It's never enough for these fucking liberals. They won't be happy until they control everything and we all wear brown uniforms and go to our goverment dictated jobs. It's unbelievable. That which you tax.........you get less of. That which you subsidize.........you get more of. I just wish they could understand that simple truth.
become an exempt trader thats the only solution, now how much that would cost if you are an individual trader i have no idea. but there will be exemptions to this tax there already are in the uk. have to be a member of an exchange to daytrade or high frequency trade, speculate etc. always a way around, loopholes galore. mark my words they can pass the tax but there will be an exemption otherwise the us stock market would not exist. but you got to give them credit when in doubt raise taxes smoosh the little guy again, talk about hipocrits bring back the USSR already and get it over with. my hammer and sickle is ready
When BATS gets installed in Europe the cost of trading will go down like a stone.... And for those of us who trade...will be able to obtain an account in a LLC framework which would be exempt from such nonsense taxes.... The same would hold true in the US.... Because there are a lot of actively managed funds whereby even 5 basis points per year is too much money..... Just more useless political nonsense.....
Poor old Ralph, senile and insane. Must have wandered off from the nursing home. Get back in there! In a falling market like this one with a transaction tax, people would not hesitate at all to sell, but would certainly stop them from buying back in. Maybe that is why it took some 30 years for the markets to recover from the 1929 era crash and the tax did nothing to prevent the crash as some proponents claim it would do. The transaction tax was in place from 1914 to 1966. Dear Congress Expletive Person, Since even you admit that Social Insecurity is not even a quarter of what you need to live on.... A transaction tax for even a non trader would do a lot of damage. Suppose someone adjusts their portfolio (which they bleepin have a right to do) once every quarter with a million bucks which is nothing if you can only earn interest at 2% once retired..... 1 million at .0025 = 2500 x 2 for a round turn = 5000 x 4 times per year = 20,000 per year. Funny how the government does real well and the individual trying to survive gets scrooged.
Fight the Future, it's this part that you said that I think would do the most good if you started sending letters, commenting on articles, commenting on blogs, sending as potential stories to reporters, etc (generally making as much noise as possible): In a falling market like this one with a transaction tax, people would not hesitate at all to sell, but would certainly stop them from buying back in. Maybe that is why it took some 30 years for the markets to recover from the 1929 era crash and the tax did nothing to prevent the crash as some proponents claim it would do. The transaction tax was in place from 1914 to 1966. That part, instead of what you wrote in your potential letter. It's concise, simple, has scare factor, has historical claims, and is true. This is the kind of comment we need to keep coming on this thread and do our best to perpetuate, IMO.
exactly and this is why this would never even come close to a majority, heck it wouldnt even be a majority in the democratic party and we all know how republicans feel about this tax. increase tax to joe the investor or joe the trader would never fly no matter how you spin it. it still spreads higher taxes no matter what its for.
Yes, you don't dare say anything insulting to those that rule over us. Otherwise it will be dismissed, not taken seriously, or result in a tax audit, etc. I have read that a hand written letter with ink pen and paper (anyone remember what that is?) is more effective than an email or even a typed letter that is USPS'd.
Don't ever kid yourself. This type of proposal could easily be proposed in the current climate, and especially with a Democratic controlled Congress and President. Pelosi has already mentioned it as a possibility. The fact that Nader has mentioned it means that it is a very real possibility amongst liberals. And don't think that just because YOU many be able to get around the law by registering, etc etc, that this won't affect you. It will because it will kill the market. Volume will dry up, so even if you avoid it yourself, the market as you know it today won't exist. My advice to everyone reading this thread is to not take this lightly. If it gets proposed, take the trouble to voice your opinions to your Congressman, Senators, and President. If you don't do it, no one else is going to stand up for you. I've seen things happen that I thought could never happen. The bailout bill for instance. Back in the 70s I saw wage and price controls, gasoline rationing. You could only get gasoline every other day. This killed property values in some of the distant suburbs at the time, because you couldn't get enough gasoline to get to work. No one in government evidently thought that far. So far it has not be proposed. But if it does, make sure you make your opinion known to the politicians. OldTrader