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Hello,
Just received the below to fill out and automatically send to Washington
written by Robert Green. Free on E-mail or $9 to have a service print and
mail.
JG
PS. First from California to send, so it said?
http://www.rallycongress.com/greentradertax-traders-association1/2644/save-t
raders-jobs-do-not-enact-financial-transaction-tax/
////////////begin letter
Save Traders' Jobs: Do Not Enact a Financial-Transaction Tax
Sign the Petition : 7,329 Letters and Emails Sent So Far
Dear Congressman,
Please don't pass a financial-transaction tax. It will cause my colleagues
and me to lose our jobs. I understand you want to pass a
financial-transaction to finance a new jobs recovery bill. That makes very
little sense, because the tax would put me out of business and lead to job
losses among my colleagues. Look at the number of people who have signed
this petition and kindly count them as job losses. If you can table the
financial-transaction tax, you can count this number as saved jobs.
Rep. Peter DeFazio (D-Ore.) continues to support the tax as a way to pay for
a jobs bill he is drafting with Rep. Ed Perlmutter (D-Colo.) titled "Let
Wall Street Pay for the Restoration of Main Street Act of 2009." They are
proposing a 0.25-percent tax on the sale and purchase of financial
instruments including stocks, options, derivatives, and futures.
I'm a humble small business trader trading in an honest and legal manner to
support my family. If you pass this tax and put me out of business, I have
few job prospects in this economy. I understand recovery may take another
year or two, and I can't wait that long. I'm not necessarily suitable for
some of the new jobs advocated by the government, such as road construction,
working in windmills, and green-energy installation jobs. I am doing a good
job for myself and society using my higher education, knowledge of computers
and the internet, and my savings to trade the financial markets. Many
traders have already used up unemployment benefits after being laid off, so
if you put them out of business, they will have no safety net. Traders buy
goods and services from Main Street and most traders live on Main Street,
not Wall Street. This tax proposal will hurt existing Main Street jobs and
won't produce new ones, either.
I've read that supporters view this transaction tax as a way to "make Wall
Street pay." But their logic is inaccurate: The economy's downward spiral
was caused by the real estate bubble and poor lending practices; not by
traders. The stock-market recovery since March 2009 - one of the few bright
spots of the economic recovery - has been helped by traders like me bidding
up stocks on a daily basis. Traders provided liquidity when financial
markets crashed, buying stocks when other investors panicked and sold off.
Kindly reassess the financial-transaction tax and do not include it in your
jobs recovery efforts. If you believe taxes should be charged against some
of those on Wall Street - big banks and institutions - please don't lump me
in that category. Why not consider a bank levy as suggested by Secretary
Geithner and the IMF instead?
If you're looking to raise taxes from Wall Street, here's another idea. You
could let the TARP banks and institutions pay bonuses to their workers in
stock rather than cash. As I understand it, close to 50 percent of those
bonus payments (whether in cash or stock) will go to federal, state, and
city taxes, amounting to $50 billion dollars or more (rough estimates). This
is a similar dollar amount you intend to raise with the
financial-transaction tax. If you don't allow the Wall Street banks to pay
bonuses and they retain those profits, it won't necessarily enhance capital
and it won't lead to higher tax revenue. Those banks have large net
operating losses to soak up the profits.
Everyone I know in the trading business will be forced out of work with the
financial-transaction tax, so you won't collect the projected tax revenue
from us. If you pass this tax in the U.S. well before the rest of the
world's financial centers pass it, traders all over the globe will trade
foreign markets instead of U.S. markets. In addition to running me out of
business, you'll also force my brokerage firm and the financial exchanges to
lay off employees. This tax will bring many unintended consequences,
including job losses on Main Street.
President Obama empowered Treasury Secretary Geithner to speak for the U.S.
on the world stage at the G20 meeting in November. Secretary Geithner said
he didn't support this tax, and he is trying to coordinate the effort with
the rest of the world. The IMF gave early indication it doesn't support the
tax as well, but it will present its official report in April 2010.
In summary, this financial-transaction tax seems very unwise. Raising taxes
on traders will kill jobs, put small companies out of business, and in the
end, raise very little revenue. With these groups out of work, their tax
revenue is lost. Touting this tax as a way to create jobs on the government
level (short-term jobs that have no sticking power) is an incredibly
shortsighted move. If you count the saved and created jobs, you'll find
you're destroying jobs on a net basis. Please leave this analysis to people
who are well trained in economics, such as Secretary Geithner. Kudos to him
for handling the global stage properly on this matter. We trust he will lend
his voice to President Obama and continue to speak out against a
financial-transaction tax.
Thank you for your time to read our Petition and we appreciate your support.
Letter prepared by Robert A. Green, CPA
President, CEO
GreenTraderTax Traders Association
http://www.greencompany.com/Association/index.shtml
Writing on behalf of our traders
Blog on the Financial-TransactionTax:
http://www.greencompany.com/blog/index.php
------------------------------------
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