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Old Nov 18th, 2009, 07:51 PM   #2179
rsikit
 
 
Join Date: Jan 2008
Posts: 1,046
I agree on the equities liquidity drying up but not as much with the futures if its 40$a round turn, still tradable, But equities I cant seem to think you can trade them at that point. If they dont tax currencies , it wasnt mentioned this time but it was in the past, traders might flow there.
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Old Nov 18th, 2009, 08:06 PM   #2180
jnorty
 
 
Join Date: Dec 2008
Posts: 307
what does that mean the tax would be refunded for trades less than 100k?does that mean you could trade 300 shares of a $50 stock in and out all day and be under that?thats only 15k per transaction
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Old Nov 18th, 2009, 08:11 PM   #2181
Billy Thunder
 
 
Join Date: Sep 2009
Posts: 218
Anyway you spin it, the support among key legislators for this issue isn't there. Even the administration came out against in on an international level. The numbers are to big in the US to implement such a levy. Finance is to interconnected in the daily lives of people in the US. In addition, you have to look at all the key donors to the legislators that have proposed legislation relating to the tax, all union people. Also taxing futures doesn’t exist in the world today. India just abolished such a tax in less than a year, after enacting the tax. If you look at the senate side, there have been several democrat senators that have come out against the proposed legislation. If the tax were to be adopted on an international level, then I would have cause to worry. But with the huge push back against such a tax on a world level, its hard to believe that ever coming to being. At the end of the day almost all the financial community, with the exception of the individual investor, know that the transaction tax will not be implemented. The window of opportunity for such at tax has come and gone. This tax manages to come out of the closet several times a year, with no real chance of passage. The evidence against such a levy is too overwhelming to ignore.
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Old Nov 18th, 2009, 08:12 PM   #2182
rsikit
 
 
Join Date: Jan 2008
Posts: 1,046
I am sure they wont tell us that or how to get around it. I was thinking I would just go into every trade with 95k of a position each time. They didnt specify anything other then 100,000 dollar transaction, which means go in and out with 95k all day long 950 shares on a 100 dollar stock back and forth all day would keep you under it. I was also thinking would they lump trades in the same stock or future together, if so then screwed, if not then it seems alright. We also do not know what refunded means, if they charge it and then refund it at end of the year or day or week? That matters, otherwise t could drain our accounts until they refund it, or will they just not charge it on transactions under 100k. So many things to know that can only be told if this passes. Who knows. We will only find out once they pass it. Thats a big if they pass it.
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Old Nov 18th, 2009, 08:17 PM   #2183
rsikit
 
 
Join Date: Jan 2008
Posts: 1,046
Quote:
Quote from Billy Thunder:

Anyway you spin it, the support among key legislators for this issue isn't there. Even the administration came out against in on an international level. The numbers are to big in the US to implement such a levy. Finance is to interconnected in the daily lives of people in the US. In addition, you have to look at all the key donors to the legislators that have proposed legislation relating to the tax, all union people. Also taxing futures doesn’t exist in the world today. India just abolished such a tax in less than a year, after enacting the tax. If you look at the senate side, there have been several democrat senators that have come out against the proposed legislation. If the tax were to be adopted on an international level, then I would have cause to worry. But with the huge push back against such a tax on a world level, its hard to believe that ever coming to being. At the end of the day almost all the financial community, with the exception of the individual investor, know that the transaction tax will not be implemented. The window of opportunity for such at tax has come and gone. This tax manages to come out of the closet several times a year, with no real chance of passage. The evidence against such a levy is too overwhelming to ignore.

I agree but what scares me a bit is more and more are wanting it on an international level, sure there are some countries against it but who knows maybe they are just siding with us. If all countries did it and we took the lead other countries would have no problem doing it becuase they would not be losing out. Its scary if the US takes the lead there. But switzerland has come out against it. I know places like India dont want it but how safe could our money be there, it seems most of the safe countries wnat this tax. We just cannot take the lead here on a domestic level. The world wants it for helping third world countries and millienum develpoment goals for the UN, we want it to pay for projects. I dont think it will make it through the senate at all. I just dont want it to be excluded now and then picked up at the next g20 and then they talk about some concerted effort again. I want these politicans and not the whacky ones like Defazio BUT Rangel and Hoyer and Shcumer to come out during this deabte when its time and really bash this issue. As they should becuase it will hit there home constituancy hard.
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Old Nov 18th, 2009, 08:20 PM   #2184
drukes1234
 
 
Join Date: Aug 2002
Posts: 1,050
Quote:
Quote from rsikit:

I am sure they wont tell us that or how to get around it. I was thinking I would just go into every trade with 95k of a position each time. They didnt specify anything other then 100,000 dollar transaction, which means go in and out with 95k all day long 950 shares on a 100 dollar stock back and forth all day would keep you under it. I was also thinking would they lump trades in the same stock or future together, if so then screwed, if not then it seems alright. We also do not know what refunded means, if they charge it and then refund it at end of the year or day or week? That matters, otherwise t could drain our accounts until they refund it, or will they just not charge it on transactions under 100k. So many things to know that can only be told if this passes. Who knows. We will only find out once they pass it. Thats a big if they pass it.
I don't know about you guys but a $95,000 intraday position for me is absurdly small and would have quite a big impact on my trading. Also, don't think for a second with liquidity falling off a cliff that commissions won't sky rocket, this WILL be passed on to everyone at every level. I still see the chances of this passing as extraordinarily low but until the chances are zero I will keep fighting and writing letters and hopefully all of you do as well and do our part to make this BS never come to fruition.
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