction Tax (“FTT”) on transactions involving French entities including certain American Depositary Receipts (“ADR”) issued by French companies. A list of the ADRs that are subject to the FTT is posted below.

The tax is .02% of the daily net purchase price. If your net buying position resulting from intra-day trading is zero, there will be no tax. Conversely, if you end a trading session with a long position in one or more of the listed stocks, you will be subject to the FTT.

Effective immediately, TradeStation plans to pass this tax on to those affected customers. Please consider the impact of this tax when making your trading decisions. We also encourage you to consult with your tax advisor regarding the FTT as TradeStation cannot give you legal or tax advice.

List of ADR\'s Subject to the FTT:

ACRFY
AFLYY
AIQUY
ALU
ALSMY
ARVCY
ARKAY
AEXAY
SEAUY
AXAHY
BNPZY
BNPQY
BICEY
BOUYY
CNPAY
CGEMY
CRRFY
CGUSY
CHDRY
CODYY
CGV
CRARY
DANOY
DASTY
EFGSY
ECIFY
ERMAY
ESLOY
EUTLY
FTE
GDFZY
HESAY
IMYSY
INGIY
IPSEY
JCDXY
LRLCY
LVMUY
LFRGY
MTPVY
MGDDY
NTXFY
NPACY
PPRUY
PDRDY
PEUGY
PUBGY
RALEY
REMYY
SAFRY
SNY
SBGSY
SCRYY
SCGLY
SDXAY
SZEVY
TKPPY
THLEY
TOT
UNRDY
VLEEY
VLOWY
VE
VCISY
VIVHY
ZODFY "
 
Quote from tomdavis:

Subject: Pending Financial Transaction Tax Legislation (bills introduced by Ellison and Harkin-Defazio).


Dear Senator Feinstein,

I am OPPOSED to the pending Financial Transaction Tax legislation (also known as the “FTT,” “Tobin Tax” or “Robin Hood Tax”).

It's not a tax on Wall Street – It’s a tax on Main Street.


• The Secretary General of the European Federation for Retirement Provision says the FTT is not a tax on Wall Street, but rather a tax on retirement savings and other “innocent bystanders.”

• A study by the Dutch Central Bank showed that over 40% of the FTT would be paid by pensions and retirement savings

• James Tobin’s co-author, Berkeley Professor Barry Eichengreen, says the Tobin tax is the “wrong tool” to raise revenues.

• A study by the World Bank concluded that “… neither the tax revenues nor the efficiency gains hoped for… are likely to materialize.”

• The IMF showed that the best way to hold banks responsible is to tax them directly because the FTT tax burden would “fall largely on final consumers,” not the financial sector.

To learn why a diverse group of people from many different backgrounds opposes the FTT, please read “Straight talk about the FTT” at: www.financialtransactiontaxes.com . (Includes over 40 references with research from experts around the world.)

Respectfully,

Tom Davis
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Good letter, thanks Tom.

Please consider posting it on www.RallyCongress.com, so it's easier for people to send it to their Congressmen. Sending it to FTT sponsors won't change their mind. If you prefer, I can set it up on my RallyCongress.com account and promote it to our bulk email list. Let me know.

Rep. Keith Ellison (D-Minn) is pushing FTT and he is Co-Chair of the Congressional Progressive Caucus. Progressives include DeFazio, too. They don't want any entitlement reform and prefer FTT instead.
 
Quote from TraDaToR:
TradeStation sent this information to its clients regarding ADRs. Apparently ADRs of French stocks will be taxed finally( only on overnight positions ):
"The French Government has approved a Financial Transaction Tax (“FTT”) on transactions involving French entities including certain American Depositary Receipts (“ADR”) issued by French companies. A list of the ADRs that are subject to the FTT is posted below.
More...

The SEC needs to clarify this on behalf of US brokers.
ADRs are american not french? I thought they are issued by American banks and not French companies???


Quote from TraDaToR:



The tax is .02% of the daily net purchase price.
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Also is it 0.02% on ADRs or 0.2%???
 
Look. This is all B.S.. These politicians are looking for an easy fix to the mess they created.
Their first order of business is to find "scapegoats" like HFT firms they can blame for the problems they created.
Just more lawyers conning their way thru the "system".
What a load of B.S.
 
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