Financial speculation tax

[Howard]

Christ there is so much fucking spam in this thread. cutforscience lay off the reply button and try to consolidate some of your shit. You aren't even quoting people.

 

[Infohawk]

Christ there is so much fucking spam in this thread. cutforscience lay off the reply button and try to consolidate some of your shit. You aren't even quoting people.

This guy has been behaving like a bull in a china shop but the rodeo clowns are awol.

 

[werepossum]

I'm extremely hesitant to propose or accept a new tax of any sort, but Craig does make a valid point in that financial transactions today are trending toward wealth swaps versus wealth creation. I think there's also a valid moral point to be made for taxing all income at the same level, whether gained by investing money or by investing time and labor, with the understanding that net revenue to the government will almost certainly go down rather than up. Perhaps one solution would be to eliminate preferential capital gains tax treatment and implement exceptions for long-term investments.

Of course, nothing's perfect. The exceptions would be subject to heavy and ongoing lobbying, government would take in less revenue, and the actual stabilizing influence of options trading would likely be lost, as comparatively very few trades would be worth the after-tax gains for the risk.

 

[Fern]

IMO, taxes are for generating revenue and should be user-fee based as much as possible. Taxes are not for discouraging behavior; we're not trying to discourage people from being employees (income tax on wages) or buying products (sales tax) are we?

Fines are for discouraging behavior.

I hate it when people try to distort taxation for their political purposes. They are, of course, the very ones who bitch about taxes being too complicated etc.

If you don't like certain WS trading practices then outlaw them and fine them if they do it.

Fern

 

[Craig234]

IMO, taxes are for generating revenue and should be user-fee based as much as possible. Taxes are not for discouraging behavior; we're not trying to discourage people from being employees (income tax on wages) or buying products (sales tax) are we?

Fines are for discouraging behavior.

I hate it when people try to distort taxation for their political purposes. They are, of course, the very ones who bitch about taxes being too complicated etc.

If you don't like certain WS trading practices then outlaw them and fine them if they do it.

Fern

They're for both. It makes perfect sense to shift taxes where it causes good results.

Go argue with that liberal Reagan who pushed 'Enterprise Zone' tax cuts for low-income areas that in particular had legacy effects from racism.

Go argue with the R&D tax credit to incent development research over other spending.

Go argue with the mortgage interest deduction to increase home ownership.

 

[LegendKiller]

There doesn't need to be a tax, just eliminate high frequency/algorithmic trading, increase capital gains taxes for holding periods less than 5 years to 35% and eliminate the hedge fund loophole for LTCG .

 

[Craig234]

There doesn't need to be a tax, just eliminate high frequency/algorithmic trading, increase capital gains taxes for holding periods less than 5 years to 35% and eliminate the hedge fund loophole for LTCG .

On the one hand, I don't care what the fix is - if yours is better, fine with me. On the other, we have to consider what's politically doable as a factor also.