News articles about the Financial Transaction Tax

listedguru said:
From the piece:

The agency that oversees U.S. markets could pursue a litany of rules, ranging from a cap on the level of short interest on a specific security to aggressive taxes on short-term trading, according to Bank of America Merrill Lynch.

I don't think the SEC would have the ability to hike trading taxes all by themselves. I think any tax hike (trading tax) would have to be approved by congress.
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That's a fair point. I don't think they can charge more than what it costs to run SEC, so yes, likely will need legislative action. But the SEC is charged with enforcing a number of laws. Who knows, maybe somewhere in the fine print they can do it on their own.

In addition to the Securities Exchange Act of 1934, which created it, the SEC enforces the Securities Act of 1933, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Sarbanes–Oxley Act of 2002, and other statutes. The SEC was created by Section 4 of the Securities Exchange Act of 1934 (now codified as 15 U.S.C.§ 78d and commonly referred to as the Exchange Act or the 1934 Act).
Section 31 Transaction Fees

How the SEC Taxes Equities Trading
 
tiddlywinks said:
You are correct that an actual "tax" would need congress.

A "fee" however can be implemented by an agency or entity with minimal approval. Governmental and/or industry peer winks and nods not withstanding.
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I think the SEC's budget needs congressional approval if I'm not mistaken. Basically the SEC fee (not tax) that is charged on the sale of stocks is used to fund the SEC budget and not raise money for progressive left wing causes like climate change and cancelling out student debt.

As the article pointed out there are many things the SEC can do to clean up this situation and I don't believe a trading tax is the way to do it.
 
Arnie said:
That's a fair point. I don't think they can charge more than what it costs to run SEC, so yes, likely will need legislative action. But the SEC is charged with enforcing a number of laws. Who knows, maybe somewhere in the fine print they can do it on their own.

In addition to the Securities Exchange Act of 1934, which created it, the SEC enforces the Securities Act of 1933, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Sarbanes–Oxley Act of 2002, and other statutes. The SEC was created by Section 4 of the Securities Exchange Act of 1934 (now codified as 15 U.S.C.§ 78d and commonly referred to as the Exchange Act or the 1934 Act).
Section 31 Transaction Fees

How the SEC Taxes Equities Trading
More...
%%
To read all of that requires a subscription. But if i got the 1st sentence right the SEC collects off their $22 per million share price/more than all the xchanges put together??
$1.3 Billion+ i dont think that includes fines??
 
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