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	Forums ›› Main ›› Wall St. News ›› 1/4% Tax on all stock trades pushed in NY Times today

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gnome

Registered: Jun 2002
Posts: 10007

01-13-09 02:07 PM

So... as a trader and you did 50 round turns of your capital in a year, the 'transaction' tax would amount to 25% of your capital.

The exchange volume would shrink a shocking amount such that there would soon be cries to "repeal the tax."

Also, huge chunks of capital to be traded would find homes overseas... one can justify expenses in order to save "25% of capital" (each year, too) tax.

Such a transaction tax would be just as stupid as the Stamp Act tax in Revolutionary times.

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Lucrum

Registered: Dec 2003
Posts: 31426

01-13-09 02:13 PM

Quote from gnome:

...Such a transaction tax would be just as stupid as the Stamp Act tax in Revolutionary times.

Our government has been doing a lot of stupid things lately. IOW the fact that it's obviously stupid probably won't stop them.

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IanMacQuaide

Registered: Mar 2007
Posts: 1872

01-13-09 02:18 PM

OH SHIT!
They'll sell this to the public, easy!
Public thinks all traders are trust-fund kids, or multi millionaires. The Dems have done a VERY good job with their class warfare schtick.
I gotta wonder how the Obamanation will like losing all financial mkts 3 months after this is passed into law?

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gnome

Registered: Jun 2002
Posts: 10007

01-13-09 02:20 PM

Quote from IanMacQuaide:

OH SHIT!
They'll sell this to the public, easy!
Public thinks all traders are trust-fund kids, or multi millionaires. The Dems have done a VERY good job with their class warfare schtick.
I gotta wonder how the Obamanation will like losing all financial mkts 3 months after this is passed into law?

Of course. It's raising "somebody's taxes, but not mine".

It would cripple the exchange business in the US, so can't see it sticking even if passed.

They would probably have to exempt the commodity exchanges (can't see farmers and other commercials paying the fee on "food", you know).... everybody would soon be trading pork bellies instead of GS.

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jd7419

Registered: Sep 2005
Posts: 516

01-13-09 02:23 PM

Quote from IanMacQuaide:

OH SHIT!
They'll sell this to the public, easy!
Public thinks all traders are trust-fund kids, or multi millionaires. The Dems have done a VERY good job with their class warfare schtick.
I gotta wonder how the Obamanation will like losing all financial mkts 3 months after this is passed into law?

If you are a trader in securities exemptions will probably happen for you. This tax will apply to mom and pop who do a few trades per year. UK has the tax and an exemption as well. If the government goes all out and taxes everyone with the stamp tax then volume will probably go down by 95% IMHO. I know my 10 million shares a month would be pulled immediately and forget about the boxes who have razor thin margins as it is, they would be out just as quick.

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seasideheights

Registered: Aug 2004
Posts: 972

01-13-09 02:26 PM

The author of the NY Times article will think his idea is terrific unless posts against the tax make it into the comments section of that story. Consider doing a quick post there.

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