Just wanted to alert everyone as surprisingly I haven't seen any mention of it on ET yet. WSJ article from Saturday October 10 on how the 0.1-0.5% transaction tax seems to be picking up steam with Democrats, European countries, the World Bank, the IMF, etc: http://online.wsj.com/article/SB125512957855977163.html?mod=WSJ_hps_LEFTWhatsNews Otherwise, the other thread on this subject that has already been started in the "Wall St News" sub-forum is probably a better place to discuss it. I just think its amazing how disingenuous these politicians (and the AFL-CIO) are in targeting the so-called financial industry. Everyone, including all middle class Americans with an IRA or 401K, will be affected by this to the tune of 0.5% or more each year (0.25% a trade adds up quick). Are most Americans earning such a high return that they are happy to part with the unneeded 0.5% or more? I understand that financial industry lobbyists may (or should) take up the fight, but I think what really needs to happen is that the American public needs to be alerted that the returns on their already severely damaged IRAs and 401ks will be drastically reduced by this tax on the so-called "financial industry." Also, when did the AFL-CIO start running the country? Can't we target the AFL-CIO for something? I wish I could say otherwise, but it seems like this is not going to end well for the evil middle-class people trading stocks at home and who also work hard at their normal jobs and who for the most part have nothing to do with the financial industry.
The sooner the US gets rid of its political system....the better..... It has/is/will finish killing off the US.... The current poly crop has to be the worst in history.....
If they instituted a tiny transaction tax it could kill off high freq. trading... that would not bother most of us here would it? A transaction tax on stocks traded in a 401k or by large investors would affect the stock markets and indirectly the index futs markets. Index futs are bought and sold by the houses that transact the stocks as intraday hedges... that would affect a lot of us if futs volume fell off drastically... The Left is ruthless in their acquisition of power and weak in the face of evil.. so I ask myself first, what are they trying to overpower? Yeah, it could be the last bastion of the middle class that have fled to trading from home... But I don't understand how the Democrats who have taken a lot of money from Wall Street to get elected are going to turn on their benefactors... Wall Street IS the White House with the exception of the street organizer and Hillary, and they have to have donated a lot to Congressional campaigns too... will they kill off retailstock trading and leave the big houses to make their money with high freq trading with each other? LOL Lehman donated more to Democrats, way more, than Republicans and Bush let them drop like a bad habit.. hee hee, goes around... comes around? Even big bad ass Wall Street should be thinking about 2010 before they kill off the retail trading industry...
The US does need to revamp the exchanges in the following manner...... 1) no taxes of any kind on any security type....this means no more muni bonds as well.... 2) De-fragmented....fully electronic direct access worldwide....seamless...all asset classes.... 3) No min/max account size.... 4) Participation size restrictions 5) No internal matching, black pools, .....no price discovery outside of the exchange.... 6) An exchange has just become time stamping software....and the transaction costs should be no more than 20 cents per 100 units....regardless of size.... 7) Make margin simple.....4:1....intra-day or overnight.... all classes.... 8) Short selling....simple.....cannot exceed long float....by electronic tag...no locates.... 9) Information.....timely....fact based ...wiki format....language of choice... ............................................ The SEC is replaced by electronic surveillance regulator.... Banks nor IBs can be in the hedge fund business.... As I have mention earlier....to date and pending....100% of all current policy recommendations make the system more inefficient.....exactly the wrong direction....
Its amusing how many people dont wish to pay taxes,,people who get $9k boob jobs pay no sales tax although apparently they can afford it,,those who make purchases on the internet,,those in the non profit arenas, and wall street, which exclusively caused the economic meltdown. We tax booze n smokes due to there inherent economic danger, why NOT wall street? Its also time to take a look at all the trust that are set up to avoid taxes, stop allowing all the tax deductions,,were up to our eyeballs in debt. If you want to give your money away to a university sorry no tax deduction,,things of that nature. Plenty of money,,but so much is not taxed.
.............................................. http://www.elitetrader.com/vb/showthread.php?s=&threadid=178600
So can I, but unfortunately the best reason is because it would be sheer stupidity. Stupid seems to be the new smart. So I'm not optimistic.
This thread is obviously intended for those readers who do not want to pay more taxes. Your post serves no useful purpose here. There is nothing anyone could say to you that you shouldn't already know. Troll elsewhere or start your own thread. You're on ignore.