Mark Cuban pushes for 20 cents per share tax on every roundtrip.

Likely. Trading would flee the US, and the perps would soon be repealing the transaction tax. Principles are one thing, THE MONEY is another.
 
Quote from bears21:

Comment by Honest Capitalist — September 30, 2008 @ 8:46 pm

I forgot to add - there’s a moral issue here too. One should not destroy the livelihood of a group of law-abiding people without a damned good reason. Daytraders and scalpers did not cause excessive leverage in banks and investment-banks, they did not cause people to speculate recklessly on real estate they couldn’t afford, they did not drive house prices above the price Joe Sixpack could safely pay, they did not inflate serial asset price bubbles by recklessly loose monetary policy. All they did was collapse stock bid-ask spreads from 1/4 of a dollar to 1 cent over 10 years, reducing transactions costs on stocks by a factor of up to 25-fold, thus benefiting investors enormously. Many short-term traders have been warning for several years about excessive speculation in real estate and credit - we knew about it because we saw one asset-price bubble before, the ridiculous mania and overpricing of the dot.com boom, from which you Mark profited handsomely (unlike the people who bought your company).

So for providing a service to investors, earning an honest living, and warning about the current disaster 1-3 years beforehand out of pure altruism, why on earth should we be driven out of business by a bunch of limousine-liberal billionaires who can just sit back and collect their T-bill interest without having to earn a living or risk everything in the markets daily? Who are politicians or SEc officials, being paid their salaries from the taxes we pay, to outlaw our work or make it economically prohibitive through knee-jerk punitive legislation? Did you think you might be putting some guy out on the street with your proposal, before posting uup? No, in typical blog fashion an idea popped into your head, you thought about it for a short while, and posted it without even considering if you were educated enough about the subject to be fully aware of the consequences. I’m very disappointed that someone like you could advocate a measure that will ruin lives, and not even mention that as a possibility, let alone give a morally defensible justification.

basically the parts of the equation a politician doesnt want to hear about but the service a trader provides is invaluable. of course us traders would adapt (nature of the business) if not exempt, offshore we will go. how would that benefit the US of A.
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Excellent post!! The thing is that they need short-term traders and scalpers, we are the ones providing liquidity in the market. Because of us there will allways be someone to sell your position to. If we weren't here, who would want to buy the shares of companies doing bad under these "collapsing" times. If we weren't here providing liquidity, everything would collapse. They need us, I wish they would understand this.
 
so 200$ for every 1000 shares traded?IS that frikkin nuts or what?That would kill the market ASAP.NYSE Trading vol would go to 200million shares daily like back in 1992.
 
Quote from psytrade:

If I got paid 20 cents every time Cuban opened his mouth and said something stupid or irrelevant, I'd have an extra income.
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To put it another way, you'd have to put it on your tax return
 
Quote from seasideheights:

Tax the Hell Out of Wall Street; Give it to Main Street
Sep 30th 2008 9:02AM

Tax every single share of stock that is bought and sold 10 cents per transaction. One dime. If you buy a share of stock, your brokerage pays a 10c tax. If you sell a share, your brokerage pays a 10c tax. 1 share, 100 million shares. Its 10 cents per share.

Of course the tax will be paid for by those of us who are buying and selling stocks. So what. Here is the reality. If you are a true investor. Someone who wants to own a share of stock in a company you believe in, then its an amount that is not going to impact your investment decision making process.

If you are a professional trader or an institutional trader that trades continuously, then it may impact your decision making process, but only to the point of reducing your returns by a minimal amount. Its not going to change your inclination to trade. If you make 9.9pct instead of 10pct, you aren’t going to stop trading.


http://blogmaverick.com/2008/09/30/how-to-tax-wall-street-give-it-to-main-street/
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He's a jackass. I hope he's not in the senate. I doubt any members of congress would approve it. <b>What a f*@$ing idiot.</b>
 
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