Transaction Tax Bill has now been introduced

Allow me to mention that this would extremely limit speculation and liquidity in the ag markets which means that farmers will have a really hard time hedging and locking in prices.

This would all but destroy small to medium sized agriculture businesses for years to come.
 
Quote from timetotrade:

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.
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Like I said before, PELOSI is the one that needs to be contacted.

http://speaker.house.gov/contact/

Ask the phone operator to send you to Pelosi's suggestion line and urge her to REJECT HR-1068 by Representatives DeFazio and Stark!
 
Quote from crash n burn:

parasitic activities should be taxed accordingly. an economy can not function well when the number of parasites outnumber the number of hosts.

it is time to turn our economy around by removing most of the toxic parasites that suck up its life and thus free up important resources that can boost the real economy.

traders should start looking a for a real jobs so they can fulfill their social obligations and participate in the creation of more stable and fair nation.

i know it is hard to accept this after getting used to make "easy" money without any tangible work or effort, as many of you have done here (myself included). sorry but it is time to get back to work folks. money doesnt fall from the tree anymore.

vicious criminals like madoff, stanford and many other are just the tip of the iceberg. an entire legion of parasites have been living off the system inefficiencies and have brought the whole world into the abyss.
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No thx. I'm just getting started
 
Exactly! Hedgers need speculators to transfer price risk. This will fuck up the commodity markets.

Quote from ProfLogic:

Allow me to mention that this would extremely limit speculation and liquidity in the ag markets which means that farmers will have a really hard time hedging and locking in prices.

This would all but destroy small to medium sized agriculture businesses for years to come.
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there is no 150 billion per year to suck from the markets.


these moron politicians need to do some research and stop making foolish laws to pay for their wastefule programs like war, and welfare.

this bill isn't to help investors or help the markets. it's just another example of gov't want to take money from private enterprise to pay for their wasteful welfare programs.


Quote from Bullet:

Let Wall Street Pay for Wall Street's Bailout Act of 2009 (Introduced in House)

HR 1068 IH

To amend the Internal Revenue Code of 1986 to impose a tax on certain securities transactions to the extent required to recoup the net cost of the Troubled Asset Relief Program.


IN THE HOUSE OF REPRESENTATIVES

February 13, 2009
Mr. DEFAZIO (for himself, Mr. WELCH, Ms. SUTTON, Mr. CAPUANO, Mr. WU, Mr. STARK, Ms. DELAURO, and Ms. EDWARDS of Maryland) introduced the following bill; which was referred to the Committee on Ways and Means



http://thomas.loc.gov/cgi-bin/query/z?c111:H.R.1068.IH:


Welcome to America...or at least what's left of it! How exactly did short term traders take down the financial system...oh yeah, from scalping GS and AAPL
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private sector can be more productive than gov't with 150 billion.

gov't just waste the 150 billion on war and welfare programs

Quote from tradersboredom:

there is no 150 billion per year to suck from the markets.


these moron politicians need to do some research and stop making foolish laws to pay for their wastefule programs like war, and welfare.

this bill isn't to help investors or help the markets. it's just another example of gov't want to take money from private enterprise to pay for their wasteful welfare programs.
More...
 
This is a self-defeating tax. It won't come close to 150B. Anaconda has nailed it; this bill isn't about generating revenue it's about shutting down speculating -- pure and simple.

Quote from tradersboredom:

there is no 150 billion per year to suck from the markets.


these moron politicians need to do some research and stop making foolish laws to pay for their wastefule programs like war, and welfare.

this bill isn't to help investors or help the markets. it's just another example of gov't want to take money from private enterprise to pay for their wasteful welfare programs.
More...
 
Speculators are at the core of the capitalism. It's all about turnover of capital.
You shut down the speculators you destroy the capitalism.
 
Quote from rsikit:

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.
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A ES trader could just open a account to trade foreign markets like FDAX. or a ZN trader could trade the Bund, etc... to get around this tax???
 
Quote from operator:

A ES trader could just open a account to trade foreign markets like FDAX. or a ZN trader could trade the Bund, etc... to get around this tax???
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They are not referring to transactions made by american citizens on foreign exchanges, so I guess so...

It's an "improvement" from a precedent piece of paper I read from DeFazio(don't remember which one).
 
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