Rep. Peter DeFazio and House Democrats are reintroducing a financial services tax with AOC

CNBC ^ | 03/04/19 | Brian Schwartz

[Freedom56v2]

This will affect many more than the multi-millionaires these socialists claim to target

[Jim Robinson]

DOA.

[Freedom56v2]

Hope so!

[Vince Ferrer]

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.

[Freedom56v2]

Actually I suspect that this is a trial balloon for their 2020 election platform...

[Sarah Barracuda]

BNL NEWS ‏ @BreakingNLive 5h5 hours ago BREAKING: @AOC’s chief of staff ran $1M slush fund by diverting campaign cash to his own companies. AOC and her Chief of Staff have been reported to the FEC for investigation. Developing... God willing she will be under investigation very soon

[Teacher317]

"You would be discouraging high-frequency trading, and this would definitely impede on their business model."

Such a pro-business climate they want to build, eh?

[Freedom56v2]

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.

[Freedom56v2]

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.

[coaster123]

Prob’ not willing.

[Freedom56v2]

There is a thread on this topic...A former FEC lawyer said in so many words, they are confused or corrupt.

[july4thfreedomfoundation]

I’m surprised Switzerland has such a law.

[Freedom56v2]

Yes, I was surprised at some of the countries...Switzerland being one of them.

[Vigilanteman]

There is already such a tax every time you sell stock or securities, roughly a penny per $700. Most of us don't notice it unless we have an honest broker like Charles Schwab or TD Ameritrade who breaks it out for us.

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@$t@rd$.

[ProtectOurFreedom]

Kind of like capital gains tax on your house sale. They get their pound of flesh no matter what.

[Ouderkirk]

And the get that cut going both ways...buy or sell.

[Vendome]

Wont pass Senate

[Freedom56v2]

Article seems to indicate that this will hit on both purchase and sale...

[Freedom56v2]

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.

[Scrambler Bob]

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?