New Financial Transaction Tax Purposed | Page 4 | TigerDroppings.com

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Tiger n Miami AU83
Auburn Fan
Miami
Member since Oct 2007
35129 posts

re: New Financial Transaction Tax Purposed


quote:

If it was a gambling tax, it would start at casinos vs investements.


Again, short term trading is not really investing. It is much more akin to gambling.







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jcole4lsu
Virginia Fan
The Kwisatz Haderach
Member since Nov 2007
27041 posts

re: New Financial Transaction Tax Purposed


a couple of things:
a) this is obviously a money grab
b) the govt WILL, of course, waste the money
thus I cannot support any new tax by FedGov.

having said that, I don't see any major drawbacks to the tax AS PROPOSED. I think Russian makes a valid point on how this is actually double the rate his brokerage firm gets on a $50k transaction, but that concern alone isnt that great.
I would be quite worried about the slippery slope effect. Before long, Zach's $100 ATM withdrawal would be subject as well. Thats just the way FedGov works.

Way too much childish name calling in this thread. The tax proposal isnt THAT ridiculous (especially for FedGov's standards) and OP didnt flame until flamed. save that shite for Rex or Kashonly threads.






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jcole4lsu
Virginia Fan
The Kwisatz Haderach
Member since Nov 2007
27041 posts

re: New Financial Transaction Tax Purposed


quote:

Again, short term trading is not really investing. It is much more akin to gambling.

this is just semantics. all investing is gambling, just with different levels of risk.
by your logic I can make a very detailed argument as to why poker isnt gambling and shouldnt be regulated as such.






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Taxing Authority
LSU Fan
Houston
Member since Feb 2010
22901 posts

re: New Financial Transaction Tax Purposed


quote:

Personally, I say fine. Frequent trading of stocks is essentially gambling and adds no value to anyone or anything except it is like a win and loss to the person making the trades.
False. It add an incredible amount of liquidity and a negative feedback to large trading swings.

quote:

FTR, I spent almost a year as a essentially a day trader, and paid thousands in brokerage fees that year as well.






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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
21829 posts
 Online 

re: New Financial Transaction Tax Purposed


quote:

Again, short term trading is not really investing


Bull shite. people do short term trades because they want to capture what they feel are values in the current market. When they think the value is no longer there, they sell. As many have mentioned, increasing costs to make trades will just make the market less efficient and create wider spreads. You will see increased gains and losses as people wait longer before trading. This will once again lead to larger companies benefiting greatly while smaller companies are priced out. Good job democrats. More people on welfare.






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CITWTT
LSU Fan
baton rouge
Member since Sep 2005
31765 posts

re: New Financial Transaction Tax Purposed


Where has the dumbassed Aubie grad run on to, as he has not posted in a while?





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Taxing Authority
LSU Fan
Houston
Member since Feb 2010
22901 posts

re: New Financial Transaction Tax Purposed


quote:

They already have different tax treatement for short term and long term gains so you shouldn't act like this is really trying to deter specific behavior.
Thats a great point! The difference between LTCG and marginal income rates is far higher than this tax would be. The argument that this tax would discourage frequent trading is clearly false.



This post was edited on 3/25 at 10:36 am


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Taxing Authority
LSU Fan
Houston
Member since Feb 2010
22901 posts

re: New Financial Transaction Tax Purposed


quote:

Again, short term trading is not really investing. It is much more akin to gambling.
So you're a crusader against casinos too? Honestly, why do you feel you have the right to tell people if they can gamble with their own money or not?



This post was edited on 3/25 at 10:37 am


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polizei11
LSU Fan
Lafayette
Member since May 2009
971 posts

re: New Financial Transaction Tax Purposed


quote:

I don't see how or why since a credit is supposed to offset the tax 100% for those types of accounts. It is a dollar for dollar offset.


We will get the tax credit for our contributions but I'm talking about the transactions the Brokerages do with our money. They will be doing the transactions and implying the tax which they will transfer to us.






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CITWTT
LSU Fan
baton rouge
Member since Sep 2005
31765 posts

re: New Financial Transaction Tax Purposed


You haven't answered any querys of your BS with any measure of authority for the multitude of taxes paid to the govt. whatsoever. Your liking of this idea is it is just a new manner of stealing on the books. Go play in the hoods of Miami and have the thugs do us a favor.





