FTT is a very hot topic on the hill these days. This is what we get, I prefer an orange monkey in power over people who have no qualms with leeches who collect welfare cheques month in month out but want to destroy small traders in their ridiculous quest to rid the world of financial trading. Do you know who is behind the robinhood initiate? The nurse union. Truly qualified people who don't understand a thing about financial markets and the liquidity crush this would cause.
Unsustainable tax cuts for corporations and the wealthy is just another form of welfare checks, albeit much worse for our deficit..aka corporate socialism. Been great for my 401k but let’s call a spade a spade. Side note: The liquidity crunch is a myth and it would just drive out the weak handed “middle-men” at the top of the funnel. Trading money for money just increases the rake on our economy if you prefer poker parlance...
They won't get $300 billion annually. Capital will be moving towards the east, China especially, as has been reported by the recent capital flow numbers. The FFT tax will speed up China's path to being the world economic and business superpower.
Not asking for corporate tax cuts, if corporate favoritism is, however, a necessary evil that comes along policies that don't attack my livelihood then I accept them. All I am asking is to live and let live. I would be curious how teachers or nurses felt if we suddenly introduced some insurmountable barrier to entry that would push a fair percentage of them out of their jobs, immediately and permanently. And yes, we would get a liquidity crush unless we went back into the stone age and reintroduced market makers and specialists with wide spreads and large commission costs. But let me be honest, the main reason why I am quite aggressive on this topic is because it is a direct assault on how I earn my living. Anyone who has been in this business for a long time knows perfectly well that one does not just "adopt" to a completely different approach to trading. Carving out an edge in a niche takes years to develop.
I am against ANY MORE TAXES. PERIOD. And if they go thru with it do you really think it will be used for the things you mention?