AFL-CIO, Dems push new Wall Street tax

[Engineer]

Originally posted by: Special K

Originally posted by: spidey07

Originally posted by: YoungGun21


Thanks! Could you please tell Spidey07 and his friends that moving my $1,000,000 401k that would likely pull in thousands of dollars per year on interest alone would only cost me $1,000 extra.

kthxbye

If you like paying taxes so much just donate more on your return. You're assuming you're only moving it once a year. I review monthly and move stinkers and total look each quarter. It's the principle, stop taxing people so much.

You can move money within a 401k/IRA as many times as you like without any tax consequences.

He's assuming that this tax would hit every single stock transaction available (401k, IRA, mutual funds in brokers, stocks, etfs, etc).

 

[Special K]

Originally posted by: Engineer

Originally posted by: Special K

Originally posted by: spidey07

Originally posted by: YoungGun21


Thanks! Could you please tell Spidey07 and his friends that moving my $1,000,000 401k that would likely pull in thousands of dollars per year on interest alone would only cost me $1,000 extra.

kthxbye

If you like paying taxes so much just donate more on your return. You're assuming you're only moving it once a year. I review monthly and move stinkers and total look each quarter. It's the principle, stop taxing people so much.

You can move money within a 401k/IRA as many times as you like without any tax consequences.

He's assuming that this tax would hit every single stock transaction available (401k, IRA, mutual funds in brokers, stocks, etfs, etc).

Most likely it would show up in the form of an increased expense ratio for the funds, many of which are already absurd. Compound this difference out over decades and it amounts to quite a bit of lost money for investors.

 

[extra]

Originally posted by: GroundedSailor

Originally posted by: ProfJohn
Best part of the article:

?This would discourage numerous financial transactions. People flip their assets several times in an hour or a day. They make money but does it really add to the productive base of the United States??

Based on the bolded part we should tax union membership since unions don't add to the productive base of the United States. (They actually subtract from it by placing a burden on employees and employers.)

Absolutely nonsense. I work in management for a full union company. We have, over the years, tried to work non-union and every single time we have lost money and finally decided to quit trying. Yes our labor is expensive but they are very productive and know what they are doing. End of the day we make money. In fact many of the non-union companies in our field have gone out of business.

Shh, don't bring logic into this. One my uncles owns a metalworking company. They build buildings for government, corporations, etc. He says there is value in both union and non-union labor and he employs both.

He likes union laborers because he says they are almost always qualified, work hard and efficiently, and there aren't any issues with him getting crazy non-trained whackos, etc. However some of the best non-union people he can pay more money to because he can give them additional work if they want it, etc...not sure I forget how he explained it to me exactly.

 

[Craig234]

Originally posted by: ProfJohn
Best part of the article:

?This would discourage numerous financial transactions. People flip their assets several times in an hour or a day. They make money but does it really add to the productive base of the United States??

Based on the bolded part we should tax union membership since unions don't add to the productive base of the United States. (They actually subtract from it by placing a burden on employees and employers.)

Ignorant, idiotic, ideology. Before unions = worker poverty, after unions = middle class.

The average inflation-adjusted wage in 1900 was $10,000. Few worker protections.

 

[umbrella39]

Originally posted by: JEDIYoda

Originally posted by: Patranus

The nation?s largest labor union and some allied Democrats are pushing a new tax that would hit big investment firms such as Goldman Sachs reaping billions of dollars in profits while the rest of the economy sputters.

The AFL-CIO, one of the Democratic Party?s most powerful allies, would like to assess a small tax ? about a tenth of a percent ? on every stock transaction.

http://thehill.com/homenews/ho...sh-new-wall-street-tax

How about we have a "union" tax?

I find it comical that in the worst economy since Jimmy Carter the Democrats and the labor unions want to raise taxes on investments. Probably one of the worst things the Democrats could do to the economy. Discourage investment....sounds like a plan!

However, this is the way that I see this playing out...Obama will veto this legislation if it passes because he *promised* that taxes would not be raised on those making under $250,000 just like he *promises* that you can keep your health insurance if you are happy with it.....LOL

I find all your posts comical....

