Posted on 11/24/2009 10:15:30 AM PST by AngelesCrestHighway
A House bill still being drafted aims to raise $150 billion each year to pay for new jobs.
Under a bill being drafted by Democratic Reps. Peter DeFazio (Ore.) and Ed Perlmutter (Colo.), the sale and purchase of financial instruments such as stocks, options, derivatives and futures would face a 0.25 percent tax.
The bill, a copy of which was obtained by The Hill, is titled the “Let Wall Street Pay for the Restoration of Main Street Act of 2009.”
These birdbrains are in a bubble world. None of this crap will stay in place!
This should be called create jobs in the Cayman Islands and London act.
This is a great idea. Next up: a windmill car - a windmill on the roof that turns the roof windmill, generating electricity to run the motor. It will really crank at highway windspeeds!
Oh I know
Because it's Stupid!
I looked up the Latin root and found Democratus Suckus Teatus. It means Tax. Hence the word Democrat.
Yup.
Every single day these ba****ds launch a fresh assault on freedom and liberty.
Exactly. These people are either completely clueless or deliberately destroying all industries in the US. Either of those answers are bad...
These bill names are getting more and more convoluted. They should just call it the "Anti-Dog-Eat-Dog Act" and be done with it.
I am sure that the Dem reps from NY, NJ and Conn will be strong backers of a tax that will reduce their state income and raise their unemployment. I am sure they truly appreciate the endeavors at fiscal responsibility shown by the OR and CO representatives.
Willie Sutton, who reputedly replied to a reporter’s inquiry as to why he robbed banks said “because that’s where the money is.”
Democrats are modern day Willie Suttons—they go where the money is—rich people, Wall Street, Energy, you name it, they want it.
They are mad the stock market went up with unemployment..
The federal reserve did that.
BOHICA. Lenin would be proud.
So the injured economic patient lies hemorraging on the gurney, and the Marxist quack doctors say, “Apply more leaches”.
Paging Chuck E Schumer.....
You and your party are trying to damage NYS even more than you already have.
When are you actually planning to represent NYS?
Great post!!!
It is very strange to watch citizens of America de-construct America.....
Thank you. It’s all mine. Bwahahaha!!!!!!!!!!!!!!
I call it the "Destruction of Wall Street Act". Not a bad idea, when you get right down to it. As supporters of -15bama have been crowing at me for the past year, "elections have consequences". When the Democrats kill Wall Street, and NYC & NYS by extension, my reply will be, "you guys were absolutely correct...elections have consequences."
All US-based exchanged would immediately shut down, and move their operations outside the US.
??????
LMFAO!!!!!!!
Every single day these ba****ds launch a fresh assault on freedom and liberty.”
At least once a day! I hope someone is keeping a list...I lost track months ago.
THE CHICKENS HAVE COME HOME TO ROOOOOOOOSSSSSTTT!
Why isn’t there a Starbucks Tax?
Or a tattoo tax?
Or a smelly person tax?
That’s right, because these are things liberals primarily enjoy.
They’ve done such a marvelous job destroying any hope that I will collect Social Security, and now they want to destroy my 401(k) as well?
“At least once a day! I hope someone is keeping a list...I lost track months ago.”
And the hits keep coming.....just read this thread...I can hardly sleep and my brain can’t take anymore of this Communist in Chief!
Navy SEALs Face Assault Charges for Capturing Most-Wanted Terrorist
Of course, because the jobs will be created in governmental offices/positions. They sure won't be in the private sector, because that will be going away.
Here’s to longing for an American tax revolution, now!
“Exactly. These people are either completely clueless or deliberately destroying all industries in the US. Either of those answers are bad...
I feel in my heart that everything being done is to deliberately destroy America.
Deflation's high real interest rates depress investment, lower demand, and raise unemployment. Deflation's transfers of wealth from debtors to creditors diminish the economy's ability to keep the web of credit and financial intermediation functioning. Such disruption of the financial system puts additional downward pressure on investment, demand, and unemployment. Why We Should Fear Deflation,J. Bradford DeLong, April 1998.
http://www.j-bradford-delong.net/Econ_Articles/deflation.html
This is very similar to the Weimer, you just substitute in the China debt/loans and Weimer crashed their currency in an attempt to default on the high debts. This is not about US economics, it is about global economics.
