This may have been posted before, but it is important and will affect traders. Congress meets tomorrow, March 2. Follow this link if you'd like to sign the petition and have emails sent to your congressmen and senators. It is really easy. http://www.rallycongress.com/no2tradertax/1536/ This link describes the proposed legislation http://www.govtrack.us/congress/billtext.xpd?bill=h111-1068
I don't want to pay the tax, but Wallstreet did screw up and bad. Before they tax us, Congress needs to get CEO's of BofA and Citibank fired, please. "We didn't see it coming". My sweet aunt!
This will kill all traders livelyhood, and retirement funds will become stagnant. The buy and hold group that have losses of 30-40% a year are now able to mitigate there losses with subpar performance. For a small trader like myself, profits and margins are slim, and it is easy to trade $100K + per day to make 2%-4%, although with quaranteed loss of 1/4 pt on each trade that negates any cost savings of my .005 cents per share. It looks like we will be trading Toronto, Hong Kong, and London.
The big 4 UK banks' CEOs were hauled before an investigating Comittee and what did they find ? That not one of the 4 had any banking qualifications !!!!!???? It is just incredible how such under qualified people even work in a major bank let alone run it Who appoints such people ???
JP Morgan may like to re-consider employing Tony Blair ? How much banking experience has he got ? Politics is in there creating mayhem for business I guess
This has been posted about 5 dozen times. But since Congress meets tomorrow on it (assuming you've got correct info) I'll let it sit here for a few days to remind everyone.
if this thing turns out to be a problem, i will definitely trade other markets and it's pretty obvious volume on those exchanges will rise as people like me will trade them. Now if for some reason citizenship becomes a problem and they still want to tax me, I will give up my US citizenship too. This is ridiculous. Obviously we don't want it to pass, but because of all the mess, it might actually pass. Can anyone informative provide some details on which foreign exchanges do not have this "transaction tax"??
no seriously, how does it really matter? I agree being a US citizen has its advantages if you are looking for jobs. But other than that, not too many.
It depends on your alternatives. For European countries like UK, The Netherlands, Switzerland, Germany, etc.. this is probably no big deal. But if you are from some African countries, South America, India, Indonesia and such, I don't think you would say it so lightly. So Chinese illegal immgrants would hide themselves in a closed container for over 10 days to be smuggled into this country, and some died in the process. Put you in some perspectives about something that is taken for granted. Back to the trader's tax, if it is passed this will spell the end of day trading as we are accustomed to. It will not make sense to scalp a 25 cents and 50 cents here and there. One will need to make 2% or more on each trade to worth paying these stupid taxes. I have no confidence in the Obama administration and the Congress. The same stupid Congress (or pershaps slightly different) who passed TARP and TARP2 and now the Stimulus Package. I am with Jim Rogers: let those banks alone. Let the Darwinism in business take its course. Taxing the active traders for the mistakes made by greedy or ignorant bankers. Yeah, way to go.