Here is some info on Defazio's new transaction tax proposal from Politico:
And the anti-Wall Street sentiment is such that progressives are pressing for a new fee on securities transactions to help pay for “Main Street” job creation.
Rep. Peter DeFazio (D-Ore.) told POLITICO that he expects to file the proposal this week after making refinements to shield public employee pension funds and small investors, defined as persons trading less than $100,000 a year.
“That takes care of all the hot-button issues, and that just leaves the huge firms and the huge traders,” DeFazio said. Companies that move their transactions into exchanges overseas would still be vulnerable: “We’re going to make it [so that] any U.S. entity which trades is responsible for the tax. So if you say you’re just going to trade in Hong Kong to avoid the tax, no, you owe the money.”
The bill still looks like crap. Doesnt protect 401k, IRA'S , insurance polices etc. All these detaols make the bill sound worse then eht first. Say basicall 100k, so there limiting customers to 1 or 2 trades a years? This is pretty ridiculous , I dont think its got to much of a shot.
John B. Larson, D-Conn., chairman of the House Democratic Caucus, suggested paying for the bill by including a measure he wrote (HR 3153) that would impose a 0.25 percent tax on transactions involving certain unregulated derivatives and other financial products.
"Rangel and Financial Services Chairman Barney Frank, D-Mass., downplayed the idea. "I'll have to check with my mayor and see what is going on back home," said Rangel, whose city depends on jobs in the financial services industry."
"Frank said the tax could put U.S. companies at a disadvantage. "You couldn't even begin to do that unless it was internationally harmonized," he said. "
"Additionally, the regulatory overhaul for the financial industry that lawmakers are debating would cover many of those trades, potentially shrinking the base for the transaction tax."
Rangel is the main person for this , since he is the chairman of the committee that can pass this tax or not, House ways and means are the ones that can pass tax legislation like this. So thats who we want behind it. Frank always used the international harmony to downplay it. He knows there are countries who want this but not enough to get international harmony!