Nurses (yes, nurses) lead charge for Wall Street 'sin' tax

[Ausm]

Ducking for the inevitable Rightist barrage...

I think the tax should be used for the next bailout coming to you courtesy of the Repeal of Glass-Steigall.


http://usnews.msnbc.msn.com/_news/2...rses-lead-charge-for-wall-street-sin-tax?lite

 

[Anarchist420]

They're uninformed. Take away Wall Street's central bank and they'd be fuck out of luck.

 

[monovillage]

Nurse unions, nurse unions. Try adding it to the title for accuracy

 

[Genx87]

So the nurses union organizes their nurses to protest everything the union doesnt like? I find that really hard to believe!

 

[Pr0d1gy]

You really don't think most people agree with their view that Wall Street robbed this country? I supposed you also believe the 1% did not gut the middle class in this country by shipping a multitude of jobs offshore despite posting record profits?

 

[Genx87]

You really don't think most people agree with their view that Wall Street robbed this country? I supposed you also believe the 1% did not gut the middle class in this country by shipping a multitude of jobs offshore despite posting record profits?

Oh I think most people may believe that. But like most people their rage is misplaced. They want to place it at the feet of wall street and ignore the elephant in the room which is big govt. Without big govt, wallstreet crumbles and cant rob the middle class. The middle class isnt being gutted by the 1%. It is being gutted by big govt inflating away its debt at the cost of the middle class. It is being gutted by govt enacting so many laws and barriers to entry the jobs go elsewhere.

And what are the chances big labor would attack big govt except when big govt isnt returning the bribe fast enough?

Anyways the whole logic of it is just mind numbingly stupid. Lets fix corruption and collusion between big business and big govt by erecting bigger govt.

 

[Pr0d1gy]

So you really don't think the 1% had anything to do with shipping millions of jobs to other countries? Really?

 

[ichy]

Ugh, I see the G-8 summit has attracted every group of crackpots imaginable.

 

[senseamp]

At least tax hedge fund managers at income tax rates and not carried interest on other people's capital.

 

[Incorruptible]

When will people understand that GOVERNMENT was responsible for the Wall Street Crisis, if they didn't get involved this wouldn't have happened

 

[Pr0d1gy]

When will people understand that GOVERNMENT was responsible for the Wall Street Crisis, if they didn't get involved this wouldn't have happened

Yes government deregulation brought it to a head but the 1% gutting the middle class out of this country sure didn't help either; in fact it served to really set up the Crisis.

 

[Jhhnn]

Oh I think most people may believe that. But like most people their rage is misplaced. They want to place it at the feet of wall street and ignore the elephant in the room which is big govt. Without big govt, wallstreet crumbles and cant rob the middle class. The middle class isnt being gutted by the 1%. It is being gutted by big govt inflating away its debt at the cost of the middle class. It is being gutted by govt enacting so many laws and barriers to entry the jobs go elsewhere.

And what are the chances big labor would attack big govt except when big govt isnt returning the bribe fast enough?

Anyways the whole logic of it is just mind numbingly stupid. Lets fix corruption and collusion between big business and big govt by erecting bigger govt.

Yeh, Wall St couldn't rob people blind in the era of the Robber Barons, could they?

Shee-it, Sherlock, it was only the tenets of the New Deal that gave us any chance at all, not libertopian tomfoolery.

 

[Jhhnn]

When will people understand that GOVERNMENT was responsible for the Wall Street Crisis, if they didn't get involved this wouldn't have happened

Utterly inaccurate. Financial crises predate govt involvement & regulation entirely. They were often more frequent & more severe prior to the New Deal-

http://en.wikipedia.org/wiki/Financial_crisis

We're now living in the post New Deal era, just the way Repubs wanted it, and we're paying the price.

 

[Incorruptible]

Yes government deregulation brought it to a head but the 1% gutting the middle class out of this country sure didn't help either; in fact it served to really set up the Crisis.

You just dont get it. There was no deregulation, they cut very little regulations but then put in much more. The government subsidized the risk for banks so banks gave out more loans. If government didn't get involved this wouldn't have happened.

 

[Jhhnn]

You just dont get it. There was no deregulation, they cut very little regulations but then put in much more. The government subsidized the risk for banks so banks gave out more loans. If government didn't get involved this wouldn't have happened.

It wasn't the govt that drove excessive risk taking, but rather greed & the enormous compensation for financial execs, aided & abetted by the Bush admin notion that banks could be self regulating.

Those execs didn't care if they rode their corporate steeds into the dirt, because they were getting theirs in the meanwhile in enormous measure. Only in enormous risk could they receive enormous compensation, and it wasn't their money at risk, anyway, but OPM.

March the company up to the edge of a precipice for a $50M bonus? If you think that kind of proposition wasn't irresistible to the psychopaths who've come to run finance, I might be able to sell you some Arizona oceanfront.

 

[cybrsage]

Wait - STOP THE PRESSES!!!! NEW HEADLINE!!!!

A Union is protesting against Businesses!

News at 11.

 

[nehalem256]

At least tax hedge fund managers at income tax rates and not carried interest on other people's capital.

