0.25% tax on the sale or purchase of stocks, options, futures

[pegasus]

http://www.nytimes.com/2009/01/13/opinion/13herbert.html?_r=3

if this stupid bill goes through, the markets will be hammered. Traders did not cause this mess, since this mortgage backed securities or whatever where not traded on an exchange, but over the counter.

This bill passing would result in a great loss of liquidity in the markets and a lot of money going abroad.

We already have this system in the UK, and even according to the London Stock Exchange, it causes more harm than good.
http://www.londonstockexchange.com/en-gb/about/Newsroom/Media+Resources/Stamp+Duty/

lets hope this doesn't go through.

 

[lifterdead]

I think FDR did something like this back in the day.

 

[pegasus]

yeah, but then they abolished it.