Now thru April 9th, The Robin Hood Tax people are pushing a new stock transaction tax thru twitter. They are going to be using the hashtag #RHT300B on all their tweets & are pushing others to use that hashtag to group support messages together & show politicians. *NOW* is your time to start putting tweets into twitter & putting #RHT300B at the end of them with OUR side of the argument. The tax they want will not be on gains, like capital gains taxes, but on the TOTAL dollar value of each BUY *and* the TOTAL dollar value of each SELL no matter if you have a winning or losing trade. A 1/10% tax will equal $100 on top of your commissions for every 1000 shares of a $50 stock trade. Each and every time you make that trade. ($50 on the buy & $50 on the sell) They are pushing politicians nationwide April 8 to go along with it. Our voice will only be heard if YOU take a few seconds & post some tweets putting your best arguments against the tax with "#RHT300B" at the end of it. At risk is your trading livelihood.
They are hilarious to us, but to politicians they are votes. All they see is people from all walk of life pushing for the stock transaction tax. Our view is not there. Everyone consider placing tweets with the #RHT300B hashtag with our viewpoints.
This will never gain traction. Why? Because it would hurt big financials (unless of course they will again be exempted one way or another). So, no need to waste your time...as always, the biggest campaign donors and lobbyists win. A very few times, such as now, that can be beneficial for little Mr. Daytrader on the street. Most of the time it is not. That is the new American Way Of Life. Get used to it.
"This will never gain traction. Why? Because it would hurt big financials (unless of course they will again be exempted one way or another). " unless? what world do you live in? they will get exempted as market makers. the rate will seem to be abysmally low to the public and not to say some of the mathematically challenged posters on ET. : http://www.elitetrader.com/et/index.php?threads/new-tax-on-all-stock-trades.290746/ there were "traders" who cannot calculate that even with a .001 (1/10 of 1%) they will easily lose their capital within a year if they are relatively active and leveraged. goldmanl knows reality. sometimes they will get "hurt" . they will choose a path which lessens the pain. perhaps coincidentally or not they are slowing shying away from public markets into the now booming private equity markets instead of creating IPOs.
It only takes a few seconds to post twitter posts with #RHT300B at the end of it. Please consider it. It can only help. The Press covering this on twitter needs to see our viewpoint as well. Otherwise, they dont even know it exists.
Which is exactly why big lobby groups, among which all exchanges and Wall Street firms and HFT houses will fight to death to not have equity transactions taxed. Consider also the importance of anything financial to the United States and how important it us for the US to remain competitive in this space. And don't forget even a socialist Europe has not managed to even tax derivatives. So with all due respect to the green hat bearing clowns but their effort will be futile. Nothing to be seen here...move along folks... And even if so what? Adapt or die buddy. Everyone in Hong Kong and Korea and in the UK is charged stamp duty on stock transactions and some manage to generate profits.
there are no stock prop shops trading UK equities in the UK because of the stamp tax. some people have opinions and will deny the statistical facts. you cannot day trade stocks successfully with a stamp tax. if your turnover is once a year you may make a profit. these are investors not traders. in the US traders turning over their capital once a day is not unusual. your post is just one of many, particularly on of subject of transaction taxes,which are the result of denial of reality. study the numbers and the reality before make prima facie nonsensical statements.