%% Mostly right B3; but i dont make predictions about tax cuts. And with armed rioters storming the capital/ i would not assume they do anything@ all........................................................................................................................ I do learn from history/1776/ king George noted nothing happened important today. It looked like the Indians threw the TEA into the Boston harbor but i was not there so i dont know who really threw that junk tax free overboard...................................................
Let's not forget that in the good ole days the commissions were 3%, the spread was 25 cents, the data on the ticker tape was late on busy days and traders still made millions. A FTT will just cull out the traders that would eventually go broke anyway.
Wall Street has bought and paid for the Democratic Party elites, so never mind the worn out platitudes to their masses. The Dems are as corporatist and corrupt as the Republicans and are in submissive servitude to the donors. Do not forget that our new President totally sold out to the Credit Card companies and retail high interest consumer loan Banks during his tenure as the esteemed Senator from Delaware.
Those traders you referred to were not retail traders. Furthermore they were paid soft dollars on the table or under the table to offset the published commission rates. Losers will find a way to lose. That's life. A FTT will eliminate the profitable HFT and small day retail traders, but hedge funds and traders employed by brokerage firms. That is a bottom line number that does not lie.
Correction to previous post. Those traders you referred to were not retail traders, but hedge funds and traders employed by brokerage firms Furthermore they were paid soft dollars on the table or under the table to offset the published commission rates. Losers will find a way to lose. That's life. A FTT will eliminate the profitable HFT and small day retail traders, That is a bottom line number that does not lie.
Taxing retroactively is incredibly devilish and not something that would pass. Not sure where that idea comes from. As for putting intraday equity traders out of (future) business, FTT certainly can. Given the unfavorable view of the contribution of traders to society, most politicians on the left wing probably don't care much about that. FTT is ill conceived since it generally fails to distinguish between traders and investors. If you sat on your ass on your stock for 10 years while the company was buying back shares to fuel a higher grind in share price, then I can see an argument for higher taxation to make some sense to counter the fantastic increase in wealth inequality that now bedevils US society. But nope, let's tax intraday trading to death. This would incidentally make spreads way higher, unless the large market makers and HFTs get special legal exemptions - and pretty sure they would be super happy about seeing their oligopoly legally sealed into a monopoly.
I was curious about that, and thus a google search. Turns out that there is a precedent for retroactive taxes and retroactive tax increases in America and every time it was done with a Democratic Congress.
%%The funds are against it + anybody with sense is + i dont trade that often even though a bit more since no/low comissions.............................................................
I will go have a search then. I wouldn't still consider it likely for FTT on the basis that it can put people and businesses into bankruptcy in a very nefarious way.
Yes, that is devilish. One of the things I dislike about Democrats. How the hell can people build wealth if you are taxing them heavily?