Let's hope everybody has the balls to stop trading... volume drops to nothing, 500,000 jobs lost. Maybe THEN the "Head up our asses politicos" will understand the unintended consequences. You all realize, don't you... at the rate we're going we'll all have to raise our hand and ask permission to take a leak... and pay a tax for the privilege..
The push for this is primarily coming from Europe. Canada, Dubai, Russia, and Singapore are strongly against this. And if you can't get everyone on board it is bound for failure.
You forget that this is being pushed by government, not an international brotherhood of traders. As GS and the big boys will get exceptions written into this fiasco, retail brokers represent the bulk of individual traders, so without them fighting this with THEIR money, resistance to government is futile. The momentum is clearly against us on this one. Democratic administration. Taxing agenda. Debt and spending broken free of all controls. Buy a big jar of Vaseline.
You people fear too much, there will be no tax on transaction coming from congress anytime soon. Focus on your trading and forget this garbage. Same shit from the same guy, with the same support, which is none.
I can't see an international tax ever working....ever. How the fuck do you get everyone on board? Like someone posted in a separate thread, all it takes is for one country to go against this tax and they will become a financial powerhouse overnight. All of the information I am hearing about this is coming out of the USA. Does anyone have a link to any other countries that are talking about this?
The transaction tax is stupid! It is not just stupid, it is communistic! If it passed, they would take away a lot of liquidity from the market; as a result, eliminate efficiency in the market. Bid-Ask will widen, and cause a lot of opportunities for price manipulation from those privileged few. This will hurt everyone. Anyone with their retirement saving in mutual fund will see their value goes down big time!