I think it would totally obliterate stock trading at 0.25%. I'd be gone from the markets overnight and I can only assume many other traders would vanish instantly. The volume would plummet especially on stock transactions because they are being punished the most in DeFazio's bill in its current form.
I would have went from making a great income last year to losing probably ten million dollars with this tax. Anyone who trades millions of shares each month would be obliterated.
It's populist kickback for all the graft that was allowed to happen. I think cooler heads will prevail, but there will be some other onerous thing rear its ugly head. They never think of the consequences, just how it plays in Peoria.
not fair to stock traders. those WMD derivatives shold be taxed more than plain common stocks. that's for sure.