Friday, December 04, 2009

Taxing of Stock Market Trades Proposed by Congress

I remember many years ago, when the City of San Francisco started discussing taxing stock exchange transactions taking place at the Pacific Stock Exchange, the exchange executives started actively looking at other locations to relocate, in Alameda County and Contra Costa County. San Francisco originally thought that it would be a good way to raise extra cash. However, when the search for other sites started, all of a sudden, the discussions about taxing stock trades stopped.

Now, Congressman Peter DeFazio and 22 other members of Congress introduced a bill to tax commodity and stock transactions, in the amount of 1/4% for stock transactions and .02% on futures contracts. Too bad the NYSE (NYX) and NASDAQ (NDAQ) can't threaten to move out of the country.

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