NY wants to try a FTT

Yeah, I know but I didn't want to take advantage of you in the spirit of intellectual honesty per our original discussion. Absolutely accepted!

 

Schumer for sure, especially when it comes to the NYC finance industry who he actually represents as a NY senator.

 

Well, since you are such a straight-up guy, you may want to consider a side bet regarding our esteemed President. Which is, if the senate goes democrat as per our agreement, and Trump leaves office, there will be both a vote and a PASSAGE of a transaction/trading tax.

I propose this in addition to our basic $1,000 wager of a vote.

I'd put another $500.00 bet on the table based on passage. Think about it. No rush.

 

They will all cave in to pressure of their more radical comrades. You can bet on it and the fact that they will come under heavy pressure. They surely can't be trusted by traders and investors.

 

Passage, signed by the President and becomes law? If so I'll take it.

 

Okay, bet #1: If Senate and White House go democrat, Lindq bets there will be a house/senate vote on a trading/transaction tax in year 2021. Sig bets no. Bet is $1,000 contribution to charity of choice.

Bet #2: Vote on trading/transaction tax passes, and becomes law during time frame 2021-2022. Bet is $500. contribution to charity of choice. Lindq bets it will happen, Sig bets no.

Of course, if I am unfortunately right, both we and this site will be out of business. But that is another issue altogether.

 

You're on.

And I'm not sure we'll be out of business. Depends on what the tax looks like, what/how frequently you trade, and what the response of the market is as far as developing alternatives or workarounds. If anything past attempts at FTTs (which I generally agree are a bad idea) have either had no real impact on anyone or quickly gone away/been circumvented if they did have a real impact.

 

Small tax and infrequent trading won't bring any revenues. Impossible for both the govt and the traders to be profitable while competing for the same money. Somebody has to give.

 

Commissions were $8 a transaction recently. They could just reintroduce that for retail as a tax.

 

Another thread on the FTT reminded me of this. Looks like our wagers might be settle on Jan 5th with neither of us winning. That's actually more disappointing than if I'd lost!