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DEFAZIO INTRODUCES FINANCIAL TRANSACTION TAX ACT TO REIN IN WALL STREET AND GENERATE REVENUE FOR NATIONAL PRIORITIES
https://defazio.house.gov ^ | Jan 15, 2021 | U.S. Representative Peter DeFazio (D-OR-04)

Posted on 01/22/2021 5:25:22 AM PST by Red Badger

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To: setter

I know two millionaires. Neither one of them is in ‘The Market’......... Real estate is their game.....................


61 posted on 01/22/2021 6:35:05 AM PST by Red Badger (TREASON is the REASON for the SLEAZIN'.................................)
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To: MeneMeneTekelUpharsin

...and every night the men would come around...and lay their money down.


62 posted on 01/22/2021 6:39:40 AM PST by moovova (Yo GOP....we won't forget.)
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To: Saltmeat
So, if I understand you correctly, you want day traders and the like to pay a transaction tax (which will also apply to everyone else) because they use small adjustments in the market to make money?

I'm guessing that tax will also be on top of whatever capital gains they already have to pay......I'm sure those capital gains taxes are "no value" because people who came up with legal means to make a profit must be parasites.

I guess I missed the part in the tax code that if you made money quick enough it wasn't taxed and you were somehow exempt from capital gains.

I also didn't realize that coming up with new taxes on making money and building wealth was a conservative principle........

63 posted on 01/22/2021 6:53:20 AM PST by Repeat Offender (While the wicked stand confounded, call me with Thy saints surrounded.)
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To: Red Badger
I'm sure this is welcome news as it's rather recent that many online trading platforms like RobinHood and eTrade have emerged with commission free trades.

This gave access to the market for thousands of people who were previously priced out because they couldn't afford the commissions - every time they bought or sold stock. Now they'll get to pay Uncle Stupid for the privilege.

64 posted on 01/22/2021 6:57:09 AM PST by Repeat Offender (While the wicked stand confounded, call me with Thy saints surrounded.)
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To: BobL

There is a book out that basically claims that a difference of a few miles of fiber optic cable can give traders an advantage—and we’re talking the speed of light here. That’s how fast the trades are happening.


65 posted on 01/22/2021 7:11:59 AM PST by hanamizu
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To: Red Badger

“Wealth Tax”


66 posted on 01/22/2021 7:17:07 AM PST by Uncle Miltie (Allegations of vote fraud cause you to 1)Provide contrary evidence or 2)Censor and erect razor wire)
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To: Fido969
Wall Street owns the dems. This isn’t going anywhere.

Defazio's bill is a perfect example of how Democrats shake down industries for more donations.

67 posted on 01/22/2021 7:21:50 AM PST by aimhigh (THIS is His commandment . . . . 1 John 3:23)
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To: Repeat Offender; BobL

Plenty of conservatives like taxes as an instrument of social engineering and justice, particularly if they feel they are taxed in a way you aren’t. Then, new taxes, because, you know, “fairness.”


68 posted on 01/22/2021 7:23:48 AM PST by Trailerpark Badass (“There should be a whole lot more going on than throwing bleach,” said one woman.)
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To: hanamizu

“There is a book out that basically claims that a difference of a few miles of fiber optic cable can give traders an advantage—and we’re talking the speed of light here. That’s how fast the trades are happening.”

I know, I’ve heard of that also. I suspect most people don’t know about it, and also don’t know how much 0.1% will actually cost them.


69 posted on 01/22/2021 7:52:50 AM PST by BobL (TheDonald.win is now Patriots.win)
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To: Red Badger

Well Wall Street you got what you wished.
Now swallow.🙄


70 posted on 01/22/2021 8:01:32 AM PST by BiteYourSelf ( Earth first we'll strip mine the other planets later.)
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To: Uncle Miltie

Soon.😝


71 posted on 01/22/2021 8:08:36 AM PST by BiteYourSelf ( Earth first we'll strip mine the other planets later.)
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To: nitzy
It will affect big investment banks more, of course, in terms of TOTAL tax paid. But it will also discourage small investors (those with $25,000 + accounts) from making small profit trades numerous times. Right now, you can do this commission free with a number of retail brokers including Schwab and Fidelity, but you can't avoid the tax.

By raising the cost of the transactions by increasing the tax, only the big fish who can trade in much bigger blocks of shares are left in the game.

This is much like so-called campaign finance reform. It sounds really nice on the surface until you figure out that it is designed to help the swamp which has sympathetic media outlets backing them and doesn't need to buy campaign time as much.

72 posted on 01/22/2021 8:15:11 AM PST by Vigilanteman (The politicized state destroys aspects of civil society, human kindness and private charity.)
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To: BobL

For which the tax changes nothing. In my non professional opinion you’re talking about front running which has been illegal for decades. Yes, milliseconds, but frontrunning. On proprietary information. Should be an enforcement issue, and I agree it would have been nice if President Trump had addressed it.


73 posted on 01/22/2021 8:42:15 AM PST by SJackson (If they bring a knife to the fight, we bring a gun...folks in Philly like a good brawl, BH Obama)
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To: hanamizu

“The Flash Boys” by the same guy that wrote Moneyball.


74 posted on 01/22/2021 10:15:26 AM PST by Fido969 (,i.)
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To: hanamizu

“The Flash Boys” by the same guy that wrote Moneyball.


75 posted on 01/22/2021 10:16:29 AM PST by Fido969 (,i.)
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To: Red Badger

10% for the big guy. Don’t forget that.


76 posted on 01/22/2021 10:20:03 AM PST by Texas resident (Biden is China's bitch)
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To: grb

A lot of financial institutions and liberals are going to ‘take it in the shorts’ when AOC and Pocahontas et al. start pushing the legislation.


77 posted on 01/22/2021 10:20:07 AM PST by ladyjane
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To: Red Badger

So what’s to stop Charles Schwab customers trading thru London, Tokyo or Singapore markets ?


78 posted on 01/22/2021 12:10:26 PM PST by Timocrat (Ingnorantia non excusat)
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To: Timocrat

Zey have zere vays........................


79 posted on 01/22/2021 12:13:08 PM PST by Red Badger (TREASON is the REASON for the SLEAZIN'.................................)
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To: Trailerpark Badass
Yup.

Some people just like taxes because they're jealous of ingenuity and capacity to turn a profit. They go through life upset they're not the smartest, the fastest, or the richest. Their wives aren't the prettiest, their car sucks, and they live in some dead end job they hate and they can't understand or fathom why they got where they are in life.

People who learned how to apply themselves and take bold risks are "rotters," spoilers," and "parasites."

Taxes are a way of taking those "spoilers" and "parasites" 'down a peg.'

You know these types - blow out someone else's candle to make their own look brighter.

80 posted on 01/22/2021 2:23:23 PM PST by Repeat Offender (While the wicked stand confounded, call me with Thy saints surrounded.)
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