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Posted on 01/22/2021 5:25:22 AM PST by Red Badger
Beijing...................................
That was exactly my first thought.
The rich will get richer, and the poor will get poorer. Congress isn't going to screw wealthy elites, because congress IS wealthy elites.
They reap enormous financial benefits for themselves and their privileged elite investors but add no value to our economy.
lol
The high frequency skim is a fraction of what brokers used to charge. Limit your trading, and it will cost you hardly anything at all.
It has increased the value of firms having clients that trade. Tell the clients how smart they are, promise high returns from day and option trading. And then they’ll churn their own accounts. The HFTs take their scrape, and kick back to the brokers.
One big happy family!
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“The Wall Street Tax Act would tax the sale of stocks, bonds, and derivatives at 0.1 percent (10 basis points), and would raise an estimated $777 billion over a decade.”
I think I found the real reason behind this tax...
I can't help thinking why we she put it this way.
Why couldn't she have just said for "all American working families" ????
If an elected official uses office to steal as much as he or she possibly can, and is brazen enough about it, he or she will do just fine as long as the party branding is right.
Notice ‘Black’ is capitalized...............................................
“But it taxes all transactions. Not surprised you like it.”
Having a bid day? Wife left you? Can’t say I blame her.
I don’t trust this scheme, it would be more reassuring to legislate microtransactions out of business directly rather than pretending to do so and then tout all the money that doing so would raise. Just like the cigarette sin taxes, they promise all this money is going to be raised, but simultaneously insist that people targeted by the tax would change their behavior and avoid the conditions that would encounter the tax.
Surely Wall Street saw this coming, so-called experts (oops Touts) have been spot-on with their MOE of 100%.
Maybe they are thinking of Nationalizing Wall Street. Also, the Oil Industry and any other industry that makes money. It is the CCP model and China Joe should be very familiar with it.
“Limit your trading, and it will cost you hardly anything at all.”
I know, but you’re expecting people here to do math, and that’s too much for at least one idiot on this site.
“If you kept the small rules, you could break the big ones.”
― George Orwell, 1984
We already have long term stock sales and short term sales, the latter being penalized.
>>For example, if a buy-order for 1Million shares of GM was just launched, the High Speed trading programs will go in and buy GM before the the 1M buy order makes it to the NYSE (we’re talking a handful of milliseconds here), and then the 1M buy order makes it to market, GM goes up slightly, and the High Speed trading program promptly sells GM.
Ummm.. No. Only a fool would dump a 1,000,000 share market order directly on the market. The quantities on the BBO for GM as I type this are on the order of 3,000 shares, so an 1M share order would spike the market. A large institutional order like that would get broken up algorithmically by the brokers to hide the demand. HSTs have found ways of hunting elephants by detecting that liquidity pool, sure, but that’s hardly the same as “seeing trades moving towards the market” and taking unfair advantage.
Good bye New York!!
effin’ idjits...
“I think I found the real reason behind this tax (the money the feds supposedly get)...”
Agree, and that is a VALID reason to oppose it - the CBO will ‘score’ it based on the assumption that the skimmers will pay it - and that gives Congress the ‘right’ to spend that many.
But the skimmers won’t pay it, they’ll instead take their skills over to Google while closing shop. Most likely, 99% of trades will end, the revenue will never appear, but Congress would have spent it anyway.
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