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

[drukes1234]

well the transaction tax is no where in the bill

 

[Angrycat]

I've checked with a few trading companies. Nobody has heard of this.

Rumours like this used to spread like wildfire on trading floors. Perhaps this is just a false rumour. A Senator can propose anything he wants, doesn't mean it'll make it into the bill and doesn't mean it'll pass as an amendment.

 

[drukes1234]

Quote from Angrycat:

I've checked with a few trading companies. Nobody has heard of this.

Rumours like this used to spread like wildfire on trading floors. Perhaps this is just a false rumour. A Senator can propose anything he wants, doesn't mean it'll make it into the bill and doesn't mean it'll pass as an amendment.

It was never on any bill, but DeFazio and ratface Kucinich have mentioned it several times so it wasn't just a rumour. Granted, no one of any importance (Franks, Pelosi, Dodd etc) ever mentioned it.

 

[Red_Ink_inc]

Quote from Angrycat:

I've checked with a few trading companies. Nobody has heard of this.

Rumours like this used to spread like wildfire on trading floors. Perhaps this is just a false rumour. A Senator can propose anything he wants, doesn't mean it'll make it into the bill and doesn't mean it'll pass as an amendment.

You're right, what I was trying to point out with that math lesson is how ridiculous it is.

It's simply some nobody politician (DeFazio) who is trying to make a name for himself.

Well, congratulations Mr. DeFazio, you succeeded. Your new name is Mr. SHITHEAD.

 

[Angrycat]

Quote from Red_Ink_inc:

... I was trying to point out with that math lesson is how ridiculous it is. ...

Well, congratulations Mr. DeFazio, you succeeded. Your new name is Mr. SHITHEAD.

I totally agree with you, Red Ink.

 

[drukes1234]

Quote from Red_Ink_inc:

You're right, what I was trying to point out with that math lesson is how ridiculous it is.

It's simply some nobody politician (DeFazio) who is trying to make a name for himself.

Well, congratulations Mr. DeFazio, you succeeded. Your new name is Mr. SHITHEAD.

Oh ya, DeFazio is a complete nobody, that's what irritates me so much about all this.. as The Rock would say, he should know his role, and shut his mouth

 

[Angrycat]

Quote from bears21:

i wouldnt loose sleep over not being able to continue to make a living trading because this tax would never pass without exemptions for a b/d, exchange members, etc.

Yeah, but that still pisses me off. Exempting b/d's, MM's, etc. is just creating economic rents for pros at the expense of customers. And I'm just arrogant enough to think that I can make money without the playing field being tilted in my favour.

In the end, taxes create a drag on the economy. We need less of all of taxes, not more.

 

[drukes1234]

Quote from Angrycat:

Yeah, but that still pisses me off. Exempting b/d's, MM's, etc. is just creating economic rents for pros at the expense of customers. And I'm just arrogant enough to think that I can make money without the playing field being tilted in my favour.

In the end, taxes create a drag on the economy. We need less of all of taxes, not more.

Yes there will be exemptions, but the liquidity would dry up significantly... nothing good comes out of this.

 

[Klamath]

Quote from Angrycat:

Yeah, but that still pisses me off. Exempting b/d's, MM's, etc. is just creating economic rents for pros at the expense of customers. And I'm just arrogant enough to think that I can make money without the playing field being tilted in my favour.

In the end, taxes create a drag on the economy. We need less of all of taxes, not more.

If they make exceptions for broker-dealers and mm's, what the point of the tax? To punish the people who *weren't* responsible?

 

[seasideheights]

Quote from Klamath:

If they make exceptions for broker-dealers and mm's, what the point of the tax? To punish the people who *weren't* responsible?

To make the markets less volatile while collecting additional revenue.