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

[Dollars&Sense]

Quote from seasideheights:

". . . 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

Would they also penalize non-Wall Street speculators and investors? The ones on Main Street that did not cause or profit from this crisis and are also U.S. taxpayers?

BTW, here is how this mess really happened...

This American Life #355: The Giant Pool of Money
http://www.thislife.org/Radio_Episode.aspx?sched=1242
(click "Full Episode" under the picture)

 

[KK70]

Why Not a Transaction Tax?

http://seekingalpha.com/article/97964-why-not-a-transaction-tax

For the record, I do NOT support a transaction tax

 

[bostonsoxfan]

This American Life #355: The Giant Pool of Money
http://www.thislife.org/Radio_Episode.aspx?sched=1242
(click "Full Episode" under the picture)

I love the 20 something that brags about the champagne at a party and the five houses he has, nevermind the mansion. Stupid kid! He could have paid for the house in full like some of these CEOs do. He would at least had the house to live in.

I love that podcast. Awesome! The next one you should get on an Planet Money is the economist explaining the part of the bill where the gov't actually gets equity instead of a hearty thank you from the voters. They actually slipped that option into the bill without the bank's lobbyists' permission. Paulson won't ask for it anyway but it would be nice.

 

[seasideheights]

http://www.gather.com/viewArticle.jsp?articleId=281474977466849

 

[seasideheights]

Here's an interesting article on the effect of the transaction tax on daytraders & others in the Indian market.

http://economictimes.indiatimes.com...bitrageurs_out_of_job/articleshow/3575354.cms

 

[KK70]

Quote from seasideheights:

Here's an interesting article on the effect of the transaction tax on daytraders & others in the Indian market.

http://economictimes.indiatimes.com...bitrageurs_out_of_job/articleshow/3575354.cms

That is very scary stuff.

Classic example of a govt trying to raise tax revenues but actually ends up killing the golden goose.

 

[listedguru]

Quote from KK70:

That is very scary stuff.

Classic example of a govt trying to raise tax revenues but actually ends up killing the golden goose.

Hopefully someone in Washington reads this and sees what this would do if enacted here. Maybe we should send this to Pelosi and co?

-Guru

 

[Klamath]

Quote from listedguru:

Hopefully someone in Washington reads this and sees what this would do if enacted here. Maybe we should send this to Pelosi and co?

-Guru

Maybe. Or maybe at this point it would be better to not draw any more attention to it.

 

[bears21]

Quote from Klamath:

Maybe. Or maybe at this point it would be better to not draw any more attention to it.

exactly since the bill has passed it looks like there will be some time to see if current bill makes any progress, back in 96 this tax proposal was talked about and sen daschle strongly apposed this tax and he stated this proposal would never gain a majority vote i believe he is spot on

 

[St.ignorant]

Quote from seasideheights:

Here's an interesting article on the effect of the transaction tax on daytraders & others in the Indian market.

http://economictimes.indiatimes.com...bitrageurs_out_of_job/articleshow/3575354.cms

"No other government in the world has imposed transaction tax on future market. In overseas bourses, market makers are given special privileges in terms of taxations with a view to boosting liquidity. India is going in the reverse direction.”

Above is from the article. I wish STT will not applied to futures if it is introduced here. don't know what UK does to their future market, anybody?