Democrats Push $150 Billion Dollar Tax on Wall-Street

[Patranus]

A House bill still being drafted aims to raise $150 billion each year to pay for new jobs.

Sounds like wealth redistribution.
Didn't they just spend 800 billion dollar for new jobs? How did that work out?

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.

I thought Obama said he said he wouldn't support a tax on those making under $250,000. I guess I can expect he will come out against this plan.

A group of consumer watchdog organizations and labor unions sent DeFazio a letter this week supporting the tax bill.

.....

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

That's a nice group of supporters they have there. Why would those unions who have very large retirement funds support this?
(Oh that's right, they are explicitly exempt)

Link
http://thehill.com/homenews/house/69295-dems-push-wall-street-150b-stock-tax

 

[KK]

yeah, I can't wait to start paying more in taxes. Hey its the patriotic thing to do.

 

[sandorski]

Considering that Wall Street was just Bailed Out by the Tax Payer, I think they've earned some Taxation. You scratch my back, I'll scratch yours..and all that.

 

[Patranus]

Considering that Wall Street was just Bailed Out by the Tax Payer, I think they've earned some Taxation. You scratch my back, I'll scratch yours..and all that.

I don't think you understand who will pay a tax on transactions.

I also thought the government should encourage investment to end a recession.

 

[KK]

I don't think you understand who will pay a tax on transactions.

I also thought the government should encourage investment to end a recession.

He's a canuck, what the hell does he care.

 

[sandorski]

I don't think you understand who will pay a tax on transactions.

I also thought the government should encourage investment to end a recession.

People won't stop Investing.

 

[fskimospy]

Haha once again the specter of the invincible, all powerful corporation raises its ugly head. If we give the corporations money, it comes out of our pocket. If we take money from the corporations it comes out of our pocket. It doesn't matter what our government does or what we do, we are all powerless in the face of the corporate money funnel!

This right wing victim mentality is getting awfully old.

 

[StageLeft]

Obama's 250k promise was the worst evar.

 

[JS80]

On Wall St. my ass. It'll come out of our 401ks through mutual funds.

 

[Lemon law]

We have allowed wall street to sell us a bill of goods based on the premise they could make money out of thin air. And hence they deserved an extraordinary rate of compensation.

And now we find out they are roughly the dumbest people in the room and that their proprietorship wears no clothes.

Yes yes and yes, there is something evil about taxing their incomes at or below the rates than people who actually produce real wealth.

 

[StageLeft]

We have allowed wall street to sell us a bill of goods based on the premise they could make money out of thin air.

But they did make it out of thin air, for themselves anyway

 

[Fern]

Haha once again the specter of the invincible, all powerful corporation raises its ugly head. If we give the corporations money, it comes out of our pocket. If we take money from the corporations it comes out of our pocket. It doesn't matter what our government does or what we do, we are all powerless in the face of the corporate money funnel!

This right wing victim mentality is getting awfully old.

That's an odd perspective.

It's a transaction tax, the public (taxpayers) will be paying this tax. Not Wall Street, it'll be passed through. Wall Street already gets paid for each of our transaction, now Uncle Sam wants in. Lately they are reminding me of the mafia, they want their piece fo the action, even though they've got nothing to do with it.

A lot of these transactions are for peoples' 501K etc retirement plans. That shouldn't be taxed.

Edit: Forgot to mention, once they start a new tax, just sit back and watch how over the years they jack the rate (or fee in this case) to get more-n-more revenue.

I wonder if there will be some movement by high volume traders to overseas markets with no fee.

Fern

 

[Fern]

-snip-
Yes yes and yes, there is something evil about taxing their incomes at or below the rates than people who actually produce real wealth.

That's the fund manager loophole Buffet and others making $100M get to enjoy.

They've tried to stop it but Schumer won't allow it.

That needs to get fixed.

Fern

 

[Darwin333]

$150B a year isn't nearly enough. Prepare for more and just like with this tax, it won't be all on the rich.

 

[Moonbeam]

I demand free everything and death to those who don't pay.

 

[halik]

Union blowjob act

 

[umbrella39]

yeah, I can't wait to start paying more in taxes. Hey its the patriotic thing to do.

You could just enlist instead...

 

[KK]

You could just enlist instead...

Why yes, I wouldn't mind going back in. Best bunch of folks around.

Getting back on topic though, I think the government should tax people heavily when they pull money out of their 401k and Roth IRA at anytime not just before the age 65.

 

[EagleKeeper]

Why yes, I wouldn't mind going back in. Best bunch of folks around.

Getting back on topic though, I think the government should tax people heavily when they pull money out of their 401k and Roth IRA at anytime not just before the age 65.

The 401Ks are already taxed.
the Roths have prviously been taxed.

Are you aiming for double taxation to punish those that have put $$ aside?

 

[Bitek]

Before P.Anus gets his panties in a bundle, realize this is going nowhere. Some Dem proposed it and Pelosi has already shot it down saying basically unless all the other world markets agree to it, no way we are doing it and pushing investors into other markets. Say what you want, but they are not stupid.

The idea of the tax is to cut down on short-term speculative trading in favor of longer term investing. Whether or not this tax is suitable or even wise to do that, IDK. Its just a thought on reforms aimed at curbing the unsustainable speculative gambling Wall St was running and lost big on in '08.

Feel free to continue the freakout tho. I'm sure the broad based aspersions and accusations will follow. g/l