I'm not so sure. Look at how popular it seems in the comments in the NYT article. Plus when I posted it on another trading site no one seemed to give a shit.
I am in favor of a trading tax. They should make it $.05 a trade. a percentage tax is a huge mistake.
Any tax is a huge mistake. Are you serious? Why are you in favor of this? How about we come to your business and start taxing the crap out of it?
Absolutely serious. If they had taxed 20% on Credit Default Swap notable value, the investment banks would not have taken so much leverage and they won't have collapsed and the tax payers will not be on the hook for $8 Trillion. If they had additional tax of $1 on gasoline, the blow off top on the oil speculative run up would have been over much sooner as the consumer realized the games being played and demanded action from an administration zealous on deregulation on Enron and oil and gas.
I pay $8 a trade, what is the big deal if I pay $8.05 a trade? It isn't taxing the "crap" out of my or anyone else's trading account. It would raise some nice revenues for the gov. and it wouldn't hurt me or anyone. A tax of 1/4% would kill day traders who normally ony mike a sixteenth of a point a trade.
well I pay nothing close to 8 dollars a trade and I make numerous trades a day, many of them automated. So in the end it adds up for my strategy. I'm just a little guy trying to make an honest buck, not some 29 year old asshole trading House Billions in the CDS market. I respect your setup at 8 dollars a trade to whack around in your Swing account, but I am already paying taxes and SEC fees in each of my trades. And beleive me, they add up!
Well, the NYT is the most liberal, absurd, politicized rag in the mainstream press. Of course those tree-hugging granola whacks are for anything anti-business.