Ace Finance News 2014
‘ $1,000,000,000,000,000 in Sales. Not One Cent for Sales Tax ‘

Ace Finance & Markets News

#AceFinanceNews – UNITED STATES – July 05 – The trading volume on the Chicago Mercantile Exchange (CME) reached an incomprehensible $1 quadrillion in notional value in 2012. That’s a thousand trillion dollars. In comparison, the entire U.S. GDP is $17 trillion.


​On that quadrillion dollars of sales CME imposes transfer fees, contract fees, brokerage fees, Globex fees, clearing fees, and contract surcharges, many of them on both the buyer’s and seller’s side. As a result, the company had a profit margin higher than any of the top 100 companies in the nation from 2008 to 2010, and it’s gotten even higher since then.

But not a penny in sales tax for the taxpayers who provide publicly-funded infrastructure, technology, systems of law, and security to help them process billions of financial transactions.

Instead — incredibly — CME complained that its taxes were too high, and they demanded and received an$85…

View original post 300 more words

Advertisements