In case you have been in a cave for awhile, here is a great example of what the liberal, progressive wing of the congress has on their agenda:
http://mobile.wnd.com/2012/07/socialist-in-congress-proposes-so-called-robin-hood-tax/
It has no chance of passing so look for the Obama Administration to circumvent the constitution and try to impose some sort of fee instead of a tax. The progressives think they can make this an election issue but I believe that it will blow up in their face.
In any case, something passing like this will place another burden on brokerages like TK, something we will have to pay for in increased fees for TK employees to monitor and assess.
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Articles like this make me want to join a HFT firm before it's completely outlawed, so I can at least get a taste. Government's taking the fun out of life. I need to join a firm, relocate to the Singapore office, and trade as usual.
Let the people who like taxes tax each other.
Let the people who like taxes tax each other.
The tax is too generalized, where Defazio has the right idea of getting more revenues from prop trading and HFT firms that serve no purpose to grow the economy, he throws us small guys into the mix.
It's 1/2 of 1% on all "wall street" transactions, I can guarantee it will fail for the same reason it did several years ago, it's too generalized....doesn't specifically focus on the real "bad guys" and further deters retail investment.
The "make Wall Street pay" tax is more aptly named the "make everyone pay for Wall Street's indiscretions" tax.
It's 1/2 of 1% on all "wall street" transactions, I can guarantee it will fail for the same reason it did several years ago, it's too generalized....doesn't specifically focus on the real "bad guys" and further deters retail investment.
The "make Wall Street pay" tax is more aptly named the "make everyone pay for Wall Street's indiscretions" tax.
To be fair, the 'conservative" wing of Congress has been mighty spendthrift and equally culpable. Maybe more so, since the "conservatives" exist in something called the Republican Party, the party that bills itself as the "party of small government." That's an insult. The good news is that productive human beings are productive human beings, and they won't work for strangers forever. So the Demopublicans and the Republicrats need to choose whether they want a hard landing or something less than a hard landing.BayouSteve said: In case you have been in a cave for awhile, here is a great example of what the liberal, progressive wing of the congress has on their agenda:
http://mobile.wnd.com/2012/07/socialist-in-congress-proposes-so-called-robin-hood-tax/
It has no chance of passing so look for the Obama Administration to circumvent the constitution and try to impose some sort of fee instead of a tax. The progressives think they can make this an election issue but I believe that it will blow up in their face.
In any case, something passing like this will place another burden on brokerages like TK, something we will have to pay for in increased fees for TK employees to monitor and assess.
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