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financial transaction tax
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financial transaction tax

  #11 (permalink)
Don't Poke The Bear!
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A move to the left seems almost inevitable, whether you are for it or not. The wealth disparity in this country has become unbalanced. As Hedge Fund King Ray Dalio currently says, capitalism is not working for a large segment of the population. If you look back in American History, the last 'Gilded Age' was followed by the 'Progressive Era'. I"m not making any personal points here, I just think there is a decent chance that for better or worse, the same cycle will repeat. It certainly didn't help that ten years of a bull market that only benefitted the wealthy was followed by the Tax Cuts that turned into nothing more then corporate welfare at the worst time. The pendulum is going to swing back.

So the question is how far left will we go? We will have to see.

Meanwhile, I've been waiting to see if the Dems start to renew calls for a financial transaction tax. I figured it was only a matter of time:

https://www.bloomberg.com/news/articles/2019-02-06/democrats-target-wall-street-with-financial-trade-tax-proposal.

This is what happens when you have a rigged market that is not allowed to go down but only the wealthy get to play.

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Last edited by srgtroy; February 8th, 2019 at 12:09 AM.
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  #12 (permalink)
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so if i buy and sell 1 ES contract which has a notional value of $135,000, I have to pay $270 in tax? (0.1% tax)

what?????

so i'd have to go 22 ticks in profit just to break-even? surely that can't be right.

but in the case that FTT actually passes in the US, it should only increase costs for US traders, right? if i am for example, a Singapore citizen, trading through a US futures broker, would the FTT affect me or is it something that's passed along to anyone placing trades through a US exchange?

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  #13 (permalink)
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canoekoh View Post
so if i buy and sell 1 ES contract which has a notional value of $135,000, I have to pay $270 in tax? (0.1% tax)

what?????

so i'd have to go 22 ticks in profit just to break-even? surely that can't be right.

but in the case that FTT actually passes in the US, it should only increase costs for US traders, right? if i am for example, a Singapore citizen, trading through a US futures broker, would the FTT affect me or is it something that's passed along to anyone placing trades through a US exchange?

I think they are talking primarily about stock/equity trades. I'm not quite sure how they would address leveraged instruments. Some versions of a FTT just want to tax HFTs. Its way too early to know what it would look like in the end.

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Last edited by srgtroy; February 8th, 2019 at 06:51 AM.
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  #14 (permalink)
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A few relevant articles:

Federal Reserve Calls Income Inequality The Biggest Challenge In Next Ten Years

Wealth Concentration Returning To Levels Last Seen Since The Roaring Twenties

Ray Dalio -- Our Biggest Economic, Political, and Social Issue --https://twitter.com/RayDalio/status/1092827169443713024

I'm not advocating any personal political positions, just trying to figure out where the puck is headed...

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  #15 (permalink)
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SMCJB View Post
In the event of a EU financial transaction tax I think you will find that Switzerland immediately becomes the trading hub of Europe. I don't say this flippantly. I believe most if not all European exchanges already have in place a "disaster plan" similar to this.

I believe the same applies in the US. The exchanges would move off shore.

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  #16 (permalink)
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SMCJB View Post
I believe the same applies in the US. The exchanges would move off shore.

Its good to know they have 'disaster' plans, but its hard to imagine the NYSE, NASDAQ & CME moving off shore. I'm sure they would hope that just the threat of moving off shore would be enough to prevent such a tax. At any rate, even if the exchanges did move off shore, wouldn't they find another way to tax traders? Maybe through their brokers? Really, the whole trading ecosystem would have to move offshore. Worst case scenario laws then get passed prohibiting US traders from trading offshore exchanges but I think at that point they would cause the whole system to collapse.

Well, nothing's gonna happen for the next two years at least. Then we'll see.

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  #17 (permalink)
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https://www.cnbc.com/2019/03/04/house-democrats-reintroducing-financial-services...ortez-as-co-sponsor.html

Daytrading would be over. Copy of the bill at the bottom.

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  #18 (permalink)
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0,1%GREAT IDEA contract value 150000USD tax will be 150USD.Fool politicians i think they have very high IQ 15

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  #19 (permalink)
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as FTT news is thrust in front of the public more and more, it will gradually gather momentum and support among the public, whose conception of a FTT amounts to little more than a "extra tax for the rich!"

and it's especially troubling for the US to implement FTT b/c the US often serves as model for other countries in terms of financial regulations.

and what's sad is Wall Street will happily accept FTT b/c they will be the ones to receive exemptions. they have to, unless you want capital markets with no MM aka no liquidity, which no politician is going to want. given how much our pensions are invested in such instruments, you have to give exemptions to Wall Street no matter what.

it's the retail traders that will be absolutely crushed to pieces by this. day after day, Democrats make it harder for me to vote for them even when the alternative is so unappealing.

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  #20 (permalink)
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I used to think an FTT would never get passed in America, that it was too capitalistic a society, but I don't know anymore. The Fed has turned the market into a racket that essentially dispenses welfare to the rich. Gains are privatized, losses are socialized, and there is a permanent market put. That makes it only a matter of time before those who are unable to get free handouts from the Fed want a part of it. An FTT is one way for them to get that.

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