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Thread: New Robin Hood Tax Introduced In Congress

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    Re: New Robin Hood Tax Introduced In Congress

    Quote Originally Posted by Bigfoot 88 View Post
    "Reduce some of the volatility in our markets"

    There is no evidence of that.
    This is true; at this point it's strictly theoretical.

    All it would do is make the market dramatically smaller, but that doesn't reduce the risks that are taken.
    It should reduce the incentive for day-trading, and makes it less likely that people will react en masse with panic or exuberance to small changes in the market, by making those behaviors more costly.

    If anything creates a financial crisis, this tax would be it.
    How so?
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    Re: New Robin Hood Tax Introduced In Congress

    Quote Originally Posted by Thrilla View Post
    a robin hood tax is pretty stupid.... if you are trying to help the middle class, anyways.

    those whom understand how corporation are not taxpayers( taxes flow through them to end users) realize who.. in the end, will be paying this tax.
    But the end-users, in this case, are day-traders and other major investors who aren't really adding anything to the economy but are just engaging in rent-seeking behavior. If the costs get passed on to them, I'm OK with that.

    the most notable end user who will be on the hook for this tax is .. pension holders.
    Not really. I don't know about you, but I only look at my pension a couple times a year. If you're actively day-trading your pension fund, then you probably already have much bigger things to worry about than a financial transaction tax.
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    Re: New Robin Hood Tax Introduced In Congress

    Quote Originally Posted by Kandahar View Post
    It should reduce the incentive for day-trading, and makes it less likely that people will react en masse with panic or exuberance to small changes in the market, by making those behaviors more costly.
    If the market is signaling something, you have to respond. This makes it more expensive. And a market trigger can either be correct or incorrect, it isn't as if this only prevent bad signals.

    How so?
    By destroying the stock market.
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  4. #34
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    Re: New Robin Hood Tax Introduced In Congress

    Quote Originally Posted by TheDemSocialist View Post
    [/FONT][/COLOR]http://therealnews.com/t2/index.php?...4&jumival=9009

    Seems like common sense to me. Im not gonna expect it to get very far in this country however.

    Common sense would be to not name it the Robin hood tax.The term Robin Hood in many people's eyes has the connotation of someone who steals from the rich and gives to the poor. So essentially this bill could be seen as code for lets steals steal from the rich bill.Which will make the bill DOA. There might be a few rich democrats and rino republicans who will give it a meaningless vote to appease some fringe elements out there, but that is about it.
    "A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murder is less to fear"

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    Re: New Robin Hood Tax Introduced In Congress

    Quote Originally Posted by Kandahar View Post
    But the end-users, in this case, are day-traders and other major investors who aren't really adding anything to the economy but are just engaging in rent-seeking behavior. If the costs get passed on to them, I'm OK with that.



    Not really. I don't know about you, but I only look at my pension a couple times a year. If you're actively day-trading your pension fund, then you probably already have much bigger things to worry about than a financial transaction tax.
    your pension funds get traded all the time... they don't just sit there an accrue interest.

    the end user is whomever is going to pay the additional service fees that will be used to offset the tax... and not be able to pass them off to another.

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    Re: New Robin Hood Tax Introduced In Congress

    Quote Originally Posted by Bigfoot 88 View Post
    If the market is signaling something, you have to respond. This makes it more expensive.
    As it should. If the tax is 0.5%, that means there would need to be at least a 0.5% differential between the price of the stock and the perceived value of the stock before it would be worthwhile to trade it. In other words, it reduces the incentive for people to buy stock today and then sell it tomorrow if it appreciates a tiny bit tomorrow. The advantage of this is that it makes it less likely that everyone will run for the exits (or create a bubble) all at the same time.

    And a market trigger can either be correct or incorrect, it isn't as if this only prevent bad signals.
    As far as I'm concerned there is no such thing as a "market trigger" or a "good signal." The best predictor (and only accurate predictor) of the price of a stock tomorrow, is the price of that stock today. It is very rare for someone to consistently beat the market, and so "signals" have very limited usefulness. They tend to just cause panic.
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    Re: New Robin Hood Tax Introduced In Congress

    Quote Originally Posted by Thrilla View Post
    your pension funds get traded all the time... they don't just sit there an accrue interest.

    the end user is whomever is going to pay the additional service fees that will be used to offset the tax... and not be able to pass them off to another.
    Which will require fund managers not to churn fees and actually analyze their portfolio more closely IMO if they want to keep people in their fund and keep getting their big fee to do it. Lord forbid a fund manager have to have an investment strategy more than a day or a week long.

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    Re: New Robin Hood Tax Introduced In Congress

    Quote Originally Posted by Thrilla View Post
    your pension funds get traded all the time... they don't just sit there an accrue interest.
    They are invested in specific index funds where they essentially just appreciate/depreciate and don't get traded, except when the portfolio is rebalanced. That's why the fees are so low on index funds and unmanaged mutual funds. I'm not sure what happens behind the scenes at the firms managing those funds, but there is no reason that they would NEED to be traded all the time. As far as the end user is concerned, the funds are just sitting there.

    the end user is whomever is going to pay the additional service fees that will be used to offset the tax... and not be able to pass them off to another.
    So from the perspective of an average person with a pension, how do I benefit from guys in suits constantly trading my money, instead of just leaving it alone in the fund that I picked?
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    Re: New Robin Hood Tax Introduced In Congress

    Quote Originally Posted by jamesrage View Post
    Common sense would be to not name it the Robin hood tax.The term Robin Hood in many people's eyes has the connotation of someone who steals from the rich and gives to the poor. So essentially this bill could be seen as code for lets steals steal from the rich bill.Which will make the bill DOA. There might be a few rich democrats and rino republicans who will give it a meaningless vote to appease some fringe elements out there, but that is about it.
    So basically your beef is that its named "Robin Hood Tax"? Thats some lame beef.


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    Re: New Robin Hood Tax Introduced In Congress

    Quote Originally Posted by TheDemSocialist View Post
    [/FONT][/COLOR]http://therealnews.com/t2/index.php?...4&jumival=9009

    Seems like common sense to me. Im not gonna expect it to get very far in this country however.
    Why are they calling it a "robin hood tax"? I mean, let's just call it what it is: A federal sales tax. I'm not opposed to it, but to make anything off it, and put it towards our national debt, we'll need to cut some fat off the bureaus and the more frivolous federal spendings.

    Dissolve the BATFE and DEA, merge ICE into the FBI, cut the salaries of congressmen, the president, and supreme court justices down to five figures annually, and give them the same benefits packages offered to regular government employees, remove DoD contractors from positions already filled by the uniformed services, and that's just the beginning. That's the part that really isn't going to go far.
    I love the NSA. It's like having a secret fan-base you will never see, but they're there, watching everything you write and it makes me feel all warm and fuzzy inside knowing that I may be some person's only form of unconstitutional entertainment one night.

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