If Biden wins, is a Stock Transaction Tax likely?

Discussion in 'Taxes and Accounting' started by jonnysharp, Oct 27, 2020.

  1. He's on record supporting a financial transaction tax, also if he wins it's highly likely VP Harris takes over at some point since Biden is in cognitive decline and she's pushing a 0.20% tax on stocks which will effectively destroy all retail day/swing traders, and of course Wall Street and HFTs will get exemptions.

    What are the chances they get this transaction tax on the little guy done?

    KCalhoun likes this.
  2. Turveyd


    Defo expect trading restrictions world wide as the world goes more anti rich people socialist :(

    Just when I'm getting good aswell, typical!
  3. Overnight


    Without the full text of the bill, the .2% figure is pointless to bring up and leads to dangerous speculation.
    murray t turtle likes this.
  4. Dangerous to who? As traders there's nothing dangerous to discuss potential amounts of a potential tax, other FTTs around the world are a similar amount.
    gkishot and MarkBrown like this.
  5. Highly unlikely. Once the lobbyists step in expect that the most they'll do is get the top rate back to 39.6% again and maybe raise the corporate tax rate to 25%. That's if they can take control of the Senate.
    murray t turtle and jonnysharp like this.
  6. Turveyd


    Agreed, not dangerous to plan ahead.

    PDT never thought they'd actually do it, heard about, didn't pay any attention, then boom 2 weeks to PDT, piss poor or no planning = poor execution = screwed as below 25K :(
    jonnysharp likes this.
  7. Overnight


    Dangerous to anyone who is a buy-and-hold investor. Think through what will happen to the market if there is a panic sell on this FTT speculation that it could be .2% of the "notional value of your position, win or lose".
  8. gkishot


    Is that why everybody seeks to trade US stocks?
  9. The odds are a lot higher if Biden wins than if Trump wins. That is a fact.
  10. Turveyd


    talking about it on here, won't cause a panic sell, being aware that talk could cause a panic sell, by talking about the issue might help you avoid getting burnt.

    ET hasn't got millions of readers has it ?? it's not CNBC!
    #10     Oct 27, 2020
    jonnysharp likes this.