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Author Topic: Democrats push $150B stock tax on Wall Street  (Read 2649 times)

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Offline CC27

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Democrats push $150B stock tax on Wall Street
« on: November 24, 2009, 04:25:55 PM »
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A House bill still being drafted aims to raise $150 billion each year to pay for new jobs.

Under a bill being drafted by Democratic Reps. Peter DeFazio (Ore.) and Ed Perlmutter (Colo.), the sale and purchase of financial instruments such as stocks, options, derivatives and futures would face a 0.25 percent tax.

The bill, a copy of which was obtained by The Hill, is titled the “Let Wall Street Pay for the Restoration of Main Street Act of 2009.”

http://www.freerepublic.com/%5Ehttp://thehill.com//homenews/house/69295-dems-push-wall-street-150b-stock-tax

I can't take this shit anymore.
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Offline Carl

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Re: Democrats push $150B stock tax on Wall Street
« Reply #1 on: November 24, 2009, 04:37:06 PM »
This shows the stupidity of dems (or the blatent use of tax dollars to be reelected) as a job has to be self sustaining or it becomes a real life example of a perpetual motion machine which physics has proved impossible.
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Offline Hawkgirl

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Re: Democrats push $150B stock tax on Wall Street
« Reply #2 on: November 24, 2009, 04:51:42 PM »
What does this mean to a small investor?  I will have to pay this tax in addition to a capital gains tax when I sell???
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Offline DefiantSix

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Re: Democrats push $150B stock tax on Wall Street
« Reply #3 on: November 24, 2009, 04:56:48 PM »
Quote from: Hawkgirl on November 24, 2009, 04:51:42 PM
What does this mean to a small investor?  I will have to pay this tax in addition to a capital gains tax when I sell???

Knowing the modus operandi of DimRats, probably.
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Offline DumbAss Tanker

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Re: Democrats push $150B stock tax on Wall Street
« Reply #4 on: November 24, 2009, 06:24:57 PM »
Actually could have a (totally unintended) positive effect in putting transaction cost into arbitrage, day traders, and program trading, it would seem to have a pretty tiny effect on actual value investors. 
The volume on which they are basing their revenue projections will of course dry up, just like large boat sales did under Clinton's luxury tax on yachts, so instead of producing a lot of tax revenue it just puts the brakes on the velocity of transactions, hard.
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Offline Freeper

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Re: Democrats push $150B stock tax on Wall Street
« Reply #5 on: November 24, 2009, 07:44:57 PM »
I'm expecting carbon taxes every time we exhale before too long.
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I may not lock my doors while sitting at a red light and a black man is near, but I sure as hell grab on tight to my wallet when any democrats are close by.

Offline thundley4

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Re: Democrats push $150B stock tax on Wall Street
« Reply #6 on: November 24, 2009, 07:58:50 PM »
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The bill aims to exempt retirement accounts from the impact of the tax.
*snip*

The groups include: Americans for Financial Reform, Public Citizen, the Service Employees International Union (SEIU) and the AFL-CIO, among others.
  TheHill.com

What a surprise. Not.

I'm surprised that they did not want to tax oil future trades.
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Offline bkg

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Re: Democrats push $150B stock tax on Wall Street
« Reply #7 on: November 24, 2009, 08:02:27 PM »
so much for equal protection.
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Offline 5412

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Re: Democrats push $150B stock tax on Wall Street
« Reply #8 on: November 24, 2009, 08:45:16 PM »
Quote from: CC27 on November 24, 2009, 04:25:55 PM
http://www.freerepublic.com/%5Ehttp://thehill.com//homenews/house/69295-dems-push-wall-street-150b-stock-tax

I can't take this shit anymore.

Hi,

My first reaction was stupidity.....like they think Wall Street will pay the tax......the individual investor will bay the tax.  You recall when the first Bush ran for president he referred to the democrats as "TAX AND SPEND, TAX AND SPEND!"  Well someone ought to bring that back up, they are showing their true colors and that is right on.

Just another way to raise money to fund their idiocy.

regards,
5412
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Offline Splashdown

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Re: Democrats push $150B stock tax on Wall Street
« Reply #9 on: November 24, 2009, 08:50:08 PM »
This is a problem for Democrats. Wall Street LOVED 'em in '08.
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Offline ColonialMarine0431

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Re: Democrats push $150B stock tax on Wall Street
« Reply #10 on: November 24, 2009, 09:09:03 PM »
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Offline Splashdown

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Re: Democrats push $150B stock tax on Wall Street
« Reply #11 on: November 24, 2009, 09:10:55 PM »
Quote from: ColonialMarine0431 on November 24, 2009, 09:09:03 PM
Yep. Go figure.

http://www.opensecrets.org/pres08/contrib.php?cycle=2008&cid=N00009638



One of the biggest common misconceptions out there is that Wall St. is full of EEeeeeeeeeeeeevil Rethugs.

Ooops!  :whatever:
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God alone suffices.
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Offline DefiantSix

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Re: Democrats push $150B stock tax on Wall Street
« Reply #12 on: November 25, 2009, 07:21:46 AM »
Quote from: bkg on November 24, 2009, 08:02:27 PM
so much for equal protection.

All rich, white "fat cats" are equal; some are more equal than others.

Damn; that almost sounded profound.
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