This type of complacency is frightening. Evidently you are unaware that this is also a provision of the health bill. This is much more likely to be passed as a part of some other type of legislation than it is to be passed as a standalone bill. That way the Democrats can vote for it without being singled out. By the way, Nancy Pelosi IS in favor of this tax. I heard her speak on it back in the TARP hearing with my own ears. Rather than pooh-poohing everyones concern, why don't you contact your Senators and Congressmen, and the members of the House Ways and Means Committee via email or phone to give them opinion? OldTrader
I had read an article where Pelosi stated she was not in favor of it at this time. But she indicated that later down the road, it would have to be considered. I'm not trying to pooh pooh yours, or anyone's concerns. In fact, I could care less about them to be honest. If you want to play the old worry wart about every fucking thing, that's your problem. I'll just bet you voted for Obama too. Now all of his day trader/supporters are shitting their pants, because the king dictator is going to have his day trader sucker supporters bend wayyyyyyyyyyyyyyy over, and get royally fucked in the ass by a transactions tax. If it happens, so be it. It's the 'change' all these idiots wanted. So, although I don't know if your an Obama supporter, but any day trader that is, and this tax ends up passing, I'll just sit back and laugh my ass off!!! Pooh Pooh!!!! BTW, this tax was also in the original tarp bill, but was taken out. This will more than likely be removed as a part of any health related bill as well. But go ahead and worry away. I won't be! As far as Obama's nationalizing health care, even Democrats have major issues with it. It will go down the toilet, just like Bill Clinton's attempts at it during his pathetic presidency.
This is exactly the problem before us. This bill will probably never pass but when you have people like Conyers looking at it as a means to pay for health care or people like Dodd who throw anything they want on a bill they know Obama won't veto, we will have a problem. We need to keep up the effort with our representatives and also industry specialists to detail the effect on jobs that will be lost as well as tax revenues if some form of this ever passes.
<i>The democrats have ran this country into the ground.</i> I thought Bush, our President over the last eight years, was a Republican...
Evidently you're not just complacent, you're a fool. As some of the other more enlightened posters have mentioned, taxes are going up to fund all the new programs. We all know it. So if you don't think a transaction tax is going to be talked about again and again...think twice. No, I didn't vote for Obama. But trust me, it doesn't make me feel any better knowing that someone who did is going to be screwed by the transaction tax. You'd have to be a child to think like that. I guessing you aren't a trader. Because if you were, you would have already calculated what this is going to cost you. One trade a day..1000 shares at $50...is going to cost you $250 per day. That works out to $65,000 per year. If you were using $50K in capital, that means you have to better than double your capital just to pay the tax. What if you make more than one trade? Like I said, you have to be a fool to not be concerned about that....if you're a trader. OldTrader
If I wasnât concerned that it would bring unwanted attention to this issue, I would suggest you enterprising traders start a campaign for a demonstration day. If this tax was passed as proposed then every prop firm would be out of business overnight, and all the exchanges and brokers would be hurt significantly. Simply get as many traders as possible to agree to take a specific day off in the future to make a statement. Get CNBC, FOX, Bloomberg to report on it and if it gathers steam all the news outlets will pick up on it. If the majority of traders simply refused to trade for one specific day then everyone would see how much volume would be reduced. If the idea takes hold then many institutional traders would probably refrain from trading also, just like they do when on days you know nothing will happen like the day after thanksgiving. Make the day a Friday and most will just take a long weekend. Contacting your representatives in Washington is a nice idea, but it wonât make any difference if they want to pass it.
I suspect it would be very hard to gather everybody for this thing... We need to reach everybody that is not an MM or specialist. It can work against us if only part of traders take a one day vacation. Almost impossible to do and too soon since this project will probably never get out of commitee.