Hello, Sorry to bring it back on the table, but it continues to scare me..... Do you guys heard new things about the transaction tax? Did Obama talked again about a mean to make Wall Street pay for the crisis? I haven't heard anything lately... Thanks a lot.
Senators Schumer and Clinton would never let a transaction tax pass as it would kill New York City and New York State.
I agree that the repercussion would be harmful, but in this environment were no decision regarding markets make sense... Have you read the text of the proposal on the other thread? I'm afraid their assumption was right: Even with a drop of 50 % of volume, they would make more money and ... nobody needs short term traders in our society.
Not only will a 45% transaction tax pass but a law mandating sacrificing firstborns on the altar of liberalism in honor of Obama will be enacted as well.
There is a transaction tax in the UK. 0.5% on purchase but not sale. The way around it is to trade contracts for differences or spread bet. IB introduced Australian CFD's this week. Commissions are higher though.