What "other things" are there? We've exported manufacturing. Now all we've got is ag and service, but we're outsourcing that too.
Maybe they can amend the proposal slightly, and make (1) selling of oil futures and (2) buying of equities both tax-exempt. Oil up and equities down = bad Oil down and equities up = good What has the US come to?
"other things", means 'innovation'. but nobody's ever clarified what we will 'innovate' and why 'innovation cant be outsourced. frankly, having been in tech from 1987 to 2001, and part of a field that 'innovated ' more than almost any field in history in that space of time and created more wealth in same period, i find that kind of insulting and that was 195,000 PER YEAR, plus about 65,000 per year L1 visas, plus the caps were not even enforced. those caps do NOT count renewals I took daytrading as "other things" but aparently, I didnt ask "captain, may I" so I guess I deserve to lose this occupation too
This guy is not the brightest bulb in the chandelier. His precedent is in the period 1914 to 1966... lots of daytrading going on in those days for sure!! Maybe once he realizes that he will undergo a big net loss in tax revenues due to the death of the trading industry he will think it through one more time...... I sent letters to my congressman and two senators explaining how it's bad on several fronts...
if this law does pass watch how easy it will be to become a member of an exchange. nasdaq nyse arca these companies revolve around volume thats the name of the game. that is how traders are making a good living trading london, they get around the stamp tax because they are members of the lse. there will always be loopholes people no need to sweat it.
You said it man.. there are always ways around these things but instead of discussing how mentally retarded Defazio is, we have to take action. 1. Write your congressmen 2. Start looking for loopholes
So is 5 years really the new deadline? If that's true, I'm probably ok with that. That's plenty of time for the CME and others to develop alternatives (outside of the US) that may actually be better for us than what we have now..... American ingenuity isn't dead yet.....These giants are not going to just give up and shut down Many other countries would welcome what our politicians drove away......I'm usually a pessimist but this whole thing may turn out to be a blessing.. We may actually be using the "third finger salute" when all is said and done.........I welcome opposing thoughts.....
That is what I said in my email to my reps, that an entire industry was going to go offshore.... Here's another reason the transaction tax might not fly ever, it would affect hedge funds would it not? That is where the big money people have their money, no? Big money people will be writing THEIR congress people........
"HAD considered"....past tense language here is encouraging.... "The Senate aide said a number of specific ideas appeared to be gaining traction Saturday evening, most notably the concept of creating a "financial stability" fund financed by Wall Street and styled in the mold of the deposit insurance program run by the Federal Deposit Insurance Corp. Lawmakers had considered levying a tax on some securities transactions to help offset the cost of the $700 billion rescue plan, but the idea of assessing fees on a wide swath of financial firms to help pay for current and future government bailouts had its proponents." http://online.wsj.com/article/SB122252502326482359.html