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  #1  
Old 03-02-2013, 01:47 AM
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Tax on high speed trading proposed and roundly ignored

Harkin: Tax high-speed traders to fill budget hole - MarketWatch

Tom Harkin has propsed a modest tax (something like 3 cents on every $100 of trading value, on high speed traders on Wall St. Perhaps that's all trades, not sure how it would be differentiated. The logic being that high speed traders are essentially a bunch of profiteering leeches that arguably do more harm to the economy than good.

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1986 300SDL, 351K
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Old 03-02-2013, 01:53 AM
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I'm glad. Occasional day-trading is fun, though I try to hold until the stock rises .25 to .5% at least, so an 0.03% tax will still allow me a profit. If that makes me a parasite, I'm proud of that label.
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Old 03-02-2013, 02:26 AM
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It strikes me as an enormous waste of time. Money apparently sometimes comes from it. Doesn't strike me as the sort of earning that might build character. And the high speed computer driven trading is just weird IMHO. I suspect more bizarre crashes ahead from that action.

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