Trade Transaction Tax - The Death Of All Us! | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Transaction Tax 6 replies

Financial Transaction Tax 1 reply

Transaction tax 0.25% 0 replies

Transaction Tax: .025%! 5 replies

Trade Transaction Tax - The Death Of All Us!

  • #1
  • First Post: Sep 26, 2008 6:33pm Sep 26, 2008 6:33pm
If this were to pass, you can say goodbye to every trader on here, not to mention all the brokerages.

With this tax if you were to trade 100,000 units, it would cost you $500 ($100,000 * 0.0025) to get in and out of this trade. That's just 50 pips to break even.

Not sure if this would include forex but it seems to be a prime market to target given the high leverage.

I don't care how dumb republicans may be but there is no way I can even think anything democratic anymore with this sort of moronic, idiotic and ignorant thinking.



http://www.bloomberg.com/apps/news?...id=a5UhcbI4jecU

In a letter sent late yesterday to House Speaker Nancy Pelosi, 16 Democrats asked her to ensure any rescue legislation include a ``transaction tax'' on all U.S. stock trades and on other types of trades, such as credit default swaps, options and futures. They are proposing the tax would be at a rate of one quarter of one percent on all trades.

``The same Wall Street speculators and investors who are principally responsible for having caused this avoidable financial crisis and profited from it must now be required to pay for it, not U.S. taxpayers,'' according to the letter, which was signed by Representative Peter DeFazio, an Oregon Democrat, and Representative Pete Stark, a California Democrat.
  • #2
  • Sep 26, 2008 7:54pm Sep 26, 2008 7:54pm
"The same Wall Street speculators and investors who are principally responsible for having caused this avoidable financial crisis and profited from it must now be required to pay for it, not U.S. taxpayers,''

These people are crackheads. Last time I checked, speculators and investors pay taxes too.
  • #3
  • Sep 27, 2008 9:52am Sep 27, 2008 9:52am
it doesn't mention forex. will it be covered?
  • #4
  • Sep 27, 2008 10:20am Sep 27, 2008 10:20am
If they're going to include the futures market, I see no reason why it doesn't include the FX market.

It's advertised as a "$3 trillion dollar a day market". You can certainly see the dems licking their chops at that.

I highly doubt this will pass as it would bring all trading to a grinding halt.
  • #5
  • Sep 27, 2008 11:38am Sep 27, 2008 11:38am
You should never discount the sheer stupidity and power of politicians. Our country (Slovenia) is a great example. One crackhead had an idea, that the forex, options and futures should be taxed at 40% and BANG, the law was made faster than you can say "cookie".

This worries me a bit...
  • #6
  • Sep 27, 2008 4:46pm Sep 27, 2008 4:46pm
40% ????

oh my good, maybe they think it's soo easy to have profits from the market, lol 40% is very high! unbelivable
  • #7
  • Edited 9:54pm Sep 27, 2008 9:43pm | Edited 9:54pm
I am ready to move out of the US and give up citezenship. They pass something like this it would tank the market and put many online trading firms out of business.
  • #8
  • Sep 27, 2008 10:00pm Sep 27, 2008 10:00pm
Does anyone know if this new tax law to charge per transaction got in the final bill sent to bush?
  • #9
  • Sep 28, 2008 9:44am Sep 28, 2008 9:44am
I believe the republicans said no way to this in the bill but the compromise was that it would be considered again in 4 years if this bailout plan is unsuccessful.

Still amazes me that the democrats can't see how this would fail miserably to raise any taxes since it would put almost everyone involved in trading out of business. The only people it wouldn't impact too much are buy and hold investors. But then again, the dems think it's short term speculative traders that are the cause of this whole mess.
  • #10
  • Sep 28, 2008 10:02am Sep 28, 2008 10:02am
This may be the end of it for now.

WASHINGTON, Sept 27 (Reuters) - Democrats in the U.S. House of Representatives are pushing for a new Wall Street tax that would cover the potential costs of a $700 billion bailout being negotiated by Congress and the Bush administration.

U.S. House Speaker Nancy Pelosi, speaking to reporters after a meeting with fellow Democrats, said the fee could be assessed after five years if the non-partisan Congressional Budget Office determined taxpayers had lost money in the bailout.

'If after five years ... the CBO decides that the American taxpayer has lost money in this, then there would be a fee on financial institutions,' Pelosi said, adding that she hoped the provision could be part of a final bailout deal.

Pelosi said that the Secretary of the Treasury could determine how to assess the fee.
  • #11
  • Sep 28, 2008 10:21am Sep 28, 2008 10:21am
Quoting TommyT32
I am ready to move out of the US and give up citezenship. They pass something like this it would tank the market and put many online trading firms out of business.
Nice idea, but problematic. First, try to find the form to renounce. I'm not joking, every embassy or office you go to will tell you they're out of stock. Come back later.

Second, Congress, in it's unending quest to fuck the American people as much as possible passed a law some years ago which state that if you renounce for tax purposes (and really now, who's going to decide that, you? Do you really think if you say you're leaving over ideological issues that they'll even give a shit what you say? Some mindless, mediocre bureaucrat signs off on you as a tax dodger and that's it, you're fucked) you are LIABLE TO PAY TAXES FOR THE NEXT TEN YEARS!

The arrogance is mind-blowing. To renounce, you need to have another citizenship. They're saying "We don't give a flying fuck who your allegiance belongs to, you're money belongs to us." Granted, they can't come after you in Panama, but it's not as if the US hasn't engaged in kidnapping. Shit, they only have to label you a terrorist financier and you're history. The more likely scenario would be you stupidly take a connecting flight through the US ten years later and they nail your ass.

