U.S. Traders: What will u do if Transaction Tax passes? Which country to move to?

[clacy]

Quote from smilingsynic:

Republicans increase spending and borrow money to the point that higher taxes are inevitable.

You're right about that. My problem with BO is that he is proposing so much increased spending that we'll never be able to get a grasp on spending.

I would actually pay more taxes, if I had ANY reason to suspect that the government would use the increased revenues to pay down our debt and reduce taxes once we were out of debt.

That won't happen however.

 

[KeithOmalley]

Quote from Shreddog:


As far as moving to another country, unless you aren't going to trade US markets I don't see the point. Foreigners pay SEC fees on trades, why would this be any different?

you are prob rught, but anytime i trade bcs, or azn/gsk i never pay stamp tax. same with chinese stocks, so there could be some what around it.

 

[Shreddog]

Quote from KeithOmalley:

you are prob rught, but anytime i trade bcs, or azn/gsk i never pay stamp tax. same with chinese stocks, so there could be some what around it.

that's because those stocks trade in the US.

 

[KeithOmalley]

Quote from Shreddog:

that's because those stocks trade in the US.

so i could just trade US stocks that trade on other exchanges?

 

[Shreddog]

Quote from KeithOmalley:

so i could just trade US stocks that trade on other exchanges?

I don't see why not. Hope you like staying up all night.

 

[KeithOmalley]

Quote from Shreddog:

that's because those stocks trade in the US.

BTW i did say your are right, i was not disagreeing with you

 

[lynx2004]

Yeah the current trend in the US doesn't bode well for free markets. If this tax is passed, it will increase TC for short term traders fro sure. The short sale ban took away some liquidity out of the markets. And if this goes through, further erosion -- I will be looking into trading the DAX, IPE (oil), and any other non-US exchanges with liquidity. I don't see how they can implement a transaction tax for trades on foreign exchanges. May be they will who knows. If so it'll suck all around.

Any other futures markets to consider? How is the FTSE?

 

[Trader666]

Oh please... if Pelosi took this tax off the table for now she was probably saving it for Obama. The unholy trinity of those two plus Reid will find plenty of ways to make this even worse.

Quote from sophiekay:

Obama is open and responsive. I have already emailed his office on this. I would suggest we all do the same thing.

 

[aeliodon]

Even if the tax doesn't pass I still think its wise to look at other countries to move to. The US is finished. A cultural collapse will follow this economic collapse. We now live in a culture of perpetual fear like a bunch of pussies.

Just look at what Paulson/Bernanke are warning of (a 3000 point crash in the Dow if Congress doesn't agree to the bailout by Sunday evening):
http://www.telegraph.co.uk/finance/...4318/Bailout-failure-will-cause-US-crash.html

 

[operator]

Quote from lynx2004:

Any other futures markets to consider? How is the FTSE?

I trade forex, no issues.