Transaction Tax Bill has now been introduced

Just contacted Schumer via the site. Strength in numbers!

 

All that does is strengthen the position of the Wall Street good ole club for special exemptions.

 

Don't forget about HR 676 (Health Care Bill) which seeks to get funding through a transactions tax on stocks and bonds.


http://www.govtrack.us/congress/billtext.xpd?bill=h111-676

The bills states---
Subtitle B--Funding

SEC. 211. OVERVIEW: FUNDING THE USNHC PROGRAM.

(a) In General- The USNHC Program is to be funded as provided in subsection (c)(1).

(b) USNHC Trust Fund- There shall be established a USNHC Trust Fund in which funds provided under this section are deposited and from which expenditures under this Act are made.

(c) Funding-

(1) IN GENERAL- There are appropriated to the USNHC Trust Fund amounts sufficient to carry out this Act from the following sources:

(A) Existing sources of Federal Government revenues for health care.

(B) Increasing personal income taxes on the top 5 percent income earners.

(C) Instituting a modest and progressive excise tax on payroll and self-employment income.

(D) Instituting a small tax on stock and bond transactions.

 

So doing nothing is the right course of action eh?

 

My response to the bill, as well as the sentiment of every financial professional working today:

http://www.advisorworld.com/2009/02/18/the-real-threat-to-americas-economic-survival/

 

This might be a good place to post comments against this bill:

http://www.washingtonwatch.com/bills/show/111_HR_1068.html#usercomments

-Guru

 

Snakeboy, what was your nick here at ET when you were a losing daytrader?

 

Possible "Hydroblunt" sighting :eek:

 

What a great response you posted. I will say that most bills never make it out of committee so the chance of this one coming up for a vote in the house is already slim but we must be proactive and stop this before it goes any further. I think the greater danger is someone trying to slip this through as part of another bill (HR 676 - the healthcare bill)...

-Guru

 

I agree, and I did add it's doubtful, but even the slightest probability of it making it passed the Senate is enough to warrant such a statement.

If the probability was 0.5%, 1 in 200, the potential losses totalling of 1,000 years of world GDP at 10,000 trillion for potential losses of 50 trillion is a great enough threat to the integrity of America's economic position to make a stand.

ex post edit: Long run, inflation adjusted GDP estimate using 2009 as base year.