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On February 13, Congressman Peter DeFazio introduced H.R. 1068, more commonly known as "Let Wall Street Pay for Wall Street's Bailout Act of 2009". This act would impose a 0.25% transaction tax on both purchases and sales of stock, futures and options trades. You would pay this tax even on a losing trade!
IMHO, the responsible people and companies in the market should not have to pay for those who were irresponsible. To me, it's an upside-down version of "moral hazard".
This act also may further damage the credibility of the U.S. financial system, just when we need foreign money the most.
For more information and the opportunity to sign the online petition, please see the following link:
http://www.rallycongress.com/no2tradertax/1536/
IMHO, the responsible people and companies in the market should not have to pay for those who were irresponsible. To me, it's an upside-down version of "moral hazard".
This act also may further damage the credibility of the U.S. financial system, just when we need foreign money the most.
For more information and the opportunity to sign the online petition, please see the following link:
http://www.rallycongress.com/no2tradertax/1536/