"Industry Fears Proposal in Congress Would Destroy High-Frequency Trading and Liquidity" http://www.tradersmagazine.com/news/103465-1.html
Guys, old news, old discussion. The date on that article is Feb. 25th. http://www.elitetrader.com/vb/showthread.php?s=&threadid=150546&highlight=transaction+tax
I have seen very little talk of the trans tax from doing news and blog searches over the last couple months since the market has been going up. There appears to be a direct relationship to the amount of proponents talking of the tax and the direction and intensity of the market over the past year. These proponents, even some on ET, actually believe the tax will make the market go up and make them rich. The government could not do so much damage if the people were smarter.
people who drive cars pay gas tax to keep roads up,,those whom fish pay a tax to keep rivers stocked with fish, it would seem right that those who enjoy the financial system the most pay the tax to keep the financial system running. If a sound financial system isnt in your best interest you can choose to not participate
They are already paying taxes. It's called capital gains taxes to the government and commissions to the exchanges.
Actually the investors were last on the thoughts of the government. How is the average investor doing on his investment in C, BAC, etc. And though not financial institutions, GM and Chrysler the stock investor was wiped out totally. The bailout money was an attempt to save the system itself; it had no concern for the average investor. Also, should such a tax be passed, you can bet the big brokerage firms would be exempted for their internal trading. Most government officials have contempt for frequent traers. This is purely social engineering at its worst.
You are another one of them. The stock market and exchanges, exchange traded derivatives, and traders who trade those instruments have been taxed through fees to operate and regulate on the behalf of those that use it. Those that are not using this part of the financial system are the ones that caused the financial disaster. This part of the financial system has been completely self-sustaining throughout this financial crisis and are not even indirectly responsible for causing this crisis.