There’s a petition online to oppose the so-called Trader Tax bill (H.R. 1068, also known as the “Let Wall Street Pay for Wall Street’s Bailout Act of 2009“).
James “Rev Shark” DePorre (a professional trader and columnist for TheStreet.com) has collected over 30,000 signatures and over 60,000 letters and emails have gone to congress so far.
Somehow, a group of economic and market dilettantes in DC got it in their heads that active traders are somehow responsible for the credit crisis that was actually caused by piggish bankers and out-to-lunch regulators. Because the esteemed congressmen don’t seem to understand the vital importance of liquidity, they are proposing a tax of .25% on every single buy and sell made on the stock and bond exchanges.
With our still-fragile recovery just getting underway, nothing could possibly be more foolish than to make the buying and selling of financial assets MORE onerous. Some pols get it, such as Charles Schumer, and are opposing the tax. I’m utterly blown away at how backwards this idea is and I’m hoping that if you agree, you’ll add your name to the petition.