Sunday, February 22, 2009

"Trader Tax" Would Kill Stock Traders

"Out of opposition, a new birth."

-Carl G. Jung (1875-1961). Psychology of the Transference

Meanwhile, check out this article to understand why a new birth may be our only option. The old patient is cold. (h/t Jawbreaker)

IMPORTANT: The so called "Trader Tax" would be the end of proprietary trading as we now know it. It would place at 0.25% transaction tax on "the sale and purchase of financial instruments" including stocks. It is in a bill, H.R 1068 which is currently being debated for passage. If you are a proprietary trader, you need to write your congressperson to voice your opposition today.

Here is the full text of the bill.


Charts and Coffee said...

Sunday Night Coffee - Analysis of the Trading Week Ahead -

Anonymous said...

One of the new tax programes being introduced by Obama. Put traders out of business? "Yes we can"

Dinosaur Trader said...

I can understand hating on Obama if this goes through... just don't forget who got us to this point.


MikeH said...

The bill is exactly the response you'd expect from "Joe the Average Schmuck". The same one who will scream "$4 gas! Tax those evil oil companies!" as the fill up an 8 passenger SUV for their 40 mile commute. Sadly, I expect a little more rationality from our government representatives and economists. They look at a symptom of problem and say "let's impose more costs"? Hint - it didn't work in '29 when money supply was tightened and protective tariffs put in place.
If anything, at a tax to any house sold because of foreclosure. That damage is already done, and might alter the behavior of lenders.