U.S. Traders: What will u do if Transaction Tax passes? Which country to move to?

The proposal right now plans on taxing all securities: stocks, options, futures, CDS, etc.

The only alternative is to trade on foreign exchanges if you stay in America, in which case you have to pay taxes to the IRS.

Or you can move to another country and you still have to pay taxes to the IRS.

I'm not sure what happens if you renounce your citizenship but I've heard that you still have tax liability to the IRS.

I'm pretty sure the transaction tax won't be part of the bailout but I give it 50/50 odds that if we have a prolonged severe recession, it will pass to pay for another trillion dollar economic stimulus package. It will likely pass because 95% of Americans won't care as it doesn't affect them (or at least that's how it will be sold to them).

 

Good luck collecting on that. If you're a foreign citizen (in many countries you can pay $100k or something for citizenship), routing everything through foreign banks, conducting transactions on foreign exchanges in foreign currency I don't see how the IRS can do anything.

 

exactly, and my bet is that it will pass.

 

what's the problem?

have you hired a little chinaman who wakes you out of bed every time somone talks about this?

what is the harm to you?

 

Its because the thought of something like this being proposed by a bunch of no nothing morons on capital hill infuriates the hell out of me.

So, its one of those things I don't even want to think about because a: its stupid on so many levels and b: there isn't anything I can do about it.

No offense to you.

 

again, have you hired a little chinaman who wakes you out of bed every time someone talks about this?

is that the harm to you?

 

No, you can always do things to help your cause. Vote, write, call, convert your Dem/Indepenant/non-political friends into Republicans.

They're not always perfect, but the Republicans usually do not vote for tax increases. On the other hand, the Dems ALWAYS look to government to solve problems (which of courese means taxing anything and everything they can).

 

Obama is funded by the Hedge Fund industry. Plus he listens. Did you hear what Pelosi said on Friday? There is no support from Democratic leadership on this.

Get a life.

 

I actually didn't hear what pelosi said on Friday on this.. what did she say?

Thanks

 

I hope that's true, but the fact remains, one party fights taxes and thinks they're too high, currently. And the other is always looking for ways to increase them.