Clearly this is a tax to hit traders. It was promised during the tarp debate.

Reader comment on: Warren Buffett Backs a Transaction Tax

Submitted by Lyle (United States), Dec 5, 2009 07:25

During the tarp debate it was promised that the finacial services industry would pay for the Tarp, now we see how. Since trades under 100k as well as mutual funds are exempted, it only really hits the big guys. But recall that before decartelization stock trade commissions it cost big institutions $.40 per share in commission. Also at that time stock prices went in $.125 increments (based upon the old pieces of 8) . So it will not hurt the big boys so much, but will only happen if the g-20 endorses it. If you see a g-20 endorsement it will be a world wide tax. The traders hedge funds and proprietary trading desks this year have managed to create a populist fury against themselves just like happend in the 1930s. I think if you were to do a poll most would favor, in particular with the exemptions.

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