How likely is it now that a financial transaction tax will pass?

[zdreg]

re:holding for 10years

I can see an argument for higher taxation to make some sense to counter the fantastic increase in wealth inequality that now bedevils US society

Bedevils US society is an invention of the liberal media to embolden the masses to demand ever more from government. Taken to its logical end you end up with a hollowed out(producing nothing) society like the once rich country, Venezuela. The people are starving except for the elite and the military.

 

[bone]

Based on what I've seen, politicians are absolutely tone deaf to people and businesses - unless they've paid to play. I maintain my position that the fact that Wall Street contributed about $200M to Joe Biden's Presidential Campaign was a sound investment and Joe always reciprocates for his big money backers - just ask MBNA and the credit card industry.

https://www.opensecrets.org/2020-presidential-race/joe-biden/industries?id=N00001669&src=t

I will go have a search then. I wouldn't still consider it likely for FTT on the basis that it can put people and businesses into bankruptcy in a very nefarious way.

 

[listedguru]

I can stop trading, but if they do it retroactively, my million dollar roth ira will be wiped out. Lately i've been buying in with 1.4 mill at a time and holding for 20 min or so. I make around 500 trades a day

So are you daytrading in a roth? If so I didn't know that was possible? Who is the broker?

 

[zdreg]

Based on what I've seen, politicians are absolutely tone deaf to people and businesses - unless they've paid to play. I maintain my position that the fact that Wall Street contributed about $200M to Joe Biden's Presidential Campaign was a sound investment and Joe always reciprocates for his big money backers - just ask MBNA and the credit card industry.

https://www.opensecrets.org/2020-presidential-race/joe-biden/industries?id=N00001669&src=t

Undoubtedly that is true. It is a reasonable insurance" premium"t o pay even if Biden doesn't finish his term.

 

[murray t turtle]

I will go have a search then. I wouldn't still consider it likely for FTT on the basis that it can put people and businesses into bankruptcy in a very nefarious way.

%%
LOL/thats why people/companies dont go to bankruptcy court more often/to expensive.................................../ Not my first choice=throW taxed tea in the sea/but since it worked well, never say never on that

 

[deaddog]

Correction to previous post.
Those traders you referred to were not retail traders, but hedge funds and traders employed by brokerage firms Furthermore they were paid soft dollars on the table or under the table to offset the published commission rates.

Are you saying that there were no successful retail traders prior to the advent of discount brokers in 1975 or 2000 when stock spreads changed to pennies rather than eights of a dollar.

 

[zdreg]

Are you saying that there were no successful retail traders prior to the advent of discount brokers in 1975 or 2000 when stock spreads changed to pennies rather than eights of a dollar.

I was speaking about active retail day traders and retail HFT traders.

 

[deaddog]

I was speaking about active retail day traders and retail HFT traders.

HFT is recent and I doubt that there are too many successful retail HFT traders. I agree a transaction tax would cut into their profits when you are trading for pennies or less.

As for day traders there were lots prior to the dot com crash. Commissions at that time were in the neighbourhood of 10 to 25 bucks a trade. We still have stocks making big daily moves and a small transaction tax won't put an end to day trading.

 

[Overnight]

...We still have stocks making big daily moves and a small transaction tax won't put an end to day trading.

Snoopy, yer barking up a wrong tree. There are many people here who KNOW FOR A FACT, SOMEHOW, that FTT will destroy all stock and options trading everywhere across all markets. Apparently the only thing that will ever be profitable will be bonds. You sure you want to side with me against the super-smart folks here that KNOW exactly what the tax will be, before there is any bill submitted to congress?

From what I have gathered from some posts, there will simply be no profit to be had, because this tax will be on notional value. So people who are trading millions of dollars worth of stock will be taxed thousands of dollars when they lose .0001 per share. Oh, and it will be retroactive to all trades going back Lord knows how long, according to the conspiracy theorists, so all the profits on the books from years back will have to be recalculated. Dividends will have to be withdrawn after they were paid out, or some shit.

Wall street is finished, apparently. I'ma open a hot dog pushcart. All-cash business, and no overlords aside from the peddler license tax.

 

[deaddog]

Ya think there might be an opportunity wholesaling hotdog carts??