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#1 is cold comfort. The tax is anathema to our capitalist system. The very act of supporting it even superficially will have a slow residual damage in the markets and the way people think about them. These people are statists and very patient. If it takes another 15 years to pass it they will work on it in slo-mo and you'll barely realize it. The only answer is to get them on record now to oppose it. A Republican should bring a bill to the floor to condemn this type of tax and force Dems to vote against the *idea* of the tax.
-----Original Message-----
From: "Mike" <sfclimbers@xxxxxxxxx>
Date: Tue, 08 Dec 2009 19:02:04
To: <amibroker@xxxxxxxxxxxxxxx>
Subject: [amibroker] Re: Traders Tax
Green is afraid because the tax would likely wipe out a sizable chunk of his business!
The tax would hurt accountants, brokers, internet providers, book sellers, magazine publishers, etc.
Back in March, I used the same link that Steve provided in his earlier reply. In return I got the expected form letter from Senator Boxer thanking me for voicing my concerns. I did not hear back from Senator Feinstein, nor from Representative Speier.
Since then, Boxer has come out saying that she supports the tax. But, only if applied globally.
Now, that is either:
- Astute politics on her part; Appearing to support a tax to soothe the masses, yet in a way that is unlikely to ever materialize.
or
- She really wants to push a global tax :(
At least she recognizes that the US cannot just do it by themselves. It would have to be globally or not at all.
Mike
--- In amibroker@xxxxxxxxxxxxxxx, "Jerry Gress" <pleasenospamplease@xxx> wrote:
>
> Hi all,
>
> What I liked is the ease of sending the e-mail to congress. What stuck me is
> Robert Green's "concerns" or "fear" of this thing passing!! I also did not
> think it was written very well to convince a politician to take heed. Just
> my thoughts.
>
> JG
>
> -----Original Message-----
> From: amibroker@xxxxxxxxxxxxxxx [mailto:amibroker@xxxxxxxxxxxxxxx] On Behalf
> Of Steve Dugas
> Sent: Tuesday, December 08, 2009 9:42 AM
> To: amibroker@xxxxxxxxxxxxxxx
> Subject: Re: [amibroker] Traders Tax
>
> Thanks for posting Jerry. There is also this one, it has been around longer
>
> and has 63,000 signatures so far. I have signed both.
>
> Steve
>
> http://www.rallycongress.com:80/no2tradertax/1536/tell-congres-to-block-trad
> er-tax/
>
>
>
> ----- Original Message -----
> From: "Jerry Gress" <pleasenospamplease@xxx>
> To: <amibroker@xxxxxxxxxxxxxxx>
> Sent: Tuesday, December 08, 2009 11:19 AM
> Subject: [amibroker] Traders Tax
>
>
> > 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
> >
> >
> >
> > ------------------------------------
> >
> > **** IMPORTANT PLEASE READ ****
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> > This is *NOT* technical support channel.
> >
> > TO GET TECHNICAL SUPPORT send an e-mail directly to
> > SUPPORT {at} amibroker.com
> >
> > TO SUBMIT SUGGESTIONS please use FEEDBACK CENTER at
> > http://www.amibroker.com/feedback/
> > (submissions sent via other channels won't be considered)
> >
> > For NEW RELEASE ANNOUNCEMENTS and other news always check DEVLOG:
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> >
> > Yahoo! Groups Links
> >
> >
> >
> >
>
>
>
>
> ------------------------------------
>
> **** IMPORTANT PLEASE READ ****
> This group is for the discussion between users only.
> This is *NOT* technical support channel.
>
> TO GET TECHNICAL SUPPORT send an e-mail directly to
> SUPPORT {at} amibroker.com
>
> TO SUBMIT SUGGESTIONS please use FEEDBACK CENTER at
> http://www.amibroker.com/feedback/
> (submissions sent via other channels won't be considered)
>
> For NEW RELEASE ANNOUNCEMENTS and other news always check DEVLOG:
> http://www.amibroker.com/devlog/
>
> Yahoo! Groups Links
>
------------------------------------
**** IMPORTANT PLEASE READ ****
This group is for the discussion between users only.
This is *NOT* technical support channel.
TO GET TECHNICAL SUPPORT send an e-mail directly to
SUPPORT {at} amibroker.com
TO SUBMIT SUGGESTIONS please use FEEDBACK CENTER at
http://www.amibroker.com/feedback/
(submissions sent via other channels won't be considered)
For NEW RELEASE ANNOUNCEMENTS and other news always check DEVLOG:
http://www.amibroker.com/devlog/
Yahoo! Groups Links
------------------------------------
**** IMPORTANT PLEASE READ ****
This group is for the discussion between users only.
This is *NOT* technical support channel.
TO GET TECHNICAL SUPPORT send an e-mail directly to
SUPPORT {at} amibroker.com
TO SUBMIT SUGGESTIONS please use FEEDBACK CENTER at
http://www.amibroker.com/feedback/
(submissions sent via other channels won't be considered)
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