Bernie Sanders Wants to Tax Stock Trades to Pay for Free College

[CC27]

Star Member n2doc (37,708 posts)

Bernie Sanders Wants to Tax Stock Trades to Pay for Free College


Bernie Sanders wants to take from the rich in order to make public college tuition-free for everyone else.

On Tuesday, Sanders will hold a press conference in the nation's capital at which he will introduce a plan to use a so-called Robin Hood tax on stock transactions to fund tuition at four-year public colleges and universities.

Sanders' bill sets a 50-cent tax on every "$100 of stock trades on stock sales, and lesser amounts on transactions involving bonds, derivatives, and other financial instruments," the group Robin Hood Tax on Wall Street said Monday in a press release.

"The Robin Hood tax would also slow the growth of automated high frequency trading, which makes the stock market more dangerous," the press release stated. "A small tax would make risky HFT unprofitable, and help reduce the excess speculation on commodities like food and gas that drives up prices, which will protect the economy from computer-generated collapses and market manipulation."

more

http://www.bloomberg.com/politics/articles/2015-05-18/bernie-sanders-wants-to-tax-stock-trades-to-pay-for-free-college

Brillant idea. 

It will be 50 cents then a 1.00 and so on.
http://www.democraticunderground.com/12807194

[txradioguy]

And another Liberal finds yet another way to choke the life out of the eco.omy. 

These morons seem to forget that for each of their actions towards taxes there is an equal and opposite reaction by the people to try and keep their money from being taxed.

The result of Socialist Sanders scheme would be less money invested in the stock market.

[DumbAss Tanker]

The high-frequency trading and what used to be called 'Arbitrage' does represent something of a perversion of the whole Capitalist economic model, and some form of transaction tax may be the way to back some of its influence out of the market.  But that isn't why Bernie is proposing it, he just wants to use the money for giveaways. 

[67 Rover]

And another Liberal finds yet another way to choke the life out of the eco.omy. 

These morons seem to forget that for each of their actions towards taxes there is an equal and opposite reaction by the people to try and keep their money from being taxed.

The result of Socialist Sanders scheme would be less money invested in the U.S. stock market.

FIFY

[Ralph Wiggum]

Gee, lovely plan Crazy Uncle Bernie.  Who is going to track all of that?

[Carl]

Consider the volume of legitimate trades a brokerage house such as Fidelity conducts in the course of managing 401Ks,IRAs,private and public pension plans and imagine the expense charges to your account.

[GOBUCKS]

Consider the volume of legitimate trades a brokerage house such as Fidelity conducts in the course of managing 401Ks,IRAs,private and public pension plans and imagine the expense charges to your account.

It does not matter how much money such a scheme would suck out of the economy.

No matter how many billions it might be, colleges would simply increase their tuitions and fees to soak it all up, and still plead for more.

They have been doing that for several decades already, in response to the availability of unlimited student loans.

[DLR Pyro]

Gee, lovely plan Crazy Uncle Bernie.  Who is going to track all of that?

Why, we'll just have to create a whole new agency in government to track and administer this latest pyramid scheme.  This new governmental entity should easily employ tens of thousands of people and can even create jobs for all of those who will be graduating from their free college educations.

 It will be a self supporting system.  Take the money from the fat cat stock brokers, use the taxed money to pay tuition for the slackers who are too lazy to work hard to pay for their own college, then when those slackers graduate, hire them into the same government agency that paid for their college so they can take more money from fat cat stock brokers to pay college tuition for lazy slackers so they can get a job at the government agency to take money from fat cat stock brokers to pay for college for...............

[BlueStateSaint]

It does not matter how much money such a scheme would suck out of the economy.

No matter how many billions it might be, colleges would simply increase their tuitions and fees to soak it all up, and still plead for more.

They have been doing that for several decades already, in response to the availability of unlimited student loans.

Target, cease fire.

[delilahmused]

Wait until they figure out it's going to affect their 401k. This will hurt the rich much, much less that it will the middle and lower middle class. They're completely incapable of thinking these things through.

Cindie

[Carl]

A quick read through that thread shows that almost none of them have ever made a plan for their own future.
They are almost all,live for the moment idiots,stoners or useless malcontents that can`t exist on their own abilities.


Where is buzzy to weigh in on his own ilk now?

[Ralph Wiggum]

Why, we'll just have to create a whole new agency in government to track and administer this latest pyramid scheme.  This new governmental entity should easily employ tens of thousands of people and can even create jobs for all of those who will be graduating from their free college educations.

 It will be a self supporting system.  Take the money from the fat cat stock brokers, use the taxed money to pay tuition for the slackers who are too lazy to work hard to pay for their own college, then when those slackers graduate, hire them into the same government agency that paid for their college so they can take more money from fat cat stock brokers to pay college tuition for lazy slackers so they can get a job at the government agency to take money from fat cat stock brokers to pay for college for...............

I was setting someone up to reply like that, well done DLR.

[obumazombie]

And another Liberal finds yet another way to choke the life out of the eco.omy. 

These morons seem to forget that for each of their actions towards taxes there is an equal and opposite reaction by the people to try and keep their money from being taxed.

The result of Socialist Sanders scheme would be less money invested in the stock market.

I'm with you.
The unintended consequences will result in a net loss, requiring another fix, which will set up another vicious cycle of government inefficiency and waste.
Only the bureaucrats will benefit in the end as usual.
By the way, some congress critters like Alcee Hastings are making noise about a raise.
$174,000.00 salary per year plus a $1,000,000.00 expense account per congress critter is evidently not enough to survive in D.C.
Senators get $2,000,000.00 expense accounts in addition to their salaries.
I don't know how they make ends meet.