From this and your previous posts why don't you think at least little bit before making these dumb-ass comments??
Remember, despite all the similar objections in England, they implemented it there, and the folks like us there immediately were finished.
Good job, you and the others who are quickly rebutting this. Don't underestimate the importance of getting the anti-tax point of view out there. I would advise posting links to academic studies on the tax (which almost universally show it doesn't generate much revenue, increases volatility, and slashes volumes). It is hard for someone to rebut paper after paper in market after market showing the tax is counterproductive and harmful. Make the proponents look like simply like economic illiterates, ignorant of the basic facts of what this tax would achieve. I notice that the tax has now become just a tax on stock transactions, rather than on futures, bonds, and foreign exchange too. This is good but it needs to be discredited for everything.
Fellow traders, Another BIG-time proponent of this tax is John Bogle, the founder of Vanguard. As you should know, he is the father of "buy and hold" investing because it is beneficial to the mutual fund industry. Buy and hold has done wonders over the last 10 years, huh? This loser is always on CNBC. I picked up a copy of this month's Worth magazine at the bookstore today and noticed he has a column for 6 rules to fix the financial crisis. Care to know what #6 is?? Drumroll please... A f_cking tax on trading because of the evils of speculation. I personally think we all need to band together, lobby congress and bulldoze ahead with a tax on the wealth of past and current MUTUAL FUND EXECUTIVES. This shit has got to be squashed.
Members of the single digit, approval rated US Congress need to be reminded that there are some 125 million voters within the Investor Class. http://www.aei.org/publications/pubID.10281/pub_detail.asp You would think that these trans tax proponents would want to distance themselves from their hero, the failed artist who hated capitalists of any sort. Hitler's Handouts Inside the Nazis' welfare state Michael C. Moynihan ....harsh taxes on capital gains, which Hitler himself had denounced as âeffortless income.â http://www.reason.com/news/show/120941.html Economist Dean Baker has been spewing on about the glories of a trans tax: "Itâs a very progressive tax,â he said, "that discourages nonproductive activity." Hitler and Baker, great minds think alike.
time to dismiss this thread we all had some good laughs and valid arguments and angles but this tax is never ever gonna happen. they will drop the tax in the uk before we implement one here. anyone care to wager on this
John Bogle is the fucking leech, does he contribute anything? Liquidity? Efficient markets? jobs? All he gives us is a few overpriced stocks that make it in all index funds. What's his goal, to have 100% of all investors own an index fund that never moves?
Nice article from Green on the subject: http://www.themoneyblogs.com/person...transaction-tax-of-025-on-proceeds-and-purcha
I hope you are right, but experience and history teaches never to underestimate the treachery and stupidity of the political class, or the masses on a scapegoating mission. Whilst I, as a mostly futures trader outside the US, am less likely to get affected by this, it would pain me to see thousands of productive, honest hard-working professionals having their livelihood wiped out literally overnight by a bunch of dumb, economically illiterate socialist looters.
Bogle is a self-serving shill. His buy & hold philosophy has led to catastrophic losses for his fund investors - they would literally be richer having kept their cash under the mattress, let alone keeping it in low-risk treasury bills or government bonds. No surprise that he wants to tax out of existence the people who can successfully trade choppy or downward markets - that way he gets to kill off the competition, leaving buy & hold as the only viable alternative. This is classic mercantilist behaviour - use the force of the government to crush your business competitors, thus gaining profit and prestige via immoral means, and disguise it as "for the people".