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03-06-2019, 09:50 PM
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#1
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Registered User
Join Date: Dec 2001
Location: JCapper Platinum: Kind of like Deep Blue... but for horses.
Posts: 5,290
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Fed tax on stock trades?
Lawmakers introduce bill to tax financial transactions:
https://finance.yahoo.com/news/lawma...211353714.html
Quote:
A group of lawmakers wants to tax financial transactions -- a move they argue will generate billions of dollars in revenue and reduce the risk of another financial crisis.
On Tuesday Sen. Brian Schatz (D-Hawaii) introduced the Wall Street Tax Act in the Senate, while Rep. Peter DeFazio (D-OR) introduced legislation in the House.
Sen. Kristen Gillibrand (D-NY), a 2020 presidential contender, Rep. Alexandria Ocasio-Cortez (D-NY), and other progressive lawmakers have signed on as co-sponsors.
The plan would tax the sale of stocks, bonds and derivatives at 0.1%. (A stock trade of $1,000 would incur a tax of $1.)
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Have to admit I'm a little lost here --
Wouldn't taxing the dollar proceeds of selling (say) 100 shares of AAPL discourage middle class investors like myself from funding an IRA or buying shares of (say) AAPL in the first place?
Imo, the Federal Government needs to be encouraging saving and investing for retirement - not taxing it.
-jp
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Team JCapper: 2011 PAIHL Regular Season ROI Leader after 15 weeks
www.JCapper.com
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03-06-2019, 10:02 PM
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#2
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Registered User
Join Date: Dec 2005
Location: Western NY
Posts: 5,336
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And once a revenue stream is opened, it will only increase.
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03-06-2019, 10:25 PM
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#3
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Registered User
Join Date: May 2011
Posts: 22,648
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I actually think it would help long term investors and hurt the computer scalpers who think long term is 10 seconds.
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03-06-2019, 10:29 PM
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#4
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Buckle Up
Join Date: Apr 2014
Posts: 10,614
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I believe there's more to this at first glance.....IMO, large volume microsecond traders are the target here, either start giving us a cut of those sure profits voluntarily or we'll tax them out of you....This is just the tip of this iceberg.
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03-06-2019, 10:48 PM
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#5
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The Voice of Reason!
Join Date: Mar 2001
Location: Canandaigua, New york
Posts: 112,861
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If AOC is in favor of it, it is a stupid idea.
Democrats - nothing but thieving bastards.
Take, take, take........scumbags the lot of them.
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Who does the Racing Form Detective like in this one?
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03-07-2019, 01:43 AM
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#6
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Registered User
Join Date: Apr 2003
Location: Willamette Valley, Oregon
Posts: 1,622
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I think they are targeting the high frequency trading companies.
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03-07-2019, 10:15 AM
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#7
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Registered User
Join Date: Dec 2001
Location: JCapper Platinum: Kind of like Deep Blue... but for horses.
Posts: 5,290
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The end goal might be targeting high frequency traders.
But --
The bill as currently written targets everybody.
-jp
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__________________
Team JCapper: 2011 PAIHL Regular Season ROI Leader after 15 weeks
www.JCapper.com
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03-07-2019, 10:33 AM
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#8
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Registered User
Join Date: Dec 2011
Posts: 4,285
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Quote:
Originally Posted by plainolebill
I think they are targeting the high frequency trading companies.
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Implying that high frequency trading is bad for the market?
__________________
Best writing advice ever received: Never use a long word when a diminutive one will suffice.
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03-07-2019, 07:28 PM
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#9
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Veteran
Join Date: Aug 2007
Location: Vancouver Canada
Posts: 3,204
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Quote:
Originally Posted by AndyC
Implying that high frequency trading is bad for the market?
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Of course it is.
They always claim to be "providing liquidity".
But they are just extracting wealth while providing NO benefit.
That's all HFT does.
High frequency traders are the WORST.
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03-07-2019, 08:48 PM
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#10
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Registered User
Join Date: Mar 2013
Posts: 5,414
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If congress does this you can bet they will exempt themselves
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03-07-2019, 09:09 PM
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#11
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Registered User
Join Date: Dec 2011
Posts: 4,285
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Quote:
Originally Posted by Burls
Of course it is.
They always claim to be "providing liquidity".
But they are just extracting wealth while providing NO benefit.
That's all HFT does.
High frequency traders are the WORST.
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The benefit is the liquidity.
I didn't realize that the stock markets were a zero sum game. Doesn't everybody try to extract wealth?
__________________
Best writing advice ever received: Never use a long word when a diminutive one will suffice.
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03-07-2019, 09:15 PM
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#12
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Buckle Up
Join Date: Apr 2014
Posts: 10,614
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Quote:
Originally Posted by AndyC
The benefit is the liquidity.
I didn't realize that the stock markets were a zero sum game. Doesn't everybody try to extract wealth?
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Sorry Andy, in this instance, I'm in agreement with Burls...Scalpers are worthless in any endeavor they're associated with....They steal, they're thieves, period.
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03-07-2019, 09:27 PM
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#13
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Veteran
Join Date: Aug 2007
Location: Vancouver Canada
Posts: 3,204
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Quote:
Originally Posted by AndyC
The benefit is the liquidity.
I didn't realize that the stock markets were a zero sum game. Doesn't everybody try to extract wealth?
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There's a world of difference between typical investors and
high-powered computer programs that sell financial assets within milliseconds of buying them.
Michael Lewis’s “Flash Boys” was a fun read on this.
HFT's aren't the sharks of the market; they're really just the tape worms.
They're scammers with an unfair advantage.
Of course, they've got no shortage of money for high-priced lobbyists
to fight against the introduction of legislation that would take away their unfair advantage.
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