Democrats now officially pushing transaction tax according to Erin Burnet

Quote from hardrightedge:

If the US says I still have to pay, I'd look at living elsewhere. There's a great worldwide trading community.
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The problem with this is that you'd have to expatriate yourself in order to avoid the tax, and even then, the IRS has rules disallowing avoiding taxes if they think you expatriated solely for tax reasons.

Then what happens when you get to your new country and they in turn decide to impose the same tax. Then it's off to the next country I guess.

A better approach may be to change your strategy to absorb the tax until it's recalled after a couple years -- difficult, yes, but probably more realistic than moving.
 
Once again, the REASON these idiots can force this on people is because nobody takes it seriously.

Friends, these socialists are quite serious, and if given the chance, they WILL DO THIS.

It is amazing how confident many here continue to be given cap and trade, a HC bill totally unconstitutional is now on the Senate floor, banks were nationalized, bond holders screwed for Unions in what seemed impossible just a year prior.

Sure, its true a lot of folks are not supporting it worldwide, but these people cannot just be dismissed, they are nuts and true believers.

All it takes is a few big names building momentum, for politicians to pick up the football and charge, it can happen in a New York Minute and folks here are totally unconcerned because "it will never happen!", etc.

I hope so, I also fear one day within 10 years we will wake up and say, "gee these maniacs actually did it???"

Then it will be too late. Far too late.
 
Quote from traderbigt:

Once again, the REASON these idiots can force this on people is because nobody takes it seriously.

Friends, these socialists are quite serious, and if given the chance, they WILL DO THIS.

It is amazing how confident many here continue to be given cap and trade, a HC bill totally unconstitutional is now on the Senate floor, banks were nationalized, bond holders screwed for Unions in what seemed impossible just a year prior.
More...

If you actually read what came out of the House regarding "Cap & Trade" you would see that it is so freaking watered-down that it has absolutely no teeth to it because all of the major players already got to their elected officials via the lobbysts a long time ago.

Besides, it has been postponed by the Senate till next Spring/Summer.
 
Quote from PlusMinus:

Read the hill link above, it is not just CNBC reporting this.

Here it is again: http://www.thehill.com/homenews/house/69295-dems-push-wall-street-150b-stock-tax
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First off, DeFazio has been pushing for this tax since 2001.

Now, he's promoting it again as a way for Wall Street to pay for TARP. Yet, Pelosi ( in all her wisdom ) realizes that we need to wait and see if the taxpayers investment pays off on TARP, and that this could take several years, if not 5. Many banks are in the process of paying the Treasury back for TARP, and as we all know Goldman paid back their TARP money and the taxpayer realized a 23% annualized rate of return.

What DeFazio is trying to do is pretty transparent to any opposing Congressman. He keeps pounding the table for this TAX, yet his reasons change from one month to the next because (thus far) no one is buying any of his absurd logic.

He's chasing his tail, and it's pretty obvious.
 
Quote from Landis82:

First off, DeFazio has been pushing for this tax since 2001.

Now, he's promoting it again as a way for Wall Street to pay for TARP. Yet, Pelosi ( in all her wisdom ) realizes that we need to wait and see if the taxpayers investment pays off on TARP, and that this could take several years, if not 5. Many banks are in the process of paying the Treasury back for TARP, and as we all know Goldman paid back their TARP money and the taxpayer realized a 23% annualized rate of return.

What DeFazio is trying to do is pretty transparent to any opposing Congressman. He keeps pounding the table for this TAX, yet his reasons change from one month to the next because (thus far) no one is buying any of his absurd logic.

He's chasing his tail, and it's pretty obvious.
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The reasons for the health care bill have also changed every 10 weeks, but that hasn't stopped it.

This is really no time to be a Pollyanna.

People need to be educated about how this is anathema to the success of our country. Forget about traders, it will deplete capital flow into the US and destroy tens of millions of jobs.

The fact that it's only being kicked around and delayed should comfort nobody.
 
Contrary to popular belief price discovery is <b>not</b> dependent on volume. Think back to the era before the internet. Did stocks crash because of a lack of volume? Time to brush on the resume folks. The game we have come to love and enjoy is about to end. It's truly sad to see such a great nation crumble from within.

Quote from jnorty:

why are pig stocks up 100% not crashing?vol will be 10% of todays vol with $1 spreads. its truely game over if it passes
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Quote from tman:

"The bill aims to exempt retirement accounts from the impact of the tax."
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Wont work.

Do you think a 20-50 cent Bid/ask spread and very very low liquidity will somehow be exempt for 401Ks

And when dividend reinvest kicks in, that Spread wide enough to drive a truck through will impact the same 401K by making every purchase much more expensive?

That .25% tax will get passed down to the average joe but amplified 10x.
 
I think Erin has a big ass and no tits. Just an observation.


I wouldn't throw her out of bed though. :D

and I bet she reads this to. You know she is sitting in her apt googleing her name.


HI ERIN!!
 
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