Rep. Defazio, in his less than infinite wisdom, has submitted a bill, H.R.
1068 on 2/13/2009 impertinently named
Let Wall Street Pay for Wall Street's Bailout Act of 2009
To amend the Internal Revenue Code of 1986 to impose a tax on certain securities transactions to the extent required
to recoup the net cost of the Troubled Asset Relief Program.
The Bill can be found on loc.gov
Securities and Exchange Act of 1934 Section 31 (b) (c) (d)
Buried in H.R. 676 United States National Health Care Act, or just the relevant section
H.R. 676 is supported by The Citizens Alliance for National Health Insurance here
NY Times columnist Herbert wrote for the concept
Ralph Nader recently wrote for the tax
Barrons, on the other hand ....
Opinion: Transaction Tax Would Add to Pain (thestreet.com)
Should traders be worried about H.R. 1068 transaction tax? (Tucker Report)
The Daily Show message board and mirrored (pdf) , especially comments by LIQUIDMARKETS and Stan8888
The CEO of the Securities Traders Association weights in against H.R. 1068
You can track the bill on govtrack.us
You can find your representative here
Ways and Means Committee membership
There's a thread on elitetrader about it.
A discussion by noted Trader Tax authority Robert Greene (pdf)
A 2004 report on Transaction Taxes in general by CRS, the research arm of the U.S. Congress (pdf)
A 2003 background paper by the NY City Independent Budget Office on transfer taxes (pdf)
A white paper (white wash?) on transaction taxes by Center for Economic and Policy Research (pdf)
Detailed article in Advanced Trading on the trader transaction tax
Credit Suisse analysis of "New 25bps Stamp Tax Proposed" i.e. trader transaction tax
U.S. SEC to more than quadruple transaction fees
Proposed letter to congressmen (thanks Champ, Huddy ?) 2/17/09 pdf text version
Another grass-roots effort to inform congressmen
October 10, 2009 ... its back ... article in WSJ "Democrats Weigh Tax On Financial Transactions"
More to come....
Last updated 10/13/2009