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

I hope you are correct Landis. I remember when it was brought up just prior to the bailout vote. Pelosi did not want to consider it because she feared she would lose the needed republican support, but she did leave the door open, and as you know, there are now less republicans to stand up against it...not that they would anyway.

 

Yet they won't tell you that the 0.2 percent US stock transaction tax did not stop the 1929 crash.

 

Here is a little more info:

The Bush administration's proposed tax on futures trading:

...which was proposed at 7 cents per transaction, or 14 cents each time a futures contract is bought and then sold.
(The FY2007 budget does not specify any particular fee amount or rate, but simply
notes that the proposed fee would “cover the cost of the CFTC’s regulatory activities.”
Assuming that this means the entire CFTC budget, and that a uniform fee is to be imposed
on each futures and options contract traded on U.S. futures exchanges, a fee of 5.1¢ per
contract would be required to cover the CFTC’s FY2006 budget, or a fee of 6.7¢ to cover
the proposed increase to $127 million. (This calculation is based on trading volumes
reported by the CFTC for fiscal 2005: 1.554 billion futures contracts and 353 million
options.2))

http://www.nationalaglawcenter.org/assets/crs/RS22415.pdf

Pelosi:

U.S. House Speaker Nancy Pelosi, speaking to reporters after a meeting with fellow Democrats, said the fee could be assessed after five years if the non-partisan Congressional Budget Office determined taxpayers had lost money in the bailout.

Pelosi said that the Secretary of the Treasury could determine how to assess the fee.

http://74.125.77.132/search?q=cache...s.com/article/bondsNews/idUSWBT00986620080927

No hurry no worry, there will be plenty of time for them to learn how damaging it is if it was 0.25%.

 

Here's my response:

http://community.nytimes.com/articl.../opinion/13herbert.html?permid=220#comment220

 

Thank you Nielsen.

And for what it's worth, Larry Summers may have supported a transaction tax some 20 years ago ( in response to the '87 Crash ) but more importantly he does not favor one now.

 

Excellent post Dustin.
I'm in there too.


P.S. Check out the post by Pete from Orland Park, Illinois just below yours.
Post #212 is excellent too!

 

dont know much about this, just hearing about it.

but I'd love to shut down all you black box trading punks.

go get a real job picking lettuce.

 

I'm all for Obama tax hikes if it could alleviate some of the pains that many are going through at the moment. But, damn, if their main goal is to levy a transfer tax only to curb speculation, this will just hurt the economy even more. Without speculatorts, where will the liquidity come from? Without the speculators to take the other side of the trade, who would step up to the plate? Isn't this exactly what happened when SEC imposed a ban on shortselling on financial stocks?

 

The benefit of speculators is overstated.

Mostly by speculators.

Surprise, surprise.

Start looking for real work leeches.

 

Adios amigos!

The *last* thing foreigners liked about the US was it's free-market and now, looks like that's going too, so...so long!

Good thing I'm already trading European markets.
There's no transaction tax there (yet), not even in UK if you know how to get around it.

Fuck the US bullshit.