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

Quote from KeithOmalley:

so i could just trade US stocks that trade on other exchanges?
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If this did happen which I only see a small chance it would this would be a good solution. Most likely we would also see these foreign exchanges open up for longer hours to match the us time zones.

China also just removed their stamp tax will now allow margin and also will allow shorting. So there will always be Shanghai. Or you could always move up here to Canada, but we would copy you because our parliment has never seen a tax scheme they did not like. :)
 
As others have stated, moving to another country isn't an issue unless you want to pay no taxes period, and this has little to do with a transaction tax as you'd have already done it for income taxes. And yes, you'd have to renounce your US citizenship. Although the US is pretty fucked up now, its not something I'd do.

What a transaction tax would require you to do is trade non US exchanges that are currently inexpensive. You can do this from anywhere. I haven't done any homework on this, but I'm sure there are several out there. I would prolly find an index product with high volatility somewhere, and specialize. Trade just one market. I'd still position trade US products, but liquidity would be so crappy, I wouldn't do it too often.
 
Quote from 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.
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According to Reuters, Pelosi is considering the tax to take effect in 5 yrs if the gvt loses money on this deal. This is not going away:

http://www.reuters.com/article/wtMostRead/idUSWBT00986620080927

WASHINGTON, Sept 27 (Reuters) - Democrats in the U.S. House of Representatives are pushing for a new Wall Street tax that would cover the potential costs of a $700 billion bailout being negotiated by Congress and the Bush administration.

U.S. House Speaker Nancy Pelosi, speaking to reporters after a meeting with fellow Democrats, said the fee could be assessed after five years if the non-partisan Congressional Budget Office determined taxpayers had lost money in the bailout.

"If after five years ... the CBO decides that the American taxpayer has lost money in this, then there would be a fee on financial institutions," Pelosi said, adding that she hoped the provision could be part of a final bailout deal.

Pelosi said that the Secretary of the Treasury could determine how to assess the fee.
 
Quote from cstfx:

According to Reuters, Pelosi is considering the tax to take effect in 5 yrs if the gvt loses money on this deal. This is not going away:

http://www.reuters.com/article/wtMostRead/idUSWBT00986620080927

WASHINGTON, Sept 27 (Reuters) - Democrats in the U.S. House of Representatives are pushing for a new Wall Street tax that would cover the potential costs of a $700 billion bailout being negotiated by Congress and the Bush administration.

U.S. House Speaker Nancy Pelosi, speaking to reporters after a meeting with fellow Democrats, said the fee could be assessed after five years if the non-partisan Congressional Budget Office determined taxpayers had lost money in the bailout.

"If after five years ... the CBO decides that the American taxpayer has lost money in this, then there would be a fee on financial institutions," Pelosi said, adding that she hoped the provision could be part of a final bailout deal.

Pelosi said that the Secretary of the Treasury could determine how to assess the fee.
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That's been posted about 40 times, pal.

Thanks
 
I forgot to mention my friend is working on a deal with Fimat clearing ES would be a very good deal. I could trade Canadian or American.
 
how bad is this tax going to be? should all new traders withdraw thier money from their accounts monday and just say 'fuck it'? Is the tax going to (combined with the other taxes) eat up close to 100% of ones profits?
 
Quote from NasdaqPlayer:

how bad is this tax going to be? should all new traders withdraw thier money from their accounts monday and just say 'fuck it'? Is the tax going to (combined with the other taxes) eat up close to 100% of ones profits?
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Seriously, read through the thread
 
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