Why would you assume they didn't????? Its nearly impossible to deposit 10K cash into a bank account, than transfer it anywhere.
When are you liberals going to wake up and realize these are the kind of bonehead ideas democrats dream about all day long. How bout that fantastic idea Slick Willy had to tax everybodies 401(k) plan 15%. Oh, you forgot about that one didn't you? I bet they have wet dreams about getting their hands on the whole estate tax again too. Just pathetic.
The govt could always exempt pension funds, mutual funds, broker-dealers and such. So really only the little guy gets screwed.
Wouldn't an increase on the short-term capital gains tax make more sense than this? Remove the 60/40 preferential treatment for futures trading, and make almost all of them short-term like they are and you've got a *lot* of taxes coming in. Also, they wouldn't be reducing volume or liquidity drastically, so I'd think it would actually work out to be more overall money for them. It'd also leave the "investors" out of it for the most part, pretty much be on speculators only.
If things change.....then there will be other venues to the goal..... Man....would it not be great to be truly independent....and not have your livlihood threatened by idiots .... So much for thinking a trader is his own boss.... Still vulnerable to fucking idiotic and toxic politicians..... Fucking idiots.....
They could exempt everyone except the little guy. But the little guy woulnd't be able to afford to trade so there would effectively be zero new "tax" $'s.
http://www.reuters.com/article/bondsNews/idUSWBT00986620080927 WASHINGTON, Sept 27 (Reuters) - Democrats in the U.S. House of Representatives are pushing for a new Wall Street tax that would cover the potential costs of a $700 billion bailout being negotiated by Congress and the Bush administration. U.S. House Speaker Nancy Pelosi, speaking to reporters after a meeting with fellow Democrats, said the fee could be assessed after five years if the non-partisan Congressional Budget Office determined taxpayers had lost money in the bailout. "If after five years ... the CBO decides that the American taxpayer has lost money in this, then there would be a fee on financial institutions," Pelosi said, adding that she hoped the provision could be part of a final bailout deal. Pelosi said that the Secretary of the Treasury could determine how to assess the fee.