Trading tax of .25% on all transactions! Have you seen this?

Thats insane. Although I just buy and hold for a few months now, back when i was daytrading, I was doing 20 million dollars of trades per month. That tax would've cost me $50,000 per month on top of the 3-4k per month commissions/SEC fees i was already paying!

This tax would not stop daytraders anyway...they would just get up at later hours in the day and trade stocks in china or india.
 
Quote from ArcticTrader:

If US politicians are actually stupid enough to pass this, everyone will just move over and start daytrading Eurex and other international exchanges a lot more....
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Uhm, no they won't. If they had any ability to do so, they would have done it already as there are more edges in Eurex than in US markets.

The tax is on the docket and it's up to the Wall Street firms whether it passes or not. It will have exemptions just like the LSE VAT tax.. Which means more money for them.
 
Quote from Anaconda:

Uhm, no they won't. If they had any ability to do so, they would have done it already as there are more edges in Eurex than in US markets.

The tax is on the docket and it's up to the Wall Street firms whether it passes or not. It will have exemptions just like the LSE VAT tax.. Which means more money for them.
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Not sure what you are trying to say here... how is it not possible for people to trade Eurex? My broker allows it.

I guess if you are saying that all American companies will be taxed on transactions no matter what exchange the transaction occurs on, then it should be possible to open an account in another country, trading Eurex or some other international exchange. Unless of course that's not possible for Americans for some reason? I am not from the US myself, so I'm not that familiar with the specifics for American citizens...
 
Here is the site I've been using to track this bill and others I'm interested in.

As you can see, it's been sitting in committee since it was introduced and shows no signs of going anywhere. I heard someone say recently that unless a bill is introduced in both houses of Congress it doesn't have a snowball's chance in hell of passing. There's been no mention of this in the Senate.
 
Quote from ArcticTrader:

Not sure what you are trying to say here... how is it not possible for people to trade Eurex? My broker allows it.
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So why aren't you trading it?
 
wow cant afford a quarter of a penny per dollar transaction? We tax gasoline to keep the roads in good condition,,if we need a financial system and since the financial system almost destroyed the world economy they should be taxed to put those funds back into the governments coffers.
It would also take away some of the slosh in the cash flowing around the world distorting the markets
Most people have to pay taxes everytime they purchase goods in stores
 
Quote from bullmarket79:

wow cant afford a quarter of a penny per dollar transaction? We tax gasoline to keep the roads in good condition,,if we need a financial system and since the financial system almost destroyed the world economy they should be taxed to put those funds back into the governments coffers.
It would also take away some of the slosh in the cash flowing around the world distorting the markets
Most people have to pay taxes everytime they purchase goods in stores
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That's good and all but the government doesn't really know how to spend money the right way. We're funding a slush fund for the government hacks that make it rain every couple of months with huge spending. Only an idiot would want to give them money; of course most people have to.
 
Quote from Anaconda:

So why aren't you trading it?
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Because it's not part of my trading plan - I prefer crude oil, the russell 2000, and soybeans.... just personal preference.
 
Wow! You guys are clueless.

This will be come into being, much much sooner than any of you savants think. For the good of the world of course.

http://www.un.org/ga/president/63/interactive/financialcrisis/PreliminaryReport210509.pdf
Start your reading bottom of page 110, Innovative Sources of Financing

Poopoo the UN as you will, all the while acknowledging they remain well connected and capable. Conference took place June 24-26, the final very abbreviated document is here http://www.un.org/ga/search/view_doc.asp?symbol=A/CONF.214/3&Lang=E
 
Quote from ArcticTrader:

I can't believe that this would actually pass... 0.25% on a single contract worth $40,000 would be $100 per side! Has anyone heard something more about this idiot's idea and the chances of it passing?

http://www.cnbc.com/id/15840232?video=1051076486&play=1

If it does pass, it might make daytrading impossible... of course, the story is dated from the beginning of March, so I don't know how it has turned out since then...
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De Fazio's a wack job. His bill won't get very far. Do you know how many politicos in D.C. would have to pay up HUGE?
Won't happen.
 
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