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U.S. Traders: What will u do if Transaction Tax passes? Which country to move to?
- Thread starter aeliodon
- Start date
Quote from aeliodon:
I want to prepare myself for the possibility of the Transaction Tax being made law.
I think if we have a severe recession there will be an unprecedented assault on the free markets (which has already begun).
We have had such a tax implemented after the Great Depression and it lasted for 30 years.
The UK has a similar tax.
So if it passes, which country to move to and trade from?
I think the worse thing about leaving America is that the IRS owns u for life. I've heard that even if you renounce your citizenship u still have to pay taxes on any income earned overseas.
the question itself make no sense to begin with....because it's depends on your trading style and(or) very specific markets. what work on nasdaq may not work on nasdaq and so on.
for nyse or nasdaq stocks scalper it could be the end, due some very specific market conditions\regulations.
this is just a single example.
another variable would be amount of money you make. if you make 100K,debt free, living in paid off house in usa with very few expenses, you have to think twice,what the profits will be after rent,travel and other expences..and those things can eat pretty big chunk of your profits. when you make between few hundreds thousands dollars and millions-that would be another story..
From Reuters, Sept 25th...
Congress can Wait to Defray Rescue Costs: Pelosi
http://www.reuters.com/article/newsOne/idUSTRE48O7X720080925
QUOTE]Quote from drukes1234:
I actually didn't hear what pelosi said on Friday on this.. what did she say?
Thanks [/QUOTE]
Congress can Wait to Defray Rescue Costs: Pelosi
http://www.reuters.com/article/newsOne/idUSTRE48O7X720080925
QUOTE]Quote from drukes1234:
I actually didn't hear what pelosi said on Friday on this.. what did she say?
Thanks [/QUOTE]
The fact that the idea has even been proposed makes it a threat, Pelosi could reverse her position at any time.
Meanwhile there is always something you can do, write to your congressman and senators, mass-fax the whole Democratic caucus, be polite and say that the proposal will kill jobs, drive business offshore and only bankrupts the little guy (who had nothing to do with this mess).
If it moves further then maybe we can form a PAC and hire some lobbyists? Seems to me, for those who trade in the US or on US markets it's worth almost any amount of money to stop this.
Meanwhile there is always something you can do, write to your congressman and senators, mass-fax the whole Democratic caucus, be polite and say that the proposal will kill jobs, drive business offshore and only bankrupts the little guy (who had nothing to do with this mess).
If it moves further then maybe we can form a PAC and hire some lobbyists? Seems to me, for those who trade in the US or on US markets it's worth almost any amount of money to stop this.
Quote from Specterx:
The fact that the idea has even been proposed makes it a threat, Pelosi could reverse her position at any time.
Meanwhile there is always something you can do, write to your congressman and senators, mass-fax the whole Democratic caucus, be polite and say that the proposal will kill jobs, drive business offshore and only bankrupts the little guy (who had nothing to do with this mess).
If it moves further then maybe we can form a PAC and hire some lobbyists? Seems to me, for those who trade in the US or on US markets it's worth almost any amount of money to stop this.
Exactly. The first step is to float an idea. Then if there is a second bailout, virtually any way to punish "the finacial industry" will be available. It doesn't really matter if you're even punishing the people responsible for the bailout, that's not the issue. It's still another way to get your hands on money (even though it would be a net loss most likely).
I agree with you that we must be proactive.
Obama is open and responsive. I have already emailed his office on this. I would suggest we all do the same thing. And join the Hedge Fund PAC (MFA)!
Obama HQ contact link...
http://my.barackobama.com/page/content/contact/
Obama is open and responsive. I have already emailed his office on this. I would suggest we all do the same thing. And join the Hedge Fund PAC (MFA)!
Obama HQ contact link...
http://my.barackobama.com/page/content/contact/
Quote from Specterx:
The fact that the idea has even been proposed makes it a threat, Pelosi could reverse her position at any time.
Meanwhile there is always something you can do, write to your congressman and senators, mass-fax the whole Democratic caucus, be polite and say that the proposal will kill jobs, drive business offshore and only bankrupts the little guy (who had nothing to do with this mess).
If it moves further then maybe we can form a PAC and hire some lobbyists? Seems to me, for those who trade in the US or on US markets it's worth almost any amount of money to stop this.
Quote from aeliodon:
You have to be a complete amateur trader to not see what is going on here:
1 The bubble that is bursting isn't the RE bubble but rather the 25 year long credit bubble - the largest in the history of all bubbles. A lot of US firms with good credit (Catapillar, Boeing, etc.) are bitching about having to pay a higher rate on commercial paper. They are not paying a higher rate at all unless you are comparing 2008 to 2003-2007 when risk premium went extinct. Risk premium has finally returned to the market and its going to be a painful adjustment for ALL firms. BTW the RE bubble still has a long way to deflate. There is a ton of more pain ahead and that will lead to more anger/frustration and demand that government "do something" even if that "something" ends up hurting Americans in the long run.
2 Severe economic recessions/depressions always leads to an all out assault on the free market as people prefer the "stability" of socialism. And don't think that Wall Street or Hedge Fund interests are strong enough to fight the socialist trend as they are working behind the scenes to benefit from it. Example: JPM bought BSC and WAMU for free. Bank of America may end up getting MER for free. And Citi may end up getting Wachovia for free. Big Money gets Bigger during socialist trends as the market becomes more inefficient and Smaller during capitalist trends as the market becomes more efficient and harder to profit from. If anything "they" will lobby the Government for more inefficiency/socialism so they can consolidate their power.
actually JPm bought WM for 32 BILLION. If BAC got MER for free (i cant remember the last time 40 billion + debt was free) then they also bought cfc for free? and C is NOT getting WB for free. they are getting WB for free but have to asorb great west also. with all these companies your paying to deal with a BAD balance sheet
Quote from Specterx:
The fact that the idea has even been proposed makes it a threat, Pelosi could reverse her position at any time.
This is just a proposal by a bunch of junior House members trying to get votes at home. There are idiot proposals in the House all the time. The representative from my district tried to introduce a bill repealing the law of gravity. Did that make you feel threatened as well? I don't recall an "Oh my god we're going to float off into space if this is passed thread?" Maybe I missed it.
Pelosi can't call them idiots because they are in her party so she just deflected the issue.
Unless you hear Barney Frank or someone in the Senate talking about it I recommend you take a deep breathe and relax. If you want, write to the congressmen behind this. I did, telling them that based on Thursday's trading I'd owe 60K in taxes (and that he's an embarrassment to congress).
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?