If Biden wins, is a Stock Transaction Tax likely?

[jonnysharp]

Dangerous to anyone who is a buy-and-hold investor. Think through what will happen to the market if there is a panic sell on this FTT speculation that it could be .2% of the "notional value of your position, win or lose".

You really think the market would sell off big based on some guys on ET discussing a 0.20% tax when it's an already known possibility?

 

[KCalhoun]

#1 reason I'm not voting Biden = ftt

Democrats will raise taxes and a ftt may kill active trading. Fcking leeches with parasitic taxes

 

[ajacobson]

"Likely" Will depend a lot on how the House and Senate races playout. A strong showing by the Dems will result in a lot of reform and rollbacks.

 

[jonnysharp]

Is that why everybody seeks to trade US stocks?

Not sure what you mean but yes US stocks are the most traded in the world, and not every other international stock market has a FTT.

 

[Overnight]

You really think the market would sell off big based on some guys on ET discussing a 0.20% tax when it's an already known possibility?

I'm not talking about specifically here on ET, I never did. I simply stated, "Such speculation about the .2% is dangerous."

Capillary action and whatnot.

 

[jonnysharp]

"Likely" Will depend a lot on how the House and Senate races play. A strong showing by the Dems will result in a lot of reform and rollbacks.

I think you're right here with the balance in the House and Senate key to a strong opposition to a FTT, Biden and Harris can't get this done alone. Hopefully there's also a huge pushback from the exchanges/brokers/banks/hedge funds to block it or reduce it.

 

[jonnysharp]

I'm not talking about specifically here on ET, I never did. I simply stated, "Such speculation about the .2% is dangerous."

Capillary action and whatnot.

Agree to disagree, this is a forum for discussing trading tax related issues and that's what I'm doing here, highly doubt we on here have any material effect on a $300 Billion dollar a day market from discussing a potential tax amount.

 

[DaveV]

Wall Street donated 5 times as much to Biden as they did to Trump. a) They expect Biden to remember that, and b) they don't seriously think that Biden would put their business in Jeopardy.

https://www.cnn.com/2020/09/25/business/trump-biden-wall-street-campaign-donations/index.html

 

[JSOP]

He's on record supporting a financial transaction tax, also if he wins it's highly likely VP Harris takes over at some point since Biden is in cognitive decline and she's pushing a 0.20% tax on stocks which will effectively destroy all retail day/swing traders, and of course Wall Street and HFTs will get exemptions.

What are the chances they get this transaction tax on the little guy done?

If the b**** gets her way, yeah

 

[Turveyd]

Wall Street donated 5 times as much to Biden as they did to Trump. a) They expect Biden to remember that, and b) they don't seriously think that Biden would put their business in Jeopardy.

https://www.cnn.com/2020/09/25/business/trump-biden-wall-street-campaign-donations/index.html

Or they fear they will, so there trying to buy him, Trumps got the Fed to pump how many TRILLIONS into the markets to keep it up which had made them all very rich, why not just back Trump?? Because they likely know, Trumps got no chance!