This is 100% a great idea.

As to the original post. I might have more respect for them if they include such glaring inaccuracies as

Their pitch: impose a tax of 50 cents on every $100 of trades of stocks, bonds, dividends and other financial transactions, which are not currently taxed.

Dividends are not a trade :\

And then this is complete BS

A coalition of nurses’ unions is calling for a “Robin Hood” tax on Wall Street, which they say could generate up to $350 billion a year, in the first major protest ahead of this weekend’s NATO summit in Chicago.

After tax income for various major banks
JPM: 18.9B
BAC: 1.4B
GS: 4.4B
MS: 4.7B
C: 11.1B
TD: 5.7B
WF: 16.2B

Where in the world is this $350B coming from?

 

[Jhhnn]

This is 100% a great idea.

As to the original post. I might have more respect for them if they include such glaring inaccuracies as


Dividends are not a trade :\

And then this is complete BS



After tax income for various major banks
JPM: 18.9B
BAC: 1.4B
GS: 4.4B
MS: 4.7B
C: 11.1B
TD: 5.7B
WF: 16.2B

Where in the world is this $350B coming from?

It's coming from taxing transactions rather than profits, if I'm reading it right- essentially sales tax on financial instruments.

An expanded version of taxing transactions-

http://www.apttax.com/

 

[nehalem256]

It's coming from taxing transactions rather than profits, if I'm reading it right- essentially sales tax on financial instruments.

An expanded version of taxing transactions-

http://www.apttax.com/

I understand how it works, but if the government is taking in $350B in taxes then logically the profits being made will decrease right?

And it appears that the profits are a lot less than $350B...

Not to mention that the real problem is with financial instruments that are traded less often.

 

[Pr0d1gy]

I understand how it works, but if the government is taking in $350B in taxes then logically the profits being made will decrease right?

And it appears that the profits are a lot less than $350B...

Not to mention that the real problem is with financial instruments that are traded less often.

In reality most of us don't give a shit. I would tax them 50% after the bullshit they pulled. This country already clearly voted FOR an economic collapse once but OUR government bailed out people who ended up getting multi-million dollar bonuses AGAIN afterwards. How long do you really think the rest of this country is going to put up with that shit?

We will see Wall Street burn before our lives are over, you can bet on that.

 

[nehalem256]

In reality most of us don't give a shit. I would tax them 50% after the bullshit they pulled. This country already clearly voted FOR an economic collapse once but OUR government bailed out people who ended up getting multi-million dollar bonuses AGAIN afterwards. How long do you really think the rest of this country is going to put up with that shit?

We will see Wall Street burn before our lives are over, you can bet on that.

Liberals complaining about bail outs

 

[Pr0d1gy]

Liberals complaining about bail outs

As if there was a choice to bail Detroit after the mess the Pubs left for Obama to clean up in '08. You people are going down, either by vote or by war but it IS going to happen. People in this country will not accept this crap anymore. We know what this country could be if people like you weren't running it. Life is not a mathematical equation dude, wake up.

I grew up believing the same nonsense you worship but I have lived enough life and been outside of that sheltered life to know that it is all propagandized bullshit. The only thing free about the Free Market is the money that freely flows into the top 1% and disappears, not TRICKLES DOWN, BUT DISAPPEARS.

 

[nehalem256]

As if there was a choice to bail Detroit after the mess the Pubs left for Obama to clean up in '08. You people are going down, either by vote or by war but it IS going to happen. People in this country will not accept this crap anymore. We know what this country could be if people like you weren't running it. Life is not a mathematical equation dude, wake up.

I grew up believing the same nonsense you worship but I have lived enough life and been outside of that sheltered life to know that it is all propagandized bullshit. The only thing free about the Free Market is the money that freely flows into the top 1% and disappears, not TRICKLES DOWN, BUT DISAPPEARS.

Clearly the way to fix finance is to listen to people that think you can increase taxes on Wall Street by $350B and that classify dividends as transactions :\

And I dont worship the free market.

 

[LunarRay]

When will people understand that GOVERNMENT was responsible for the Wall Street Crisis, if they didn't get involved this wouldn't have happened

I'd say the crisis occurred because Government didn't fully do their job. Not totally enforcing laws but also not enacting new ones to curtail the questionable activity caused the crisis.

 

[ShawnD1]

They're uninformed. Take away Wall Street's central bank and they'd be fuck out of luck.

That and putting a money transfer tax hurts middle class people just as much or possibly more than it hurts rich people.
rich guy: I get paid $20,000,000 to fuck up the company! weeee!!!
average worker: they're taxing my retirement fund so I can't retire :\
I just look at my dad as an example. He's a pretty regular joe and he does lots of buying and selling of stocks. He's been planning retirement for decades so he has quite a bit to toss around. Adding an extra 0.5% on each transaction would really muck things up.

Also, that's not what a sin tax is. Sin tax is when you tax things that are fun or enjoyable. Tax on alcohol is sin tax. Tax on cigarettes is sin tax. Tax on prostitution is sin tax.