Greetings---It was my understanding that the .25% securities transaction tax that has been pushed by a few economists and proposed as part of the TARP program was off the table. However, it appears it was entered as an amendment to the TARP Accountablility and Reform Act of 2009. This page listed the submitted amendments to the TARP--- http://www.rules.house.gov/amendment_details.aspx?NewsID=4121 If you look at the list of amendments, they are listed in alphabetical order of the representative who submiitted the amendment. At the bottom of the list is an amendment offered by Welch/DeFazio. That amendment is the securities transaction tax--- http://www.rules.house.gov/111/AmndmentsSubmitted/hr384/61_111_hr384_welch.pdf Fortunately, it appears as though the TARP Accountablility and Reform Act of 2009 was passed on Wednesday and the amendment was not included as far as I can tell.
That amendment is dated January 13th so I don't think it made the cut. The interesting thing is that the amendment only mentions the .25% tax on the sale of securities. Everything I read before mentioned the tax on both the purchase and the sale of any security. Not sure if they changed it or not? At any rate I don't think it matters and this thing will never pass... -Guru
Yeah if u keep searching there is a amendement on the whole thing from barney frank on the 14th the transaction tax aint in there.
Well this did pass the house on January 21st: http://www.speaker.gov/newsroom/legislation?id=0272 I did see that the transaction tax IS NOT in the version of the bill that passed. So now it goes onto the Senate - and I guess we dodged another bullet -Guru
I'm curious about something: who decides on what amendments make it into the votable version of the bill? Does the author of the bill decide that (in this case Barney Frank)? I guess if thats the case then he is against this tax as well? -Guru