Wow, another Rep from Oregon. Maybe they should just make it a state tax! http://www.washingtonpost.com/wp-srv/politics/congress/fin_dis/2007/w000793.pdf No stock transactions. Mutual fund holder with a few stock holdings.
Correct. And Pete Stark (Cali, Dem) is right behind him. I've spoken to reps at both Stark and DeFazio's offices and it is a total waste of time. If you want to write someone, try the Speaker of the House, Nancy Pelosi, who I believe is not in favor of this tax as she is on record as saying that TARP funds are an "investment" and that we should wait 5 years to see if there is a return on the taxpayers "investment" before invoking any kind of a transaction tax on Wall Street.
http://www.washingtonpost.com/wp-srv/politics/congress/fin_dis/2007/s000810.pdf Rep Stark is loaded. Mostly invested in rental property and mutual funds. Limited transactions in mutual funds, it appears. Not much going on with stocks.
Mutual funds do trade stocks. They will pass those taxes to the shareholders. These people might not realize this but mutual funds shareholders are not immune from this tax.
So what about Nancy Pelosi? She is not a sponsor and from other postings is not in favor of the bill. Well, check this out---- http://www.washingtonpost.com/wp-srv/politics/congress/fin_dis/2007/p000197.pdf She and her husband are loaded and it includes a lot of stock and a lot of stock transactions. Big dollar value transactions! She is one of the people that we need to contact and she is the one with the power. I would like to think that she is not going to let this bill get passed, but who knows. Can't take anything for granted.
I just called & e-mailed my congressman & US senator. Thanks to everyone who posted. If you haven't called your congressman /senator, please do it now! The financial industry has a strong lobby, but we need to stand our ground in the beginning. This bill is total nonsense.
Can't the same logic be used for the auto industry? Should we suggest a tax on every auto purchase until the money they got is paid back? ...ridiculous
Glad to see an occasional bright light of thinking. They are not going to do it, they already did it. At the very least, they had their plans ready and will start adjusting the bill just like the naked shorting regulation was adjusted.