Senator Chuck Grassley (R-IA) weighs in: Grassley worries that taxing stock transactions would result in job losses http://www.agriculture.com/ag/story.jhtml?storyid=/templatedata/ag/story/data/1260303022182.xml
And don't forget all the support and IT jobs at the brokerage. Many of those jobs will be gone. Also the government will see less revenue in its capital gains taxes. It is not only trader jobs, but many other jobs.
This article is a little scary becuase it doesnt say that this Republican senator opposes the bill, its the nancy pelosi syndrome of must be global so we do not have job losses. You figure a republican senator would vigorously oppose a tax
You're preaching to the choir OT. I just think we as a group come off with more credibility if our arguments stick to the reasons why a TT would affect the entire system, rather than if we try to garner sympathy for our particular circumstance as traders. That's all I was saying. I agree with everything you said about the toll this tax would take on our industry, for sure. Edit: The goal is to get through to our opponents, and I feel the best way to do that is to try and filter everything we read or write through the eyes of this guy DeFazio.
He nor any Republican would ever support this. Even if this tax were applied internationally, it would still result in numerous job losses in the U.S. That fact is something no politician would be able to get around.
No a new bill was introduced this week hr4191 by defazio with more support and different tweaking then the one from the begining of the year which was hr 1068. The new one was introduced a few days ago.
A significant number of the traders affected by such a tax are short term traders and as such don't qualify for capital gains treatment - their gains are taxed as income, where the rates can be more than 2x the rate for capital gains taxes, so the loss of revenue would be even greater.
ANOTHER HILL ARTICLE, NOT ON OUR SIDE! COMMENTS NEEDED. I got the ball rolling with a comment, not a great one against the tax more of showing what an ass the journalist was, will post another comment soon with my opposition for the tax http://thehill.com/opinion/op-ed/71319-a-speculation-tax-would-make-wall-street-pay-for-damages
i read your response and had a chuckle with the last sentence you wrote but you are spot on. when you think about it jounalist or reporters i mean you can throw politicians in there as well but what kind of economic value do they return. i just dont see it and i have been saying for years these type of professions sometimes do more harm than good so why cant we tax them as well.