Sometimes they are pathetic, too.

Edit: Most of the time actually.

 

[Fern]

Originally posted by: YoungGun21
-snip-
Thanks! Could you please tell Spidey07 and his friends that moving my $1,000,000 401k that would likely pull in thousands of dollars per year on interest alone would only cost me $1,000 extra.

kthxbye

Except this transaction tax is for each sale/purchase. I've seen people with $100K in their portfolio, but $1 million in annual sales. Some poeple hold, others buy & sell frequently.

Fern

 

[dammitgibs]

A little bit here, tiny bit there, nobody will notice...

 

[Acanthus]

I would see this as a good way to combat the ridiculous level of volatility in the stock market right now. Goldman and friends would have to pay out the ass to buy/sell whole sectors of the market now to monopolize prices.

 

[umbrella39]

Originally posted by: spidey07
This is terrible, this idea.

STOP TAXING US TO DEATH!

Unless by tax you mean tax me to send money over to the ME to kill brown people, then please sir may I have another...

 

[Engineer]

Originally posted by: spidey07
This is terrible, this idea.

STOP TAXING US TO DEATH!

spidey, you've not answered the question...when was the last time your taxes were raised at the federal level? How many times have they been cut? If your taxes are going up, it's because your marginal rate is going up because you're making lots more money. I bet 90% of the population would trade with you and not whine one little bit. It's not a bad problem to have.

 

[spidey07]

Off the top of my head there was the almost 3-400 dollar increase per year tax on cigs. Couple that with Obamas planned/passed tax hikes, eliminating deductions, charitable contributions, etc (from his budget) it's getting out of hand.

I'll make sure to bump this thread when he let's the bush tax cuts for all americans expire.

 

[Engineer]

Originally posted by: spidey07
Off the top of my head there was the almost 3-400 dollar increase per year tax on cigs. Couple that with Obamas planned/passed tax hikes, eliminating deductions, charitable contributions, etc (from his budget) it's getting out of hand.

I'll make sure to bump this thread when he let's the bush tax cuts for all americans expire.

You do that. You're bitching about things that "MIGHT" happen. If you smoke, you got hit (but I don't feel bad for you if you do as smokers suck billions out of the system every year and that's just a targeted repayment of some of the money), otherwise, 95% of the people got a tax cut. That's right, your taxes were most likely cut (mine and everyone that I know had theirs cut).

Did you not get a tax cut earlier this year? If you didn't, I'll trade with you as that shows that you make a hell of alot more than I do (and about 95% of the people too).

 

[Brainonska511]

Originally posted by: spidey07
I'll make sure to bump this thread when he let's the bush tax cuts for all americans expire.

It was a republican Congress that wrote those tax cuts to expire for some voodoo budgetary reason. If they wanted them to be permanent, they should have written it that way.

Stop trying to pass the buck.

 

[Engineer]

Originally posted by: Brainonska511

Originally posted by: spidey07
I'll make sure to bump this thread when he let's the bush tax cuts for all americans expire.

It was a republican Congress that wrote those tax cuts to expire for some voodoo budgetary reason. If they wanted them to be permanent, they should have written it that way.

Stop trying to pass the buck.

I agree. It was GOP through and through. They knew that the tax cuts were supposed to be temporary to give a boost and then returned to the coffers to reduce the deficit that they helped create. It would really irritate spidey's ass if Obama and the Dem's extended them to those that make less than $250,000 per year, now wouldn't it!

 

[spidey07]

Originally posted by: Engineer

Originally posted by: spidey07
Off the top of my head there was the almost 3-400 dollar increase per year tax on cigs. Couple that with Obamas planned/passed tax hikes, eliminating deductions, charitable contributions, etc (from his budget) it's getting out of hand.

I'll make sure to bump this thread when he let's the bush tax cuts for all americans expire.

You do that. You're bitching about things that "MIGHT" happen. If you smoke, you got hit (but I don't feel bad for you if you do as smokers suck billions out of the system every year and that's just a targeted repayment of some of the money), otherwise, 95% of the people got a tax cut. That's right, your taxes were most likely cut (mine and everyone that I know had theirs cut).

