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

So let me get this straight. If I buy 100 shares of apple for 130 per share thats 13,000 and then I sell the 100 shares for 131 a share I make a profit of $100 and I have to pay taxes on the buy and sell of

$13000 * .0025 = $32.50 and $13100*.0025 = $32.75 for a grand total of $32.5 + $32.75 = $62.25 in tax and if I use a regular broker that charges 10 bucks a trade then thats another 20 dollars gone so I have

$100 - $62.25 - $20(broker) = $17.75? Is this assclown an idiot, has he ever bought and sold a stock?

On the otherhand I buy an aapl 165 call option for $60 and I sell it for $167 I pay the following:

60*.0025 = $.15
167*.0025 = $.42

So in this case my profit is 167 - 60 - .57 = $106.43 so why would anyone ever want to purchase stock again??

Completely retarded tax proposal, I would love to know who those idiot demoncrats are so that they can be LITERALLY thrown out of washington!!
 
LOL this is fucking ridiculous!

WHAT about EURODOLLAR futures?
US Bonds ? (Futures) ???

No matter what, banks would be exempt, for sure !!!

In the end private traders would end up paying, not banks.

FIGHT THIS INCREDIBLE BS!!!
 
Quote from Landis82:


Also called Representative Stark and DeFazio's office "blasting" the poor soul who picked up the phone.
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So two wrongs make a right?

Grow up, already, and act like a PROFESSIONAL.
 
This is what I wrote to this imbecile. To write in you need an Oregon zip code and address... I just used Mr. DeFazio's own address.

Eugene Office
151 West 7th, Suite 400
Eugene, OR 97401
Phone: (541) 465-6732

Below is the email I sent

"I hope you understand the absolute chaos and destruction this "transition tax" would cause. I am usually a very calm and eloquent individual, but Mr. DeFazio, this is one of the most moronic proposals I have ever seen. I have been involved in finance for 23 years and you have NO IDEA the destruction you will cause. If you think the crisis we are in is bad now, watch what happens if this idiotic tax gets passed, I guarantee it will be the end of free markets in North America, and the end of America's economy. To be frank, sir, you have no idea what you are doing here, and it is best to leave it alone, unless you want to be responsible for the utter collapse of the financial markets."
 
Quote from smilingsynic:

So two wrongs make a right?

Grow up, already, and act like a PROFESSIONAL.
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Are you kidding, it's about time people started raising hell, the country is going to hell in a handbasket, fuck professionalism
 
Quote from palenimbus:

Are you kidding, it's about time people started raising hell, the country is going to hell in a handbasket, fuck professionalism
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i dissagree

i've called congress a lot over immigration, you lose your cool, and you give them an excuse to 'file 13' your contact with them and paint your side as nutjobs
 
Quote from 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
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Doesn't this bitch know traders already pay a tax/transaction?

it's called SEC fees
 
The current little blip we are in now would be nothing compared to what this fools proposal would do. History books would call it the Defazio depression. IMHO volumes would drop more than 75% if this twat gets his way.
 
Quote from Unhommefou:

Do you think it is time that we imposed term limits for members of the House and Senate, like we do with the President?
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Yes.
 
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