It rears its ugly head again, http://thehill.com/homenews/house/56789-afl-cio-dems-push-new-wall-street-tax I hope this doesn't pass; it would kill active trading as we all know and love it, I think... I'm looking forward to new elections so we can get back more business- and trader-friendly policiticians.
There's no better way to help an idea become a new tax that would put most of us out of business than sitting back & not placing comments at the bottom of these news articles. When the pro-tax crowd fills up the comment sections, it'll become assumed to those in charge that the overwhelming public opnion is that there's no problem with the tax. Replying here is good, but replying on the sites with the news articles can help keep us in business. Please reply to the articles if you can. Thanks.
What I can't understand is how people can support taxes when they get sod all in return but warfare, broken down systems that are badly run or even hatred because of the horrible decisions politicians have made. Taxes are like investment, it amazes me how docile everyone around me who's older has gotten to being kicked while they're down constantly by politicians. If the kind of crap I'm having to deal with in the UK now gets any worse ( they've just banned normal light bulbs in favour of green energy ones utterly ridiculous ) I'm seriously going to plan on moving to a country that has nice low tax rates and stays pretty neutral in international situations. I can understand wanting to pay for them if your getting something really good out of it. Cuba brings out some of the best doctors in the world and they're communists! But the politicians taxing the crap out of us now are so blatantly corrupt that I don't understand how people can support them never mind vote for them. Actually f*ck that, I'm DEFINITELY moving countries the moment I get the chance.
I second that. Take a few minute to comment folks. I paraphrase the same talking points to save time. You would be suprised who reads these blogs, op eds, etc.
Think of it this way: each election is decided by roughly 10% of the population, the swing vote in the middle. Who are these people? They are not the die-hard social conservatives. They vote Republican. They are not the die-hard leftists and the poor. They vote Democrat. There aren't that many rich people, and most of them vote Republican anyways. The swing vote is the middle class person who isn't a social conservative, but who IS somewhat fiscally conservative. The type of person who may have opened up their own E*Trade account to try out a few trades here and there. Those are the people that will be targeted by this tax, who will see their commission costs rise by a factor of 5. The Republicans are always looking for a lightning rod issue where they can take a clear stand against the Dems, and this tax is so easy to frame as a blow against the middle class, especially if any Wall Street firms get one iota of an exemption. Just imagine the campaign ads: "The Democrats want to tax you to trade in the market, but Goldman Sachs doesn't have to pay!". That's the type of thing that the dummies can take and spread like wildfire within a few days, because it's simple and makes sense to them. The thing about the swing vote idiots is that you CAN swing them either way. It's just as easy to make them think that this is a big break for Wall Street as it is to make them think that it's a blow against the big firms if GS and others get exemptions. That's why I can't see it passing any time soon.
I wish you were right, really do, unfortunately there is very little chance the republicans will take control of the house and there is almost zero chance they will take control of the senate. Having said that DeFazio is a fckin idiot and this tax won't pass but that doesn't mean don't fight it people. Crush it with comments and let your rep. know how ridiculous it would be.
Yeah he has been pushing this tax since 2000. My guess is he loss a bunch of money daytrading and wants to get even. Don't under estimate the Democrats when it comes to screwing things up. Its probably better then 50/50 odds that it will pass.
This isn't as crazy as it sounds. The stupid moron might have been holding Internet stocks during the crash in 2000, and he blames all his losses on the crazy daytraders and speculators that made his "investments" crash, so that year he proposed this bill. He really could be that dumb.