"It’s time to tax financial transactions"

[Freeper]

applegrove (57,309 posts)

"It’s time to tax financial transactions"


 
It’s time to tax financial transactions

By Katrina vanden Heuvel at the Washington Post

http://www.washingtonpost.com/opinions/katrina-vanden-heuvel-its-time-to-tax-financial-transactions/2013/03/04/d496d738-8516-11e2-98a3-b3db6b9ac586_story.html

"SNIP...........................................................


Sens. Tom Harkin (D-Iowa) and Sheldon Whitehouse (D-R.I.), along with Rep. Pete DeFazio (D-Ore.), unveiled a bill that would place a light tax on all financial transactions — three pennies on every $100 traded.

The good news is that it’s a tax so small it could be mistaken for a rounding error. It’s so small, Wall Street could easily afford it and the average E-Trade investor would barely notice it. If this were a tax on coffee, it would cost you $1 for every 800 cups you bought at Starbucks.

But there’s even better news. This insignificant tax raises a significant amount of revenue — $352 billion over the next 10 years, or enough to refund about one-third of what the sequester will slash from the federal budget. It’s also enough to put many air traffic controllers back to work, Head Start teachers back in preschools, and crucial government programs back in business.

As the saying goes, “Nothing can resist an idea whose time has come.”
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http://www.democraticunderground.com/10022465107

If this were to happen, it would start off with 3 pennies for every $100, how long would it be before it was 6 cents, a dollar, or twenty dollars?
If the libs have taught us anything every small tax will eventually become a high tax.

[thundley4]

If it is so small then maybe it should be applied to every financial transaction, checks written and cashed, debit cards used, bank deposits and withdrawals. 

It's so small it would seem like a rounding error,right?

[Freeper]

If it is so small then maybe it should be applied to every financial transaction, checks written and cashed, debit cards used, bank deposits and withdrawals. 

It's so small it would seem like a rounding error,right?

How about every time an EBT card is swiped through the machine? 

[GOBUCKS]

The good news is that it’s a tax so small it could be mistaken for a rounding error.

These DUmmies must have just watched the movie "Office Space".

This is the same plot, except "Office Space" was a great comedy, and these guys are actually serious.

[thundley4]

How about every time an EBT card is swiped through the machine? 

Works for me.

[DefiantSix]

applegrove (57,309 posts)

"It’s time to tax financial transactions"

blah blah blah cut-n-paste blah blah blah

Why does the DUmbshit hate brown people?  Doesn't s/h/it realize that the majority of "financial transactions" nowadays are illegals wiring dinero to la familias down south?  Why are you trying to take money - for food and medicine, of course - out of the hands of poor, oppressed brown people?

[USA4ME]

They better watch it because they're suggesting things that effect George Soros and the billions he makes trading stocks every milli-second.

.

[Lacarnut]

Those of us that rec. a paycheck have seen lower take home pay. So, those on gov. subsidies should rec. a 2% cut also. They will just have to buy less booze, cigs,drugs, ribeye steaks and walking around money. They will not miss it and it sounds fair to me.   

[98ZJUSMC]

How about every time an EBT card is swiped through the machine? 

A dollar on every ten spent.  It's patriotic, after all.

[franksolich]

If it is so small then maybe it should be applied to every financial transaction, checks written and cashed, debit cards used, bank deposits and withdrawals. 

It's so small it would seem like a rounding error,right?

As usual, my thoughts automatically and routinely ran exactly parallel yours.

And ditto for food stamp transactions, as suggested by others after you.

[Karin]

crucial government programs back in business.

<hollow laugh>

airplaneman (176 posts)
6. Lets get smart and make it a $1 on every $100

If 0.03 generates $352 billion, a dollar will generate $1.173 trillion enough to solve some real problems.
-Airplane.

Another DUmmie told him he got his decimal point wrong, so you don't have to.  They foresee no unintended consequences of this "smart" plan. 

[SSG Snuggle Bunny]

When DUmbasses sy they want to lift the tax-exempt status of churches what they're saying is they want to use the power to tax to destroy.

Yet, they bray like moronic donkeys if you suggest taxing economic activity destroys economic activity.

[JohnnyReb]

I want a 99% tax rate on all illegal drug deals.....hit the DUmmies where it really hurts.

[DumbAss Tanker]

They would no doubt set up an enforcement mechanism that would cost at least 2.8 cents per $100 to watch over it.  I suppose it would mean more government jobs at the IRS and the financial regulation agencies, though.

 

I am not familiar with the twat that wrote the gushing article, but it doesn't sound like she has the remotest concept of how few parties actually perform the vast majority of trades or the velocity they have to have to generate the returns they get; she seems to think the trading universe is made up of upper middle class people buying and selling individual stocks a few thousand dollars at a time, in discrete and widely-spaced transactions.