Hello, By the way: if "inventors" of this new tax ran any backtest and added 0.25% "commission" on each trade, they would clearly see that such tax kills profitability of many trading systems (making them unusable).
Best regards, Tomasz Janeczko amibroker.com On 2009-12-08 17:19, Jerry Gress wrote: > 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 **** > 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 > > > > >
