financial transaction tax is on the table for real

[AKUMATOTENSHI]

I made like $135k on about 500k shares of TSLA over a 4 day period a couple of weeks ago. I would say I traded it just fine. However, with this tax I would have had to pay $400k or so in taxes. Unless there's a massive increase in volatility then day trading would be pretty dead.

You got it .....unless you are a part of their social circle you are going to pay every penny you made. Go back to being a wage monkey and be happy with crumbs that fall off the table and make it to the crack you live in. You best bet is to move abroad and find a nation state that allows for financial freedom. It is their game and their system you just were unlucky enough to be born into it. Keep paying lemming.

Akuma

 

[IceTea92]

with Bloomberg supporting a FTT, at this point might as well have sanders win the Dem nomination, and in the nightmare scenario he wins, take your medicare for all --->so coverage in all 50 states, and be able to just sleep on the beach everyday wherever you want

 

[d08]

if you can't afford a 0.1% tax on your trades, you aren't doing it right.

That's nonsense. For most profitable traders on ET this will be like a 30-50% tax. For myself, I will either move to CFDs or cease trading US. If it's applied to all retail as is, it will cause large job losses at brokers.

 

[d08]

bloomberg is out of his mind for proposing a 0.1% across stocks, bonds, and derivatives. esp since he basically got rich off of people buying his services for trading.

now that he's got his billions, it's essentially a case of "i got mine, now fuck you."

It's an old tactic of the "chosen people", doing whatever is best for me at any given moment and there is absolutely nothing else. Principles? What are those?

 

[gkishot]

read the actual proposals instead of just hearing from the grapevine. it literally says 0.1% across stocks/bonds/derivatives for bloomberg and 0.5%/0.1%/0.005% for stocks/bonds/derivatives respectively for sanders.

ironically, sanders' ftt is much lower than bloomberg's for derivatives. bloomberg is out of his mind for proposing a 0.1% across stocks, bonds, and derivatives. esp since he basically got rich off of people buying his services for trading.

now that he's got his billions, it's essentially a case of "i got mine, now fuck you."

at least sanders is honest and wants to do what he believes is best for the country (although i disagree with some of his methods).

bloomberg literally only cares about himself and accruing power. fuck bloomberg.

Bernie hates everything that has anything to do with profits. Does it matter if he is genuinely mistaken or he wants to destroy wealth, create poverty and harm the nation intentionally?

 

[Cuddles]

If this was about 0.1% on profits you would be correct.
Alas, it is on transactions, not on profit, and you are either wrong and uninformed, or wrong and stoopid. Wrong either way.

I made like $135k on about 500k shares of TSLA over a 4 day period a couple of weeks ago. I would say I traded it just fine. However, with this tax I would have had to pay $400k or so in taxes. Unless there's a massive increase in volatility then day trading would be pretty dead.

It's an old tactic of the "chosen people", doing whatever is best for me at any given moment and there is absolutely nothing else. Principles? What are those?

Maybe I'm missing what's being proposed here due to lack of details. My understanding is that it's 0.1% on the cost of the trade? y'all are making it sound like it's 0.1% on the traded volume. Ok, so it costs me an extra dollar for every 1000 trades, how many HFTraders are there on these boards?

 

[d08]

Maybe I'm missing what's being proposed here due to lack of details. My understanding is that it's 0.1% on the cost of the trade? y'all are making it sound like it's 0.1% on the traded volume. Ok, so it costs me an extra dollar for every 1000 trades, how many HFTraders are there on these boards?

0.1% on the value of the trade from what I gather. So $50,000 worth of stock will have $50 in taxes.

 

[Cuddles]

0.1% on the value of the trade from what I gather. So $50,000 worth of stock will have $50 in taxes.

well, yeah, in that case that's fucking insane...and that was my understanding from what Warren was saying months ago. The way I'm reading Bloomberg's is a "sales tax" of .1% on trade fees; though perhaps the vagueness is intentional to impress the progressives.

The proposed tax would be particularly costly for high-frequency traders who can trade thousands of shares of stock in fractions of a second. Wall Street has been preparing to fight such proposals, arguing such a tax would also be costly for retirement savers and pension funds. “Ultimately this is not just a tax on the wealthy but all Americans invested in the markets, whether it is 401(k) holders or pension fund recipients,” said Kirsten Wegner, chief executive of Modern Markets Initiative, a financial industry advisory group.

 

[lindq]

0.1% on the value of the trade from what I gather. So $50,000 worth of stock will have $50 in taxes.

Of course, let us not forget that it is $50. for each side. $100. tax for the trade.

Thus, for every 100 trades, you're being ripped for $10,000.

 

[ironchef]

The US political system and our free press never forgive or forget. What you said or did 30 years ago when you ran for high school president, what you did in senior prom will always be held against you and make you automatically a bad person, even after you grew up and changed your believes. Where is the Christian believes of forgive and pardon?

How many of us changed our position, believes, or action as we grew older, became wiser?