If Biden wins, is a Stock Transaction Tax likely?

Discussion in 'Taxes and Accounting' started by jonnysharp, Oct 27, 2020.

  1. He's on record supporting a financial transaction tax, also if he wins it's highly likely VP Harris takes over at some point since Biden is in cognitive decline and she's pushing a 0.20% tax on stocks which will effectively destroy all retail day/swing traders, and of course Wall Street and HFTs will get exemptions.

    What are the chances they get this transaction tax on the little guy done?

    [​IMG]
     
    KCalhoun likes this.
  2. Turveyd

    Turveyd

    Defo expect trading restrictions world wide as the world goes more anti rich people socialist :(

    Just when I'm getting good aswell, typical!
     
  3. Overnight

    Overnight

    Without the full text of the bill, the .2% figure is pointless to bring up and leads to dangerous speculation.
     
    murray t turtle likes this.
  4. Dangerous to who? As traders there's nothing dangerous to discuss potential amounts of a potential tax, other FTTs around the world are a similar amount.
     
    gkishot and MarkBrown like this.
  5. Highly unlikely. Once the lobbyists step in expect that the most they'll do is get the top rate back to 39.6% again and maybe raise the corporate tax rate to 25%. That's if they can take control of the Senate.
     
    murray t turtle and jonnysharp like this.
  6. Turveyd

    Turveyd

    Agreed, not dangerous to plan ahead.


    PDT never thought they'd actually do it, heard about, didn't pay any attention, then boom 2 weeks to PDT, piss poor or no planning = poor execution = screwed as below 25K :(
     
    jonnysharp likes this.
  7. Overnight

    Overnight

    Dangerous to anyone who is a buy-and-hold investor. Think through what will happen to the market if there is a panic sell on this FTT speculation that it could be .2% of the "notional value of your position, win or lose".
     
  8. gkishot

    gkishot

    Is that why everybody seeks to trade US stocks?
     
  9. The odds are a lot higher if Biden wins than if Trump wins. That is a fact.
     
  10. Turveyd

    Turveyd


    talking about it on here, won't cause a panic sell, being aware that talk could cause a panic sell, by talking about the issue might help you avoid getting burnt.

    ET hasn't got millions of readers has it ?? it's not CNBC!
     
    #10     Oct 27, 2020
    jonnysharp likes this.