1/4% Tax on all stock trades pushed in NY Times today

Discussion in 'Taxes and Accounting' started by seasideheights, Jan 13, 2009.

  1. Welcome to the Fight against Financial Transaction Taxes.

    This thread is designed to ensure our viewpoint gets into the press and directly to our Political Representatives in Washington DC.

    We do this by rapidly responding to pro-tax articles whenever & wherever they pop up while ensuring we don't fan the flames on this issue.

    Our goal is to get the volume of the talk of this tax down to zero.

    At risk is your livelihood.

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    SupermanTrades likes this.
  2. OMG

    I shudder every time this shit comes up. It would totally shut us down. Every damn one of us...
    kmiklas and SupermanTrades like this.
  3. it will come for sure - and thats good.

    However, there will be also assigned market makers like in former pits - and they will have a hell of a good time
  4. massive taxation and reform of Capital Market is coming. Obama nation, that is what the country's majority voted for.

    However, might not see such tax until 2010/2011.
  5. You dont know what you are talking about- and thats for sure.
  6. I'd suggest posting comments at the comment link on that NY Times page. The comments so far are overwhelming pro-tax.
  7. gnome


    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.
  8. Lucrum


    Our government has been doing a lot of stupid things lately. IOW the fact that it's obviously stupid probably won't stop them.
  9. 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?
  10. gnome


    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.
    #10     Jan 13, 2009