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Banff01
Registered: Dec 2004
Posts: 180 |
01-13-09 10:54 PM
A trader's tax will only destabilize the markets and give an opportunity for the big instituations to manipulate it. Maybe the instituations are trying to get competitive in the markets again by eliminating the retail traders who are causing a drag on their trading?
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ProfitTakgFool
Registered: Jun 2007
Posts: 1283 |
01-13-09 10:59 PM
I doubt it because big institutions need someone to take the other side. If an institution wants to dump 1,000,000 shares it needs someone on the other end. Another reason I don't see this passing is that it will make it difficult for businesses to raise capital in the equity markets. What happens the next time KO or PG wants to make a huge stock offering? How will 10,000,000 new shares be absorbed by pathetic volume? The US economy needs a well functioning stock market for its sheer survival. This bill will never make it off the floor and like someone mentioned earlier in the thread, if it does it will be repealed in a New York Minute.
Quote from Banff01:
A trader's tax will only destabilize the markets and give an opportunity for the big instituations to manipulate it. Maybe the instituations are trying to get competitive in the markets again by eliminating the retail traders who are causing a drag on their trading?
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Renegen
Registered: Aug 2006
Posts: 1054 |
01-13-09 11:00 PM
Haha, I just noticed. Their comment section has a "editor's pick" where a comment will go right to the top of the pile by the editor. You can't let the truth actually come out, you must mask it by favoring some comments that support the article's views! And people will probably think that because it's written by an individual that particular comment is more credible. It's bullshit.
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Aisone
Registered: Oct 2006
Posts: 171 |
01-13-09 11:02 PM
When its all said and done, over the last 7 years I've averaged <$.02 for every share that I trade. I wouldn't even be able to afford trading $5 stocks if it were .25% on each side.
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wjk
Registered: Nov 2007
Posts: 1666 |
01-13-09 11:28 PM
Quote from KCalhoun:
Let's hope the socialists don't pass this new tax. So far it's just an economist and a newspaper columnist talking. What's more disturbing is how many freaking idiots out there actually agree.
"yes let's tax speculators and the rich, and give to the poor" they say... boo. First the @#$ 25k PDT rule, now this bs.
After passing a transaction tax, I would not be surprised to see the PDT mins lowered to increase the base.
Let's hope this idea dies a quiet death. I've liked my low taxes this last 8 years. Oh well. I didn't vote socialist. And I don't support TARP either. Small government is good. Big government is bad. Now the nightmare begins.... at least 4 years of it. Wait'll you see your tax bill next year...
-k
When I think of new taxes or tax increases, I always picture old cartoons where the bullies were holding someone upside down and shaking the money out or their pockets.
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KCalhoun
Registered: May 2006
Posts: 96 |
01-13-09 11:32 PM
Quote from Aisone:
When its all said and done, over the last 7 years I've averaged <$.02 for every share that I trade. I wouldn't even be able to afford trading $5 stocks if it were .25% on each side.
Great point - I'm happy to trade 1k shares and take .20 out of it; over and over again; a .25% tax on each side would kill day trading as we know it.
At least it's just talk for now, by non-policy makers, an isolated incident, but it goes to show how the "grab rich folks' money and give it to the poor folks" socialists are mis-thinking. Big govt and high taxes are bad. For a lot of reasons. And we're about to see the spend-pork fest of our lifetimes, with what'll likely be a 1.5T+ "stimulus" bs effort in '09.
Let's hope our trading dollars don't get co-opted into the socialist feeding frenzy.
-k
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