I posted a few hours ago as well and have yet to see it posted. I guess they only want to support their arguement.
My comments are just as accurate as they were when I made them on February 18th. I will sell every single client out of every security if this tax were to pass, but, so far, it appears that it hasn't made it out of the house and most likely never will. http://www.advisorworld.com/2009/02/18/the-real-threat-to-americas-economic-survival/ The emphasis is that only savings accounts and annuity products will be available, and will not outpace inflation, creating a deflationary, downard spiral and catastrophic collapse of domestic equity markets.
u hope but don't know. perhaps it is time to check the odds at the betting houses as to whether this event will take place.
Your comments are beginning to show up now on the bottom of the article. Great job. Keep it up. http://www.pbs.org/newshour/businessdesk/2009/04/why-dont-we-tax-the-buying-and.html
This is what I got back from Pete Stark. "Thank you for contacting me about H.R.1068, the "Let Wall Street Pay for Wall Street's Bailout Act of 2009." The bill imposes a modest transaction tax of no more than 0.25 percent on a securities transaction. I believe this is a common sense approach to curtailing speculative trading and financing the bailouts that such speculative transactions have necessitated. Transaction fees like this have long existed in other countries. For example, the United Kingdom charges a tax of 0.25 percent on the purchase or sale of share of stock. Such a fee has little or no effect on long-term investors, but may cause day traders and speculators to think twice about their trades. That would be a good thing. Our economy has not benefited from investment strategies that turned Wall Street into Las Vegas. Furthermore, the reduction in transactions costs due to the development of computer technology over the last quarter century far exceeds the size of this tax. I believe that H.R. 1068 is one part of an appropriate strategy for the difficult times we face. Sincerely, Pete Stark Member of Congress"
Reply and ask him where all the revenue will come from when 70% of the trading volume is gone. Ask him if he wants the US to no longer be the financial capitol of the world. Tell him other countries will gladly accept our business. Tell him the transaction tax in the UK only applied to small investors. Tell him the government already has enough of our money and can't spend it properly, why should they get more?
I noticed that the National Healthcare Bill (HR 676) that has a mention of a transaction tax in it picked up 10 more cosponsors (currently 74). Probably something we should keep an eye on. I still believe Obama's vision for healthcare differs from this bill but it's still scary. The scary part is this bill only mentions a 'small' tax on stock and bond transactions but doesn't mention a number. I don't see how they could pass a bill and then fill in the blanks afterwords can they? I still don't think HR 1068 (trans tax bill) or this healtcare bill will come to fruition but I just hope they don't sneak in the trans tax in some obscure bill and pass it in the middle of the night... -Guru