News articles about the Financial Transaction Tax

Math_Wiz said:
https://www.commondreams.org/news/2...s-majority-ny-support-levy-wall-street-trades
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Just reading the above piece which is about the state of New York turing the stock transfer tax back on. It sounds like the New York legislature met last Tuesday to discuss options for raising revenue. I'm pretty sure the exchanges would run out of New York in a hurry if they tried to implement this state stock transfer tax. Here's a little blurb from the piece:

James Henry, an economist, lawyer, and one of the paper's co-authors, on Monday noted that "the New York State legislature is meeting Tuesday to decide what its revenue options are and Wall Street is really digging in especially because Gov. Andrew Cuomo is imperiled. They have systematically understated the Wall Street revenues that this tax would produce."
 
Market's have underappreciated Democrats higher tax direction:

https://finance.yahoo.com/video/markets-underappreciated-democrat-higher-tax-133426454.html

So it sure sound like the Dems might end up using reconciliation (again) to pass an Infrastructure/Climate bill later this year. It sounds like the ftt is for sure going to be discussed as a revenue option for the bill. I still say there is no way they could get 50 votes in the Senate for any bill that has the ftt as one of the revenue raisers. I believe there are at least a handful of Senate Dem's who would be opposed to the ftt (including Schumer). I'm not even sure this would even pass the house. Here's some color from the piece:

BRIAN SOZZI: And Brian, you know, you also write extensively about the potential for a financial transaction tax. Walk us through that. What would that look like and what would be the aftershocks of that?

BRIAN GARDNER: So it is a-- it is a-- proponents will say it's a small tax on every share or security that is traded. There are estimates that it raises multiple trillions of dollars over 10 years. It is an idea that has been floating around for quite some time. It has been tried in other countries, kept in some, dropped in others.

It is gaining a following in Democratic circles. So it was not part of the Biden tax plan, specifically. But at the same time, when Joe Biden was asked by a reporter during the campaign, what do you think about an FTT, off the cuff, he said, you know, I think it's kind of a good idea. You know, we should think about that.

So to me, it's something that wasn't in the plan. I would be paying very close attention to this. The chief proponent of the infrastructure plan in the house, Peter DeFazio from Oregon, he's a big supporter of the FTT. So it's one of those things that I don't think has gotten enough attention. It's going to get a very close look from Congress.
 
Math_Wiz said:
https://www.thinkadvisor.com/2021/0...lock-state-level-financial-transaction-taxes/

Interesting tactic by the national GOP. Nice move.
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Interesting to see how much the GOP has changed from a states rights party to a federalist party, at least when it serves them. With that logic you should ban state's from charging any income tax to out of state residents, most of whom do on income sourced in that state (be that resident a corporation or an individual LLC or S corp owner).
 
"When France instituted a 0.2% FTT a few years back, trading volume on the stocks affected by the FTT fell by 24%."

Some traders would consider that a huge success if that was the destruction of HFT.
 
nattybumppo said:
I don't want to live in a European style country. I want low taxes and a small, weak federal government, and businesses with lots of cut throat competitors.
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Fuking A. I'll just add: All I want big about the Federal government is our national defenses.
 
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