It's gotten to be very embarrassing to be an American these days. It's also very sad.
  • #12
  • Sep 28, 2008 10:27am Sep 28, 2008 10:27am
Quoting hendrix
You should never discount the sheer stupidity and power of politicians. Our country (Slovenia) is a great example. One crackhead had an idea, that the forex, options and futures should be taxed at 40% and BANG, the law was made faster than you can say "cookie".

This worries me a bit...
Hendrix dont scare people with our lovely country, that is Slovenia. We have 40% tax and stupid lawgivers, but no installed active investigation units on forex ops. All it takes is an account in another country. Who is going to find you, unless you report profit yourself?
  • #13
  • Sep 28, 2008 11:44am Sep 28, 2008 11:44am
Quoting Dopey
Nice idea, but problematic. First, try to find the form to renounce. I'm not joking, every embassy or office you go to will tell you they're out of stock. Come back later.

Second, Congress, in it's unending quest to fuck the American people as much as possible passed a law some years ago which state that if you renounce for tax purposes (and really now, who's going to decide that, you? Do you really think if you say you're leaving over ideological issues that they'll even give a shit what you say? Some mindless, mediocre bureaucrat signs off on you as a tax dodger and that's it, you're fucked) you are LIABLE TO PAY TAXES FOR THE NEXT TEN YEARS!

The arrogance is mind-blowing. To renounce, you need to have another citizenship. They're saying "We don't give a flying fuck who your allegiance belongs to, you're money belongs to us." Granted, they can't come after you in Panama, but it's not as if the US hasn't engaged in kidnapping. Shit, they only have to label you a terrorist financier and you're history. The more likely scenario would be you stupidly take a connecting flight through the US ten years later and they nail your ass.

It's gotten to be very embarrassing to be an American these days. It's also very sad.
I have already told the US Government to kiss my ass. They can label me as they wish. I won't ever submit. I proved that in 6 months solitary confinement in the US Navy. I had a light blub above my head and a toliet with no seat thats it.This is just the next step of total control.
  • #14
  • Dec 9, 2009 2:19am Dec 9, 2009 2:19am
I´m not worrried, my system´s so good that trading the 5 minute bars (plus spread), I can still pay my "duties" (about 50 pips ) and make a profit...

That´s just a black joke...guys we all need to make our first million fast, before they come and get us....(death is also waiting for me sooner or later....)

Till then, enjoy life....best investment...
  • #15
  • Dec 9, 2009 2:22am Dec 9, 2009 2:22am
How's that change working out for all of us now?
  • #16
  • Dec 9, 2009 2:33am Dec 9, 2009 2:33am
Quoting cuchuflito
I´m not worrried, my system´s so good that trading the 5 minute bars (plus spread), I can still pay my "duties" (about 50 pips ) and make a profit...

That´s just a black joke...guys we all need to make our first million fast, before they come and get us....(death is also waiting for me sooner or later....)

Till then, enjoy life....best investment...
If you make your million be sure to leave the U.S. because at some point they will come after it.
  • #17
  • Dec 10, 2009 1:49pm Dec 10, 2009 1:49pm
If that passed there would be less scalping for sure, long term trend following could still be profitable however. Hopefully the economy would do better as other taxes could be cut?
  • #18
  • Dec 20, 2009 11:25pm Dec 20, 2009 11:25pm
http://www.rallycongress.com/greentr...ny-industries/
sign the petetion and get the word out on other forums. There is a global transaction tax proposed that would tax everyone at .005%, from my readings, but no one wants to be first. In order for it to work brown amongst others have stated that global cooperation is needed, as long as the US says no then it shouldn't go into effect.
  • #19
  • Dec 21, 2009 1:38am Dec 21, 2009 1:38am
Maybe the solution will be to open accounts in the U.K., and then we can pay taxes on the money as it comes back to the US by wire, and just pay taxes as income. Forex taxes are going up anyway as Obama wants to raise the capital gains taxes, since we are taxed at 60% cap gains and 40% ordinary income.
  • #20
  • Edited 1:49am Dec 21, 2009 1:43am | Edited 1:49am
well the leverage would just have to be less, and even after that your left with coins, not dollars.

but the world is just becoming a cess pool of taxes. as goverments grow there are less MONEY PRODUCING industries to create the funds to keep the governments cashed up....

we are all just stock to governments, the more people the more stock. more stock more dividends. more government OH YEAH lets lock a guy up in jail coz he was smoking 1/2 a gram of green in his house, they just do the DUMBEST of things with taxes, for the given example how many staff do the jail have to have just to man the place, and then they have to pay the staff a truck load of cash coz it's a job no one really really wants coz we all know how stupid it is to lock some one up coz they are drunk in there own house and have the music up loud for a night, NOT EVERY NIGHT!!!!

i now live in a country where there is almost NO tax coz i'm FED up with the taxes that cant be explained, yet when i earn a buck they just demand it from me, and i must have a reasonable explination on HOW i generated the fundies. they have concern of how it interupts my life. stuff em dont tell em nothing, if they ask, i dont understand the question, dont tell em anything, coz they dont dont tell you, normally you get fined first than you find out that you done somthing wrong.


the funny thing is i belive income tax was created by the Communist movement..................

i dont dodge tax, i just choose to know how not to live with it, coz i'm fed up of TAXS!

soon we will be taxed coz rain fell on our land, and THE OWNER CAPTURED IT. and who knows i know they thinking of ways on how to tax us for creating carbon emissions. its just getting TOOOOOO MUCH!!!!!

so whats a little tax on guys who are making cash on the market.....

can you tell i PISSED NOOOOOOOOO
if i used every commercial EA i would be a brazilianare by next week!!!!
0 traders viewing now