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Even at a mere three cents that's unfair to a working class person buying their first stock for their IRA vs. a billionaire who does multiple transactions. Also
by michaelpinto 14y ago
Even at a mere three cents that's unfair to a working class person buying their first stock for their IRA vs. a billionaire who does multiple transactions. Also while it may be just three cents today it will rise over time. And not for nothing this is also a good way to offshore even more financial sector jobs which really does impact places like New York City.
- bediger4000 14y agoDon't we want to offshore finacial sector jobs? As I understand it, personnel costs are huge in the financial sector, with multi-million dollar year-end bonuses & etc. If we can keep personnel costs down, won't that benefit the consumers of financial services, as the cost to the consumer will also either go down, or not go up so much?
- michaelpinto 14y agoThat's already happened: In most of those firms everything that can be outsourced has been outsourced, so the next step would be the firm leaving NYC. And as someone in NYC I think that's a bad idea. Other cities like London are in the same boat in terms of how they treat their financial industry as well. By the way I say this not because I love that industry, but because it adds to the diversity of the local economy and really helps the tax base.
- rtpg 14y agobut they won't be kept down. Chances are they'll go up, since banks will pay for their talent to move to London/Tokyo/Hong Kong and work there.
- ksherlock 14y agoThe proposal is not 3 cents / transaction, it's 3 cents/$100 worth of transaction, ie, a .03% transaction tax.