Transaction Tax Bill has now been introduced

Quote from atticus:

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?
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London already has a transaction tax, does it not?
 
Quote from timetotrade:

Apparently, the chief writer of this bill is Peter DeFazio, Democrat from Oregon.
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Correct.

And Pete Stark (Cali, Dem) is right behind him. I've spoken to reps at both Stark and DeFazio's offices and it is a total waste of time.

If you want to write someone, try the Speaker of the House, Nancy Pelosi, who I believe is not in favor of this tax as she is on record as saying that TARP funds are an "investment" and that we should wait 5 years to see if there is a return on the taxpayers "investment" before invoking any kind of a transaction tax on Wall Street.
 
So what about Nancy Pelosi? She is not a sponsor and from other postings is not in favor of the bill. Well, check this out----

http://www.washingtonpost.com/wp-srv/politics/congress/fin_dis/2007/p000197.pdf

She and her husband are loaded and it includes a lot of stock and a lot of stock transactions. Big dollar value transactions! She is one of the people that we need to contact and she is the one with the power. I would like to think that she is not going to let this bill get passed, but who knows. Can't take anything for granted.
 
I just called & e-mailed my congressman & US senator.

Thanks to everyone who posted.

If you haven't called your congressman /senator, please do it now!

The financial industry has a strong lobby, but we need to stand our ground in the beginning.

This bill is total nonsense.
:mad:
 
Can't the same logic be used for the auto industry?

Should we suggest a tax on every auto purchase until the money they got is paid back?

...ridiculous
 
Quote from TGregg:


They'll do it quietly, paying off senators and representatives and lobbyists to get loopholes created. That's why the senators and represenatives gave the fatcats bailouts, so the fatcats can turn around and pay off the senators and representatives.
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Glad to see an occasional bright light of thinking.

They are not going to do it, they already did it. At the very least, they had their plans ready and will start adjusting the bill just like the naked shorting regulation was adjusted.
 
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