Did you not get a tax cut earlier this year? If you didn't, I'll trade with you as that shows that you make a hell of alot more than I do (and about 95% of the people too).

"might" happen? It was in his damned budget, these increases and loss of deductions.

Aside from that, the reasoning for this proposed wall street tax is the same - look at how bad they are...let's tax them!

 

[Engineer]

Originally posted by: spidey07

Originally posted by: Engineer

Originally posted by: spidey07
Off the top of my head there was the almost 3-400 dollar increase per year tax on cigs. Couple that with Obamas planned/passed tax hikes, eliminating deductions, charitable contributions, etc (from his budget) it's getting out of hand.

I'll make sure to bump this thread when he let's the bush tax cuts for all americans expire.

You do that. You're bitching about things that "MIGHT" happen. If you smoke, you got hit (but I don't feel bad for you if you do as smokers suck billions out of the system every year and that's just a targeted repayment of some of the money), otherwise, 95% of the people got a tax cut. That's right, your taxes were most likely cut (mine and everyone that I know had theirs cut).

Did you not get a tax cut earlier this year? If you didn't, I'll trade with you as that shows that you make a hell of alot more than I do (and about 95% of the people too).

"might" happen? It was in his damned budget, these increases and loss of deductions.

Aside from that, the reasoning for this proposed wall street tax is the same - look at how bad they are...let's tax them!

I'll start bitching when taxes start rising past the cut points that I received this year. My taxes were cut "AGAIN" this year? Yours?

 

[spidey07]

Originally posted by: Engineer

I'll start bitching when taxes start rising past the cut points that I received this year. My taxes were cut "AGAIN" this year? Yours?

I get it. Tax increases are just fine with you as long as they don't impact you. As long as your bull isn't getting gored, it's A-OK?

 

[Engineer]

Originally posted by: spidey07

Originally posted by: Engineer

I'll start bitching when taxes start rising past the cut points that I received this year. My taxes were cut "AGAIN" this year? Yours?

I get it. Tax increases are just fine with you as long as they don't impact you. As long as your bull isn't getting gored, it's A-OK?

LOL, to each is own I suppose. Who has had their taxes raised so far? There have been several "temporary" tax cuts put into place over the last 8 years (including Bush's and the GOP's tax cuts). Would you like the definition of "temporary"?

Sure, then I could complain as my taxes were "promised" to not go up. My wife and I make nowhere near $250,000.

Now if my property tax goes up on my home value this year because the assessor says my home value went up, that's another story. :shocked:

 

[dmcowen674]

Originally posted by: Engineer
Now if my property tax goes up on my home value this year because the assessor says my home value went up, that's another story. :shocked:

Gotta love how the county assessor says that my home value has doubled every year yet no one on our area can think about selling their home for even half of what we paid for it.

 

[blackangst1]

Originally posted by: dmcowen674

Originally posted by: Engineer
Now if my property tax goes up on my home value this year because the assessor says my home value went up, that's another story. :shocked:

Gotta love how the county assessor says that my home value has doubled every year yet no one on our area can think about selling their home for even half of what we paid for it.

Also gotta love when a house at market value of $375,000 has a tax value of $195,000

 

[Engineer]

Originally posted by: blackangst1

Originally posted by: dmcowen674

Originally posted by: Engineer
Now if my property tax goes up on my home value this year because the assessor says my home value went up, that's another story. :shocked:

Gotta love how the county assessor says that my home value has doubled every year yet no one on our area can think about selling their home for even half of what we paid for it.

Also gotta love when a house at market value of $375,000 has a tax value of $195,000

I can understand that in certain parts of the country that has caps on the rise in value (i.e. California has a 2% rise per yer cap in property taxes. If the house rises 100% in value, it would take 50 years before the state caught up and this is why some regions of California ARE STILL having property taxes rise while home values decline - playing catch up).

That is not the case in my area. There are several homes that are selling for $10,000 less than what my property value is set at and those homes have at least 500 sq/ft more than mine. I might not complain if they leave the value alone...but if they raise it, I'll file an appeal based on those surrounding sales.