Tax on Trades Should Be Part of Rescue Plan, Some Democrats Say

Here's a video where DeFazio speaks, he seems to be positioning himself as the one who proposes something that wouldn't cost taxpayers anything, I think we might be pretty well screwed in this

http://kezi.com/news/local/49600

This article has a pic, I'm guessing this picture is the whole group of them who's working to write the new House proposal along with DeFazio:

http://www.columbustelegram.com/articles/2008/09/30/ap/headlines/d93hccl00.txt

 

I had a feeling this was coming. Here it is, and it even has a catchy title:
"No BAILOUTS Act" (Bringing Accountability, Increased Liquidity, Oversight, and Upholding Taxpayer Security). So the transaction tax will increase liquidity? As I said politics has nothing to do with reality.

http://www.thenation.com/blogs/thebeat/366595/the_no_bailouts_act

 

Well I don't think there's time to craft a new bill. It looks like the Senate is set to vote on a revised bill on Wednesday so that should be interesting (esp if Obama and Biden vote for it). It sounds like the new bill includes some new tax breaks that should appeal to the republicans (I see no mention of a transaction tax) - let's keep it that way

-Guru

 

SEIU Endorses DeFazio Bill to Address Financial Crisis

http://www.marketwatch.com/news/sto...18C5BC-F3B0-455B-92CE-0A9A0B891704}&dist=hppr

 

Reading the article, then, is this a transaction tax or a profit tax?

the measure would impose a securities tax equivalent to one quarter of one percent of profits

 

CALL YOUR STOCK BROKERS PEOPLE!!! DO IT NOW!!! WE NEED TO CONTACT SCHWAB, AMERITRADE, FIDELITY, ETRADE, AND OTHER BROKERS WITH LARGE CUSTOMER BASES TO HAVE THEM TELL DEFAZIO & HIS GROUP JUST HOW MANY AMERICANS HAVE STOCK TRADING ACCOUNTS.

 

Among the group’s proposals is a security transfer tax, similar to the one used from 1914 to 1966, which helped fund reconstruction projects during the Great Depression.

He estimates this tax, at 0.25%, would raise $150 billion a year.

This way, investors will pay for the bailout “in tiny, tiny increments,” Mr. Defazio said


http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20080930/REG/809309958

 

"Democrats will shortly become stewards not just of a temporary bailout but of a long term recovery strategy. They might as well begin by pointing us on the right path. That includes direct refinancing for homeowners, direct government involvement in the management of failing financial institutions that are recapitalized by government money, through something like the Reconstruction Finance Corporations of the Roosevelt era; and a transfer tax on stock and bond transactions, both to raise needed revenue and to damp down the kind of speculation that led to the meltdown."

http://www.prospect.org/cs/articles?article=learning_from_1929

 

Okay guys, sample email to use for brokerages to email their investor relations department. Not pretty or fancy but at least now even the lazy of us can do it!

--------------------------------

What is being done by [insert broker name] and other brokers to combat the transaction fee now being pushed by Congressman DeFazio (D-Oregon) to be included in the bailout bill of .25% of every transaction? This is going to kill a lot of business. You brokerages are some of the best entities to fight it.

There is beginning to be a greater and greater possibility it will pass:

Here is an excerpt from this article [please put link back together before emailing] http: //www.investmentnews.com/apps/pbcs.dll/article? AID=/20080930/REG/809309958

Among the group’s proposals is a security transfer tax, similar to the one used from 1914 to 1966, which helped fund reconstruction projects during the Great Depression.

He estimates this tax, at 0.25%, would raise $150 billion a year.

This way, investors will pay for the bailout “in tiny, tiny increments,” Mr. Defazio said. Also, the group believes changing the SEC’s fair value accounting program would go a long way to easing the credit crunch that banks are facing.

Sincerely,
[insert your name here]

 

Thanks for pointing that out... when I first read the article, my mind converted it to .25% of the transaction amount lol... this would be even more of a bureaucratic nightmare to implement but easier to stomach.

This doesn't mention it at all:
http://www.defazio.house.gov/index.php?option=content&task=view&id=441