Transaction Tax Bill has now been introduced

Quote from timetotrade:

Apparently, the chief writer of this bill is Peter DeFazio, Democrat from Oregon. Check out his financial disclosure statements that can be found on this page-- http://projects.washingtonpost.com/congress/members/d000191/

On the latest disclosure from 2007, Rep. Defazio seems to have no stock transactions. He only had mutual funds which do not seem to be included in his bill. I will have to check the disclosures of the other co-sponsors. It is easy for Rep. Defazio to want to tax the heck out of traders when he doesn't buy or sell any stock or futures.

I checked my representatives disclosure. He had hundreds of thousands of dollars in transactions, so he won't be in favor of this bill. :)
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Good details - nice work - going to check out my own reps' stuff.
 
Say this bill gets passed half way through the year. Would we still have to pay transaction taxes on the first part of the year even though the bill has not yet been passed?
 
Well the bill said EXCLUSSIVE jursidiction of the cftc, and I know FX is somewhat under jurisdiction but not sure if it is exclusive or not.
 
It's likely to be passed. There is a disdain for risk-taking in the current environment. It will push a tremendous amount of business into European OTC markets. Can you imagine the boon to fund co's like Fido, Vanguard and State Street?
 
Its funny in all this CME has announced this week I think they are rolling out e-micro forex contracts that are worth one tenth of there full size, so basically cme is going to offer micro accounts, even with this all going on the are rolling things out which tells me what I need to know. We dont need scare tatics, jsut write ur congressmen or women and thats what we can do. But right now the only one bringin this up is Defazio , he has tried and been shot down 2 previous times in the past 6 months. I am sure it will be the same, he didnt vote for the stimulus this past friday, that was the day he introduced his tranny tax bill. Just like he didnt vote for the Tarp in Sept he pushed his tranny bill. So I think this legislation was put in place of the Stimulus bill last week, and it failed
 
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