Tax on Trades Should Be Part of Rescue Plan, Some Democrats Say

[seasideheights]

In a letter sent late yesterday to House Speaker Nancy Pelosi, 16 Democrats asked her to ensure any rescue legislation include a ``transaction tax'' on all U.S. stock trades and on other types of trades, such as credit default swaps, options and futures. They are proposing the tax would be at a rate of one quarter of one percent on all trades.

``The same Wall Street speculators and investors who are principally responsible for having caused this avoidable financial crisis and profited from it must now be required to pay for it, not U.S. taxpayers,'' according to the letter, which was signed by Representative Peter DeFazio, an Oregon Democrat, and Representative Pete Stark, a California Democrat.


http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a5UhcbI4jecU

 

[Daal]

16 lunatics. there is no way this passes and no way the president signs it. dow 9000 if he did

 

[seasideheights]

Make sure you send that URL to each of your brokers. Even just thru the online help messaging if your broker has it. Otherwise, email.


http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a5UhcbI4jecU

 

[jordanf]

One overlooked aspect of this rescue/bailout/circlejerk is that in exchange for the $700 billion the politicians have all kinds of ammunition to do all manner of stupid things. We already see the demand for a pound of flesh.

We probably have already written a second, shadow check for $700 billion in various government "investment" programs.

 

[GermanTrader]

GODDAMNED MONEY-SUCKING PRICKS AND BITCHES.

I won't say what I really think of politicians siffing around for how to pay for THEIR games.

 

[Arnie]

So, what's the dollar amount on ES? The margin or the total contract value?

 

[JORGE]

What the Fuck do traders have to do with the mortgage problem. Do they really believe banks make all their money off of "transactions." Under this proposal I would be paying $12,000 a day in taxes.

 

[stinkyfelix]

In a letter sent late yesterday to House Speaker Nancy Pelosi, 16 Democrats asked her to ensure any rescue legislation include a ``transaction tax'' on all U.S. stock trades and on other types of trades, such as credit default swaps, options and futures. They are proposing the tax would be at a rate of one quarter of one percent on all trades.

I guess the tax would be on both buy and sell transactions?

What is this world coming to?

 

[seasideheights]

SEND THE URL OF THE STORY TO YOUR BROKER!!

 

[Ticketwatcher]

Why don't they just tax us EVIL shortsellers? I do not like taxes any better than anyone else, but as a shortseller, I would like for shorts to everything back on the table.