News articles about the Financial Transaction Tax

Have Blackrock, Vanguard, Capital Group, Fidelity, Schwab or any of the Mega managers come out against it? It could destroy HFT and move a ton of liquidity back to lit venues. Lots of firms would support it, especially if it impacts everyone.
 
ajacobson said:
Have Blackrock, Vanguard, Capital Group, Fidelity, Schwab or any of the Mega managers come out against it? It could destroy HFT and move a ton of liquidity back to lit venues. Lots of firms would support it, especially if it impacts everyone.
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The amount of tax estimated to be raised from this is 777 billion over 10 years (avg=77billion/year): https://www.cbo.gov/budget-options/54823

The total revenue of the HFT industry is around 1/10 of that. For example Citadel and Virtu are the two biggest players and their revenues were (3.5b, 1.8b respectively in 2018... and that is global, not just US.)

So it is mathematically impossible for those managers to get a net benefit here. This is a massive tax grab attempt, not a transfer of wealth from HFTs to manager institutions.
 
The funds raised from this surcharge should be invested in counties in which the COVID death rate is at least twice the national average.

So the counties that had good measures in place to control COVID get to subsidize the counties that didn't.
 
Sig said:
You're talking about conservatives trying to either nationalize "big tech" or close it down, because they're too lazy or not smart enough to build their own servers/security systems/infrastructure to simply compete? Listening to the CEO of Parler whine about how Amazon should be forced to give him server space because he can't build his own servers and Cloudflare should be forced to provide him security services because he can't build his own and on and on. IT'S NEVER ABOUT BUILDING THINGS, is it?

By the way, I'm someone I'm sure you'd consider a raging liberal. I've built two successful companies from scratch and created now a couple hundred jobs. Curious what you, personally, have built, given you care so much about it you feel the need to shout?
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Monopoly capitalism is dysfunctional economically and culturally and a threat to our form of government. Democrats used to understand this, but now you have become lackeys and apologists for the oligarchs. What happened to you guys? You used to be fanatical defenders of free speech to a fault, now you are eager to suppress all dissent. Again, what happened to you guys? You used to be the anti-war party, but now you are more gung ho for war than the Republicans. What happened?
 
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