DeFazio on TARP and need for transfer tax

[PlasmaOscillations]

Dear Sir DeFazio,

As a small time, work from home day trader, my entire life would be destroyed by your 'tiny transfer tax'.

I'm $75k in debt from going to college, trading barely pays my bills and keeps food on the table, I can't afford to help out my struggling girlfriend and her 3 kids, and you want to shut me down for good?

Your transaction tax will KILL many people and their families. Forget the rich traders, think of those that are learning and struggling to survive...

[Indrius]

This tax is an incredibly stupid idea. It will never work, simply because: a) it will make volume disappear and they won't collect the planned amount and b) business will move to other countries, where there are no such BS taxes, markets are global. Any attempt to regulate markets has failed miserably.

[dalstevens]

This was an act from WWI, before electronics, internet. It didn't work then either. This would shut down Wall Street. With the millions of trades a day, a .0025 percent tax is an outragous amout. $50 on an in and out trade on $10,000. Many brokerages only charge a couple of dollars for the same trade. This guy is has no idea what he's talking about. If he did, he'd realize how stupid he must look.

[ejjm1]

After looking into a few of his past actions, and comments, I only find error in his current transaction tax idea. I strongly encourage Democrats and Republicans to vote NO on the transaction tax .

It would be VERY BAD for business and commerce. It is a tax increase on every US citizen, both rich and poor.

Do not punish all U.S. investors for the incompetence of a few corporate employees. If anything, crack down on the perpetrators and understand precisely what went wrong, and why.

[Jeffmac95]

Not only should he be fired, but permanently banned from ever holding office anywhere in this universe. This is the most destructive idea in the history of this country.