market makers and other wall street insiders are always looking for the way to go back to the ""good ole days" to screw public customers. in mid oct. as part of a multi year experiment they will be going to .05 increments for stocks under 2B. it was sold to the sec by wall street as a way to increase liquidity and to benefit you and the rest of the ET posters. again it is all lies by these people. https://www.sec.gov/news/pressrelease/2015-82.html +from occam http://www.finra.org/industry/oats/tick-size-pilot-data-collection-securities-files <https://www.elitetrader.com/et/thre...starting-may-2016.291356/page-3#post-4339709>
Yeah it's such a scam. Although there were lots of good things about the old days. When I started trading there were hundreds of guys in prop firms making a decent 100-200k a year living for themselves. But with the more and more advanced computers 1 computer can dominate an edge that 50 guys could do. But that's life I guess. I would personally go back to humans market making over computers any day where thinking quick and fast fingers decided if you were good. Everyone just doing the same thing now. All orders get pulled together and entered together now. Very little lead/lag between markets, just one big autospreader.
Here's a little blurb on the transaction tax in the US courtesy of Politico: http://www.politico.com/tipsheets/morning-money WHAT IF DEMS SWEEP EVERYTHING? — Cowen’s Jaret Seiberg: “Talk of a transaction tax is heating up given the rising odds that Democrats could sweep the November election. To us, a transaction tax is too easy to demagogue as an attack on retirement savers. By contrast, a bank tax is a less contentious alternative that raises nearly as much revenue and it can be sold as targeting just the biggest banks. We see it as a bigger threat … “We believe it requires complete Democratic control of Congress and the White House for this to be a real threat. If Republicans retain the House — which is our expectation — then we believe action is unlikely … Hillary Clinton is not opposed to some type of transaction or bank tax. This doesn’t mean she will fight for it. But we also have trouble believing Clinton would try to block a Democratic Congress from using a transaction or bank tax in order to fund infrastructure or higher education spending” FWIW … Many in the financial industry don't think a transaction tax or bank tax would make it through even a Dem controlled Congress.
This comment not aimed at you listedguru, but more generally those who hold the view that Clinton is supposedly in the pocket of Wall Street, corrupt, what was in the Goldman speeches.... then simultaneously hold the view that she would do something nearly all of Wall Street is dead set against. How does that work again? I agree that it's very likely you'll get universal Republican opposition and enough defections from House Democrats to ensure something like this doesn't pass, even if Democrats do get a slim House majority. There are enough Democrats representing parts of NY and northern NJ alone whose constituents would push them to no.
whatever Goldman wants Goldman gets. if the FTT is structured in such a way that it favors Goldman it will pass. watch out Retail Traders.
Financial institutions and large corps are the only ones who pay taxes in America. The FTT would be like killing the goose that lays the golden eggs.
I've paid a good deal of tax every year of my adult life as has my company, you? You may also be interested to learn that in 2014 only 10.6% of federal revenue came from corporate income tax, so it's hardly the case that a subset of those corporations, financial institutions and large corporations, could be the only ones who pay tax in America?
Do you have a cash business? Many people I know who do cash transactions under report their taxes. It would be interesting to know that top 1% of people pay 40% of taxes in America.
I don't have a cash business, I have a C corp and audited financials. However my personal situation aside, I'm still curious why you think large corporations are the only ones who pay tax in America when the fact is that they provide only 10.6% of federal revenue. You're not operating under the completely debunked Romney 47% comment after all these years, are you?
I've explained it in my post: majority of small business owners I know do cash transactions that go underreported in tax returns. FYI, top 1% of people pay 40% of taxes in America. I guess you are the minority in terms of taxes. Just curious what kind of business with no cash transactions do you have?