Posted on 03/04/2019 5:53:43 PM PST by Freedom56v2
House Democrats are reintroducing their proposal of a financial transaction tax on stock, bond and derivative deals, and this time they've signed on a key new supporter: left-wing firebrand Rep. Alexandria Ocasio-Cortez.
Rep. Peter DeFazio, D-Ore., is leading the effort to bring back a bill, titled the "Wall Street Tax Act of 2019," which slaps a tax on securities transactions and could have a particular negative effect on high-frequency traders. Ocasio-Cortez, D-N.Y., is the lead co-sponsor. DeFazio is expected to file the bill on Tuesday.
"What we were looking at is if there's a sweet spot when you do a financial transaction tax," DeFazio told CNBC in an interview. "This would pretty much be a sweet spot. You would be discouraging high-frequency trading, and this would definitely impede on their business model."
-snip- At the time of the bill's introduction two years ago, Democrats were not the majority in the U.S. House of Representatives and did not have as many outspoken critics of billionaires and the financial industry, such as Ocasio-Cortez, on their side. Then DeFazio's proposition was to levy a 0.03 percent tax on market purchases. That proposal, called "Putting Main Street FIRST: Finishing Irresponsible Reckless Speculative Trading Act," never made it past being referred to the House Ways and Means Committee.
The House bill comes on the heels of its companion legislation introduced by Sen. Brian Schatz, D-Hawaii, in the other chamber. Republicans have a 53-47 majority in the Senate.
Other countries, such as Australia, Belgium, France, Italy, South Korea, Switzerland, and the United Kingdom, have already implemented taxes similar to those being proposed by DeFazio and Schatz.
(Excerpt) Read more at cnbc.com ...
DOA.
Hope so!
This would kill more New York jobs than chasing Amazon out of the city. And again they are doing something that they know will kill jobs.
Actually I suspect that this is a trial balloon for their 2020 election platform...
Such a pro-business climate they want to build, eh?
Yup could in New York...but then some of the newly minted socialists did not care about Amazon dislocating from NY.
I suspect this transaction tax would be implemented on all transactions—so this would affect pretty much everyone who has a retirement account—not just the high frequency traders.
So I take risk in buying a stock...and they get a cut for doing nothing...and they get that cut whether I make a profit or not.
Prob’ not willing.
There is a thread on this topic...A former FEC lawyer said in so many words, they are confused or corrupt.
I’m surprised Switzerland has such a law.
Yes, I was surprised at some of the countries...Switzerland being one of them.
The purpose of the tax is to police the markets and ensure they operate honestly and transparently.
These jay birds simply want to increase it to raise general revenue that they can spend. So basically, anyone who owns any retirement account at all which trades in the market (IOW, damn near ALL of them) is going to get nicked by these b@$t@rd$.
Kind of like capital gains tax on your house sale. They get their pound of flesh no matter what.
And the get that cut going both ways...buy or sell.
Wont pass Senate
Article seems to indicate that this will hit on both purchase and sale...
Though I really don’t trust the Senate much these days, I said, I suspect that this is really a tee-up for 2020...
Hope socialists push too hard and they lose big in 2020; however, many here never thought we would end up with Obamacare—and now the push is for “Medicare for All” with many wanting it?!?!
So I won’t say it “won’t pass” in future.
So I take risk in buying a stock...and they get a cut for doing nothing...and they get that cut whether I make a profit or not.
= = =
And you additionally pay a commish buying and selling, right?
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