WSJ today: Democrats Weigh Tax on Financial Transactions

Quote from libertad:

............................................


Here is the bottom line....

Never going to happen....

Why ?????

You already know....

GS

It will be parallel to what is happening with the CFTC....started out lots of blabber....and has been reduced to nothing by Gensler...ex GS....

Same GS strategy here....

GS WILL win....

They usually do.

What steps have you seen GS take to prevent this tax?

And btw, CNBC is for it.
 
Quote from Random.Capital:

Why would this be a bad thing? Daytrading provides zero meaningful economic activity - who cares if it dies?

The government is the one who should care most because people who hold stocks for 5-10 years do not contribute much to the tax revenue.
 
Quote from MrPowerBallad:

It seems like there are two ways the IRS could collect this tax -- either via individual tax returns or by making brokers pay the tax, who would then pass it along to customers. If the latter, couldn't someone in the US just use a broker in another country not subject to the tax? If the former, obviously there's no way around it.

In all of the articles written about this I haven't seen any discussion about the logistics of collecting this tax. Has anyone read anything about that or know the way other countries collected this tax?

The Swedish government did that directly on brokers. Taiwanese and Indian government do that on brokers as well.
 
Quote from Random.Capital:

Why would this be a bad thing? Daytrading provides zero meaningful economic activity - who cares if it dies?

What qualifications does an endeavor have to have to qualify it for meaningful economic activity??
 
Quote from jficquette:

What qualifications does an endeavor have to have to qualify it for meaningful economic activity??

Any endeavor that is profitable and pays taxes on profits should be qualified as a meaningful economic activity.
 
Have you all tried to contact your reps in Washington?

I have emailed mine, including Sen. Schumer. I did so in the winter/spring 2009 when this tax was first mentioned. Got replies, that basically said, "thanks, we'll consider your side of the story"...

Emailed Sen. Schumer again sometime in early Sept.-09, got a reply, again, from Sen. Schumer that again stated that he was against a tax on financial transactions/trades.

That being said, the Wall Street firms have the power to stop this for themselves and for all of us. I do believe we should email/fax/call our reps, as such a tax would surely kill the avarage day-trader making a little on the side...

Unemployment in the financial industry would skyrocket if such a tax was enacted, volume would dry up, and lots of the bigger players would go overseas to get away from this tax. See Sweden's tax as the example.

I don't mind paying higher taxes, but let us ALL pay higher taxes, or maybe lower spending...Nahhh, that's to difficult, mid-terms coming up and all :D


http://www.rallycongress.com/no2tradertax/1536/tell-congres-to-block-trader-tax/
 
Quote from IanMacQuaide:

I look for the Dems to tax sex.
How in hell they'll expect us to report it remains to be seen.
:D

They will exclude gay sex though so that most of them wouldn't have to pay it.
 
Quote from shfly:

Have you all tried to contact your reps in Washington?

I have emailed mine, including Sen. Schumer. I did so in the winter/spring 2009 when this tax was first mentioned. Got replies, that basically said, "thanks, we'll consider your side of the story"...

Emailed Sen. Schumer again sometime in early Sept.-09, got a reply, again, from Sen. Schumer that again stated that he was against a tax on financial transactions/trades.

That being said, the Wall Street firms have the power to stop this for themselves and for all of us. I do believe we should email/fax/call our reps, as such a tax would surely kill the avarage day-trader making a little on the side...

Unemployment in the financial industry would skyrocket if such a tax was enacted, volume would dry up, and lots of the bigger players would go overseas to get away from this tax. See Sweden's tax as the example.

I don't mind paying higher taxes, but let us ALL pay higher taxes, or maybe lower spending...Nahhh, that's to difficult, mid-terms coming up and all :D

I'm glad to hear about Schumer.

If people have a chance, try calling them instead of e-mailing them. I have been told it has a bigger impact.
 
Quote from shfly:



Emailed Sen. Schumer again sometime in early Sept.-09, got a reply, again, from Sen. Schumer that again stated that he was against a tax on financial transactions/trades.


By the way, if Sen. Schumer is indeed against this, then it will not be adopted as long as all of the Republicans in the senate stay united in their opposition to it. Thanks to Schumer they would have enough votes to filibuster it.
 
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