Trader Tax or let traders and investors pay for TARP act of 2009!
Liberals are continuing their assault on investors, traders and the stock market. Peter DeFazio introduced the Let Wall Street Pay for Wall Street’s Bailout Act of 2009 bill in another utterly audacious attempt to stifle private enterprise. What is especially sad, the purpose of this bill as officially stated is to pay for TARP! TARP was shoved down our throats by the liberals, largely rejected by the GOP and force fed to the American public.
This bill was introduced several weeks ago, but I am just learning about it now and someone that participates in the market find this to be repulsive and disgusting to the core.
The way it will work, is to simply levy a .25% on every transaction. So let's say for example that you have a 200,000 account and make $1,000,000 worth of transactions, which is as easy as buying and selling several hundred shares of things like BIDU, APPL, IBM, etc. With this tax, you are paying an extra $2,500 win or lose! This is important, you can lose your shirt by making the wrong decisions, pay for the transaction costs and now be forced to pay taxes on top of that!
This will sap liquidity an already growing problem in the market, where more and more people are cashing out their positions and saying good bye to the market for a long time. This will discourage small time traders and investors, discourage new participants and ultimately shift the behavior of big money managers to reduce the number of transactions and enforce a more buy and hold strategy. The big fund managers perform transactions in the hundreds of millions and will be looking at tens of thousands in new taxes, this like any new tax will cause a behavioral change.
In case you are not angry enough, think about the twisted cruel of fate that is being proposed on the American people. We are essentially being asked to pay for the failures of all the companies and all the banks that already destroyed our 401Ks by half and to fund the TARP program, a program sold to us as a loan! We were promised that this loan will not cost us anything and now traders are being asked to foot the bill for the tremendous failure of CEOs. We are spiraling out of control and fighting every new proposal, every new spending bill and every liberal agenda is becoming harder and harder.
What can you do?
Send a letter to Congress and make yourself heard!
Tell Peter DeFazio what a massive schmuck he is.
While you are here, check out Jim Cramer today blast the Obama administration. Cramer may be a loudmouth, but sometimes he just nails things.
This bill was introduced several weeks ago, but I am just learning about it now and someone that participates in the market find this to be repulsive and disgusting to the core.
The way it will work, is to simply levy a .25% on every transaction. So let's say for example that you have a 200,000 account and make $1,000,000 worth of transactions, which is as easy as buying and selling several hundred shares of things like BIDU, APPL, IBM, etc. With this tax, you are paying an extra $2,500 win or lose! This is important, you can lose your shirt by making the wrong decisions, pay for the transaction costs and now be forced to pay taxes on top of that!
This will sap liquidity an already growing problem in the market, where more and more people are cashing out their positions and saying good bye to the market for a long time. This will discourage small time traders and investors, discourage new participants and ultimately shift the behavior of big money managers to reduce the number of transactions and enforce a more buy and hold strategy. The big fund managers perform transactions in the hundreds of millions and will be looking at tens of thousands in new taxes, this like any new tax will cause a behavioral change.
In case you are not angry enough, think about the twisted cruel of fate that is being proposed on the American people. We are essentially being asked to pay for the failures of all the companies and all the banks that already destroyed our 401Ks by half and to fund the TARP program, a program sold to us as a loan! We were promised that this loan will not cost us anything and now traders are being asked to foot the bill for the tremendous failure of CEOs. We are spiraling out of control and fighting every new proposal, every new spending bill and every liberal agenda is becoming harder and harder.
What can you do?
Send a letter to Congress and make yourself heard!
Tell Peter DeFazio what a massive schmuck he is.
While you are here, check out Jim Cramer today blast the Obama administration. Cramer may be a loudmouth, but sometimes he just nails things.
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