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Zero Hedge — Hong Kong Market Tumbles After “Shock” Transaction Tax Hike To Pay For Government Handouts

Summary:
While Hong Kong has been an outlier when it comes to taxing stock transactions, with major markets such as the U.S. and regional rival Singapore refraining, HK's action may prompt more politicians into acting to transfer some capital from the financial sector to the people. Indeed, talk of implementing a tax on financial transactions has recently been rekindled by some Democrats in the U.S. after the recent trading frenzy in GameStop Corp. shares.Zero HedgeHong Kong Market Tumbles After "Shock" Transaction Tax Hike To Pay For Government HandoutsTyler Durden

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While Hong Kong has been an outlier when it comes to taxing stock transactions, with major markets such as the U.S. and regional rival Singapore refraining, HK's action may prompt more politicians into acting to transfer some capital from the financial sector to the people. Indeed, talk of implementing a tax on financial transactions has recently been rekindled by some Democrats in the U.S. after the recent trading frenzy in GameStop Corp. shares.
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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