you won't be able to make money shorting either. man this is lynch mob on wall street or revenge fo the crashing the market.
They are the typical white trash that are in massive debt and think "rich people" should pay more to bail out their poor decisions. They believe everything they are told and can't comprehend basic concepts. Unfortunately, this is the majority of Americans.
Chinaâs Markets Soar on Cut in Trading Tax http://www.nytimes.com/2008/04/24/business/worldbusiness/24asiastox.html?fta=y Chinese Shares Slump After Stock Trading Tax Hike http://www.huliq.com/23167/chinese-shares-slump-after-stock-trading-tax-hike There we have it, hopefully they will understand that in the west as well.!
Mark your calendars boys! 01/13/2009 Regarding a Securities Transaction Tax (STT) of some sort, still unknown. Landis82 says the item won't make it to a vote, and if it does, it won't pass. obama-lama says implementation of STT/STT-like "fee" by the SEC, CFTC, or other oversight agency, whether currently in place or yet to be organized also qualifies, during the calendar year 2009. How's that for understanding the process, you jack-ass Landis? obama-lama
traders or volume in wall street or majority of it is speculation there are no shares or even gold or oil traded. only like 5% of volume is actual shares, forex, or commodity. all almost 95% speculation volume. it would be like taxing a poker game or tax on bets.
a transaction tax looks very good on the surface for a country desperate to raise taxes. it also has a populist appeal for a country that is becoming a socialist country. don't believe this dribble about the dilution of the tax in the UK. a whole new instrument called cfd was created because of the stamp tax in the UK. the financial industry loves it because the profits are immense for the industry.however, the public loses.
I'm torn. I really don't know which is more horrifying. The transaction tax or the responses of the people who have posted comments to the NYT in FAVOR of it. Does ANYBODY know how our system is supposed to work anymore? For the love of GOD...please bring Economics back to the high school classroom!
Your unreferenced talk is cheap. Want to put some MONEY where your mouth is and place a bet about the implementation of a STT/STT-like "fee" that becomes LAW in 2009? I will.
I agree, this is a worst case scenario that is unlikely to come true as stated in the article. Keep it mind it also says "UP TO 0.25%" But that would actually tax it at "up to 0.5%" since both sides might have to pay it. Which is way too high. so is 0.25%