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Poodlebrain
LSU Fan
Way Right of Rex
Member since Jan 2004
15462 posts

re: New Financial Transaction Tax Purposed


If taxing gambling is the intent, then why aren't casino bets being taxed? This is nothing more than government adding to the cost of financial transactions. Who will have the largest tax bills if this passes? The brokerage houses that do programmed trading. Do you think they are going to eat this increased cost, or do you think they will pass the cost through to their customers in the form of higher fees for services? Can you guarantee those fee increases will not be applied to 401(k) accounts and other supposedly exempt accounts?





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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
82885 posts
 Online 

re: New Financial Transaction Tax Purposed


quote:

Gov is looking for areas to increase tax revenues.
When was the last time the government said it had too much tax revenues?






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
82885 posts
 Online 

re: New Financial Transaction Tax Purposed


quote:

short term trading is not really investing. It is much more akin to gambling.

Gambling is based on odds and pure chance. Short term trading is based on market price anomalies using historical trading data.

I thought you said you knew about short term trading???






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The Cow Goes Moo Moo
Georgia Tech Fan
Bucktown
Member since Nov 2012
1755 posts
 Online 

re: New Financial Transaction Tax Purposed


quote:

inheritances...


I never understood the taxing of an inheritance. It has already been taxed once when it was originally earned. Why do you feel the need to tax it further just because it is changing hands? There appears to be no logic in doing so.






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jcole4lsu
Virginia Fan
The Kwisatz Haderach
Member since Nov 2007
27041 posts

re: New Financial Transaction Tax Purposed


quote:

I never understood the taxing of an inheritance. It has already been taxed once when it was originally earned. Why do you feel the need to tax it further just because it is changing hands? There appears to be no logic in doing so.


the logic in inheritance tax is two fold:
a) money grab
b) progressives love the "equality of opportunity" mindset that goes along with taking from a rich dead guy to give to the living poor






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Zach
LSU Fan
Member since May 2005
64471 posts
 Online 

re: New Financial Transaction Tax Purposed


quote:

When was the last time the government said it had too much tax revenues?

Hey Russian, do you remember the NYC proposal to tax "views"?
If you had an apartment or townhouse that had a nice view, like the Hudson River, you had to pay a tax.






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Tiger n Miami AU83
Auburn Fan
Miami
Member since Oct 2007
35129 posts

re: New Financial Transaction Tax Purposed


quote:

Bull shite. people do short term trades because they want to capture what they feel are values in the current market


No. Lots and lots of traders are not looking for value at all. They are just trading on spreads many times a day in and out of the same stock.

I assume you have no experience in this arena?






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Tiger n Miami AU83
Auburn Fan
Miami
Member since Oct 2007
35129 posts

re: New Financial Transaction Tax Purposed


quote:

Gambling is based on odds and pure chance. Short term trading is based on market price anomalies using historical trading data.


We will just disagree. PLENTY view day trading as a form of gambling. In fact I would say the majority of people that are familiar with it and practice it view it as a form of gambling. I certainly did.

quote:

I thought you said you knew about short term trading???


I know enough. Maybe you should come down off your high horse for a while. You know what I am saying is correct anyway.






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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
21829 posts
 Online 

re: New Financial Transaction Tax Purposed


quote:

I assume you have no experience in this arena?


You are correct. No way would I trade the same stock many times a day.

But, again, all this does is keep the markets liquid. If you want to punish short term traders, why not just increase capital gains taxes? Why add an additional layer onto our tax complexity?






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Tiger n Miami AU83
Auburn Fan
Miami
Member since Oct 2007
35129 posts

re: New Financial Transaction Tax Purposed


quote:

If taxing gambling is the intent, then why aren't casino bets being taxed?


They are. Win big at a casino and watch them withhold before paying you out and make you fill out the tax form.

And being an accountant you should know net casino winnings are taxable.

quote:

Can you guarantee those fee increases will not be applied to 401(k) accounts and other supposedly exempt accounts?


Yeah, I think so. Should be very simple and 401(k) already severely restrict short term trading so I really doubt it is an issue.







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