This would kill America’s financial markets. 0.25% is 25 basis points, which would make most trading in American cost prohibitive. Most of our banks would not be able to function under such a regime.
The tax is NOT on “Wall Street”. It’s on people who invest in stocks and financial instruments, people who buy and sell them. Who are those people? WE are those people: retirees, people investing their savings to buy a house or put their kids through college.
These folks are taxing every day people and couching it in terms of evil “Wall Street”.
Fish gotta swim and birds gotta fly,
Democrats tax till the day that I die,
They can’t help taxing us all the time.
That stanza is just great!
Luckily, this has very little chance of passing. Nancy has already raised questions about such an approach, and considering that Wells Fargo is one of the biggest employers in her district, it is doubtful she’d support it. And almost every Democrat fromm the Northeast would have to vote against it, particularly the NY, NJ, and MA Democrat members. Chicago Dems would have to vote agaimst it as well. All of the above groups have financial firms as major employers in their districts. And of course almost every Republican would vote against it. Basically zero chance.
Most importantly, the tax would create a friction in the market. As a consequence, the interests of both self- and broker-guided investors will not be served as well as now. Everybody loses.
Or a smelly person tax?
That’s right, because these are things liberals primarily enjoy.
Wasn’t it little Timmy Reid who made the comment about stinky tourist in his capital building?
if it moves, breaths, exists, has a name or can be called something.....tax it. More money for our crooked ruling class to play with and stuff in their pockets.
I'd call it the Caribbean Employment Act because you know there will be an expansion of offshore financial center business in the Bahamas, Bermuda, British Virgin Islands, Bermuda, Netherlands Antilles, etc. once all those Democratic tax hikes kick in.
I’d actually support this tax level, levied a tad differently.
It would not hit the small investor as much as we fear, especially if the tax were applied selectively - say to positions opened and subsequently closed within five to 30 days. I’d support a tax of 100 bp per side of the trade if the tax could be restricted to trades open for less than one hour.
60% of the volume on Wall Street these days is generated by computerized trading, not retail investors. Between the HFT and the other schemes being pulled on investors, I’d love to see a tax scheme set up to make these cocaine-fueled antics unprofitable. If they want to take the trading offshore, let ‘em go.
Cretins! DIM-oc-RATS hate us capitalists. Pure cretins!
I happen to be a financial professional, and I am not a cocaine-fueled addict. If you put a tax on positions open less than an hour, then there are no more market makers. If there are no more market makers, no one will buy your stock when you want to cash out your 401(k), or sell a stock.
Why does a market maker have less right to the money he earns than you do to the money you earn, especially considering he has to take a great deal of risk in exchange for providing liquidity?
Of course, the logical selling point isn't much of one for certain Wall Streeters. You don't get a chance to duck into Harrod's, or check out the London swing scene, if you fly to Toronto.
RATS have never been able to process these facts. They simply cant understand that Main Street and Wall Street are often one and the same.
I'm pretty sure the brokerage industry will put the kibosh on this idiot idea.
These guy's all need to be dunk tanked!
“Democrats are modern day Willie Suttons—they go where the money is—rich people, Wall Street, Energy, you name it, they want it.”
The problem is if they keep taxing like this there won’t be anybody or anything left to tax!
I can second that. I’m also in the biz, and HFT hurts no one, least of all small investors. People have been sucked into the Matt Taibbi media crucible which demonizes the capital markets system this country relies on.
I think a lot of people here believe the false syllogism that 1) George Soros is (actually, was) a hedge fund trader, 2) George Soros is a scumbag and a socialist, 3) ergo all hedge fund traders are scumbags and socialists. This is then extended to everyone in the financial industry.
But what about guys like Jeff Yass, founder of of Susquehanna? Compared to him, most people here on FR are flaming liberals.
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