Transaction Tax Bill has now been introduced

Discussion in 'Trading' started by Bullet, Feb 18, 2009.

  1. Bullet


    Let Wall Street Pay for Wall Street's Bailout Act of 2009 (Introduced in House)

    HR 1068 IH

    To amend the Internal Revenue Code of 1986 to impose a tax on certain securities transactions to the extent required to recoup the net cost of the Troubled Asset Relief Program.


    February 13, 2009
    Mr. DEFAZIO (for himself, Mr. WELCH, Ms. SUTTON, Mr. CAPUANO, Mr. WU, Mr. STARK, Ms. DELAURO, and Ms. EDWARDS of Maryland) introduced the following bill; which was referred to the Committee on Ways and Means

    Welcome to America...or at least what's left of it! How exactly did short term traders take down the financial system...oh yeah, from scalping GS and AAPL
  2. Yep - everyone needs to write every one of their senators and congressmen to let them know where you stand. We all know this would be a total disaster for anyone making a living trading.
  3. This same bill was introduced in SEPT and Pelosi shot it down, it was the no bailout , bailout bill he wanted to pass becuase he voted against the TARP. He introduced it in Jan as well and got shot down. So he was trying again and introduced on the day they were voting for the stimulus package. He keeps trying and noone is listening. Lets not jump the gun here like the other thread, yes write the congressman do your part like I will but he is not to popular with this and hasnt been on all of his tries, he introduces and then it never makes it anywhere.
  4. I estimate that the trading volume will drop by about 85% if this bill passes.
  5. Corelio


    Here we are again sowing the seeds for dark pools of capital and the creation of new financial instruments to circumvent these measures.

    And here we are again trying to implement measures that will reduce overall market liquidity and incentivize outflow of capital to other financal centers at a time that we need the most.

  6. rickf


    It reads like the spirit of the law is for institutions, funds, and hedgies --- and I suspect that's what it's meant to say.....but since they don't specify that distinction, it leaves the door wide open for the retail folks to feel perfectly angry this would apply to them as well, and rightly so. :(
  7. And remember years and years ago Larry Summers was for this but then he changed his mind in the 90s and has been against this type of tax since! Now he is an advisor to Obama
  8. Yeah cause that strategy worked wonders with the TARP bailout.

    Like they give a shit
  9. Daal


    I think the chance of this passing is pretty small
  10. I doubt it will drop more than 30%, and that is exaggerating.

    The market making black boxes will pick up the volume, as they will be exempt.
    #10     Feb 18, 2009