Showing posts with label transaction tax. Show all posts
Showing posts with label transaction tax. Show all posts
Friday, January 29, 2010
Transaction tax could cause volume to plunge, insider says
Thomas Peterffy, CEO at Interactive Brokers Group, said a tax on financial transactions could cause volume on the stock market to drop 90%. "The mother of all creators of havoc on Wall Street is this looming transaction tax," Peterffy said. "Trading volumes would plunge by about 90%, markets would become illiquid and tens of thousands of people would lose their jobs."
Thursday, January 7, 2010
Commentary: Stock trading isn't a vice to be taxed
Taxing stock transactions is "a really bad idea" that congressional Democrats should avoid, write Donald L. Luskin, chief investment officer at Trend Macrolytics, and Chris Hynes, CEO of Hynes Capital. The two say Democrats are acting as if trading stocks is a vice that should be taxed, in the same way tobacco, alcohol and gambling are taxed. "Except that trading isn't a vice. The exchange and hedging of business interests is a virtuous -- and utterly essential -- activity in a free economy," they write.
Tuesday, November 3, 2009
Financial industry execs oppose proposed transaction tax
Lawmakers are considering a proposal that would levy a tax on all trades of financial products, including stocks, bonds, derivatives and commodities. Executives in the financial industry said the tax would discourage investment in the country, driving business overseas. "Transaction taxes have been suggested on and off at the state and federal levels for as long as there have been both stock trades and governments looking for revenue," said Travis Larson, a SIFMA representative. "As an industry, we have an equally long history of opposing such proposals."
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