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The White House supports studying a financial transaction tax (0.1% tax on stocks)Posted by WPBTiger 
on 2/21/21 at 8:40 pm
on 2/21/21 at 8:40 pm
6
14 LINK
quote:
The White House supports studying the merits of a financial transaction tax — a move favored by progressives and despised by Wall Street — in the wake of the GameStop trading frenzy.
quote:
A 0.1% tax on stock, bond and derivative transactions could raise $777 billion for the federal government over a decade, according to a 2018 estimate by the nonpartisan Congressional Budget Office.
However, such a tax would face fierce opposition from Wall Street and it's unclear whether moderate Democrats would support it. Opponents warn it would backfire on retail investors by raising costs and making financial markets less liquid.
This post was edited on 2/21 at 8:43 pm
re: The White House supports studying a financial transaction tax (0.1% tax on stocks)Posted by wileyjones on 2/21/21 at 8:43 pm to WPBTiger
on 2/21/21 at 8:43 pm to WPBTigerfrick any tax
re: The White House supports studying a financial transaction tax (0.1% tax on stocks)Posted by castorinho 
on 2/21/21 at 8:51 pm to WPBTiger
on 2/21/21 at 8:51 pm to WPBTigerFor fricks sakes man
re: The White House supports studying a financial transaction tax (0.1% tax on stocks)Posted by JiminyCricket on 2/21/21 at 8:59 pm to WPBTiger
on 2/21/21 at 8:59 pm to WPBTigerI had a conversation with a reasonably intelligent co worker today where he stated that taxes won’t go up under Biden unless you make “like 400k a year.”
Yeah.......
Yeah.......
re: The White House supports studying a financial transaction tax (0.1% tax on stocks)Posted by HailToTheChiz 
on 2/21/21 at 9:05 pm to JiminyCricket
on 2/21/21 at 9:05 pm to JiminyCricketThis is just the beginning
re: The White House supports studying a financial transaction tax (0.1% tax on stocks)Posted by GeneralLee 
on 2/21/21 at 9:16 pm to WPBTiger
on 2/21/21 at 9:16 pm to WPBTigerIf there was a way to limit this to HFT hedge funds doing billions of trades annually, I’d consider that in exchange for indexing capital gains to inflation.
re: The White House supports studying a financial transaction tax (0.1% tax on stocks)Posted by tenderfoot tigah on 2/21/21 at 9:27 pm to GeneralLee
on 2/21/21 at 9:27 pm to GeneralLeeI wouldn't trust a Democrat as far as I see them. You have to be completely brainwashed to be a Democrat these days.
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re: The White House supports studying a financial transaction tax (0.1% tax on stocks)Posted by Fat Bastard 
on 2/21/21 at 9:36 pm to tenderfoot tigah
on 2/21/21 at 9:36 pm to tenderfoot tigahquote:
You have to be completely brainwashed to be a Democrat these days.
you have plenty of those idiots who post here!
re: The White House supports studying a financial transaction tax (0.1% tax on stocks)Posted by Triple Bogey on 2/22/21 at 6:19 am to WPBTiger
on 2/22/21 at 6:19 am to WPBTigerThink about the actual ins and outs of a policy like this.. Your 401ks, ETFs, IRAs and the huge funds that hold pensions, etc. would have to pay a tax each time they reposition. This isn't just going to just hurt the small retail investors and it would almost assuredly blow the market up.
This and the unrealized cap gains tax are two of the dumbest policies I've ever heard of being proposed.
This and the unrealized cap gains tax are two of the dumbest policies I've ever heard of being proposed.
re: The White House supports studying a financial transaction tax (0.1% tax on stocks)Posted by xxTIMMYxx on 2/22/21 at 6:32 am to Triple Bogey
They will just give it to people who have done absolutely nothing to earn it
re: The White House supports studying a financial transaction tax (0.1% tax on stocks)Posted by BlackPawnMartyr 
on 2/22/21 at 6:50 am to WPBTiger
on 2/22/21 at 6:50 am to WPBTigerThis is what happens when you vote for an extreme authoritarian government. This isnt a great nation anymore just a clown show.
re: The White House supports studying a financial transaction tax (0.1% tax on stocks)Posted by kywildcatfanone 
on 2/22/21 at 7:49 am to WPBTiger
on 2/22/21 at 7:49 am to WPBTigerElections have consequences. Taxes are going up as much as possible. Have to pay for the stimulus, you know, instead of cutting taxes to actually stimulate the economy.
re: The White House supports studying a financial transaction tax (0.1% tax on stocks)Posted by oklahogjr 
on 2/22/21 at 7:58 am to kywildcatfanone
on 2/22/21 at 7:58 am to kywildcatfanonequote:
Elections have consequences. Taxes are going up as much as possible. Have to pay for the stimulus, you know, instead of cutting taxes to actually stimulate the economy.
Let's keep the election commentary on the poliboard. We've been doing this dump stimulus into the economy regardless of party lines for as long as I remember. Someone was eventually gonna have to pay for it although this policy makes no sense to me. Seems like the best place to get the money would be to reduce tax breaks and plug loopholes in our current system isn't of inventing new taxes
quote:
This seems like a reasonable place to discuss the implications of a tax on stock trades to me
He/she is one of the posters who voted for this type of tax
Of course he/she wants to avoid any of that talk
quote:
This seems like a reasonable place to discuss the implications of a tax on stock trades to me
Sure let's discuss the implications as I said I wish they'd look elsewhere and others said the market will react negatively to this happening because of the cash cost to not just smaller but larger institutions. Let's dive deeper please provide your detailed analysis.
Bitching that Dems or Republicans either one spends too much is poliboard Fodder. both parties overreach, spend too much ,and interfere with the markets unnecessarily.
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