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

Quote from RedDuke:

A fee of $0.0006 per transaction sounds reasonable to me.

What is totally wrong is imposing the % based on the value.
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This!

While I don't want to see any more fees/taxes, if these loony liberals would understand math and make it a tiny fee per transaction and not on the value, they could raise their liberal money without destroying free markets.
 
Quote from Stok:

This!

While I don't want to see any more fees/taxes, if these loony liberals would understand math and make it a tiny fee per transaction and not on the value, they could raise their liberal money without destroying free markets.
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no kidding, fuel taxes are paid on the gallon, not the total bill
 
I'd love to see the math how 0.06 cents/$0.0006 equates to $300MM in revenue. Around 12.4BB futures and options contracts were traded on 75-exchanges world-wide in 2012. That's roughly $8MM @$0.0006. Swaps/OTC universe has large volume, but enough to get up to 500BB volume on US products alone? Give me a break. To be frank, 6.0 cents or $0.06 would more likely correlate with $300MM figure.

6.0 cents per leg on Globex products would not be insignificant for me as I trade a good deal of volume, yet at 10-15 trades per session & 5min-1hr hold times, I'm far from HFT.

Is it just me, but how does Chilton's general carpet salesman type demeanor pass mustard?
 
Quote from Syprik:

I'd love to see the math how 0.06 cents/$0.0006 equates to $300MM in revenue. Around 12.5BB futures and options contracts were traded on 75-exchanges world-wide in 2012. That's roughly $8MM @$0.0006. Swaps/OTC universe has large volume, but enough to get up to 500BB volume on US products alone? Give me a break. To be frank, 6.0 cents or $0.06 would more likely correlate with $300MM figure.

6.0 cents per leg on Globex products would not be insignificant for me as I trade a good deal of volume, yet I'm far from HFT (12-15 trades per session, 3min-1hr hold times).
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I saw Chilton on cbnc this morning. He was selling it as .0006 to pay for oversight, just like the DOT charges a fuel tax to pay for a road

oversight for what? To make sure I am not buying corn on the wrong side of Goldman Sachs?

I could go for it, until I start hearing people on msnbc claiming a "small" transaction tax could help us pay for much needed social programs
 
I've called a couple of brokers to see what their take is on the FTT. Oddly enough no one knows about it. You would think they would all be fully aware of this and writing their reps. They don't even know whats going on in Europe.......
 
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