**ATTENTION** Transaction Tax

It's not the volume, but the dollar value of all transactions on the floor. I would argue if such a bill were to pass that volume would actually surge as equity values declined to 0.

http://www.advisorworld.com/2009/02/18/the-real-threat-to-americas-economic-survival/

 

The Brokerages, Bucketshops, Market Makers and others who stand to lose a great deal of their income should take this bill very seriously. I am speaking from experience as a former professional online poker player. No one thought the legislature could get enough support to shut effectively shut the sites down, and they would not have been able to as a stand alone law. However, all they have to do is attach it to a "must pass" bill , like the Homeland Security Act or something like that and it will fly right under the radar.
The online poker industry was asleep at the wheel and it seems like the the securities industry is as well.

 

Here is the link to send to any representative:
https://writerep.house.gov/writerep/welcome.shtml

Don't forget to include an informed opinion using this link in your e-mail:
http://www.advisorworld.com/2009/02...nomic-survival/

 

Here is a link of the progress for Defazio's previous Transaction tax bill (HR 7125). That bill never made it out of committee and is dead. I guess he had to reintroduce the bill as a new session of congress started at the beginning of the year.

http://www.govtrack.us/congress/bill.xpd?bill=h110-7125

Let's just hope the committee keeps stalling and never brings it up for a vote


Just an FYI,

-Guru

 

I'm not being complacent. I'm just saying you should connect with lobby groups in the industry. They wield an enormous amount of power - much more than individual letters.

 

Of course they won't object. Market makers and broker dealers will be exempt. Customers will pay. Retail customers will pay the most. Market makers will benefit from wider markets. They won't be hurt by it. YOU will.

 

Thanks for the update.

 

You people are nuts , I'm gonna make $200 dollar donation and ask them to do it .

 

Peter DeFazio has sponsored 180 bills since Feb 4, 1991. of which 161 haven't made it out of committee and 10 were successfully enacted.

http://www.govtrack.us/congress/person.xpd?id=400100

 

He looks like a pedophile.