Here's an interesting article regarding the trans tax with a Canadian twist: http://www.tradersmagazine.com/issues/20_293/-103613-1.html?CMP=OTC-RSS -Guru
Just as a follow up to this. Hr 676 was alive during the last session of congress and had 93 cosponsors that go around. Also I read in another article that the trans tax component to HR 676 would be 1/3 of 1% (not sure if thats true or not)... -Guru
Conyers goes into more detail on his website: "One quarter of one percent stock transaction tax". The good news is that Obama has made it very clear that single-payer is off the table for him: http://change.gov/agenda/health_care_agenda/ The better news (IMO) is the fact that GS and others are already offering to pay back TARP means that they are already "bailing themselves out", thus no need for tax (of course we know there are other motives involved for this tax).
It's hard to interpret what the co-sponsor count really means. Some people, including DeFazio, have managed to get bills passed with zero co-sponsors, while others get tons of co-sponsors with no success.
If they want to stimulate the economy this would work if followed. First eliminate capital gains tax long and short term. Based on the number over shares traded everyday in the US the government could put a .000001/share tax on it. It would generate about 310 billion dollars a year which is no surprise exactly the amount collected from capital gains tax in 2008. Just think if the institutions started carrying their own weight and paying a penny for every 100,000 shares traded. Every trader in this forum along with every American that invests in the stock market would have an extra 15-38 percent to spend and reinvest every single year. Shang Ra La!!!!!!!!!!!! If only it could ever happen like that.
Just say all money gained from stocks is taxed 10%. The economy could boom; the government could stop spending and start repaying our debt.
Why, the 1/1000000th of the 310 quadrillion shares that are traded every year is 310 billion in revenues, isn't it?
If and when Geithner goes back to congress to beg for more TARP money, we're in trouble. Politicians are gonna need some type of concession from wall st. to allow more bailout money in the face of further public outrage.
The are already saying that the tax payers lost over 100B on the TARP already. They are going to make SOMEONE pay for that.