Our Economy Could Be In Surplus In Less Than A Year With A 1% Wall Street Sales Tax

reply to post by elouina


Profit sitting in the 'Cayman Islands' maybe.
But again if in conjunction we eliminate all other taxes?
Even if not, 1 penny per dollar... is nothing individually. We all pay sales tax on just about everything. That's money we've already paid taxes on too.

Originally posted by elouina
Now how would this be any different then Cyprus? Do you realize that the money used for Wall Street transactions has been already taxed? This is earned money removed from bank accounts and then invested. Now if there is a profit, that money is in turn taxed. I think this double taxation is something that should be avoided like the flu.

edit on 22-3-2013 by elouina because: (no reason given)

Yes, but if you are not having to pay income tax, property tax, sales tax, estate tax, etc., etc. -- I think you would save more of your hard-earned money on the deal. Most of the money in the Wall Street sales tax would come from the 1%, who could easily afford it.

Originally posted by Kali74
reply to post by macman

 

And if we could eliminate all other taxes in the process?
1 penny per dollar is hardly punishing anyone.

It is still taxing people more. What is so romantic to Progressives about taxing "everyone else"?
I don't get it.

Why should someone be taxed even more?
The Govt should learn to operate with a Budget. Not an inflated Budget that gives us crap like studying why overweight lesbians are depressed. Nor a budget that allows the Govt to have the ability to loan interest free money to companies.

Our Economy Could Be In Surplus In Less Than A Year With A 1% Wall Street Sales Tax ,

It is hilarious that anyone is dumb enough to believe that.

Here let's tax people more money because we blew what we already taxed!!!

Anyone who offers taxes offers no solution plain and simple.

Go ahead tho they would pull all their money out of Wall Street, and guess who that effects those most?

YOU!

Stocks,bonds,mutual funds,money markets, other investment vehicles like pensions, and 401s.

Brilliant idea!
NOT.

The economy?

Don't they mean Government?

The economy neither runs surplus or deficits sum total of the goods and services of the entire country.

Taking money out of the economy as all taxation does doesn't help it.

Idk if this is the answer. Stock traders aren't really the culprits. Sure they're gambling fiends who own part ownership in a company, and sure they might become rich by trading stocks, but that doesn't actually mean they are the companies who are making all the highly unethical decisions - the decisions that cause poverty in the nations they are in.

I think the best thing to do, as a nation, would be to figure out what we want to do. We can either demand fair wages for everyone in the nation, and place high tariffs on imports, or we have to demand fair wages for everyone we trade with. Do we want to be a sovereign economy or a global economy?

Taxing everyone based on how much they make, or how much money they have, doesn't do any good really. It's the unfair wages that mess everything up. We need to fix that.

That's just my opinion, anyway - There's other solutions as well, but unfair taxes aren't it.

reply to post by macman


If such a "tax" eliminated all other taxes, and rebated to you rest to "spend" the world would be a better place for everyone, including those positioned to take advantage of the increased spending at the consumer level. This movement of money would stimulate the free-market, and make it "work harder" (benefiting everyone, still - according to their contribution).

Do you prefer the current operating conditions of the game - including higher overall taxes - simply because you don't like the word "tax" and will rage against any idea that uses or implies it?

I saw something about this topic a few weeks ago on TV. Anyhow, I see zero reason why this type of tax on Wall Street can not be implemented. As was pointed out in the show I was watching, many other major stock markets around the world imposes similar taxes.

This isn't the same show I watched, but it is much the same.

reply to post by 0zzymand0s

*sigh* Why would people continue to trade then?
AS stated before, there would just be alternative methods created and thus, the tax would by bypassed.

Taxing people is not the answer.

reply to post by 0zzymand0s


Further more. If taxes are to be paid, for the "good of all", then all need to pay taxes.

A flat tax would do this. If one pays, then we all pay. This Progressive BS sandwich, dressed up like some Deli Gourmet Meal is just that.

reply to post by neo96

Go ahead tho they would pull all their money out of Wall Street

This is a point I wanted to get at so thanks for bringing it up. Are we honestly supposed to believe that someone will choose not to make 99 cents to avoid paying 1 cent (escalate that up of course)?

reply to post by macman


Trade transaction tax would be an obvious alternative in that case.

reply to post by elouina

I think this double taxation is something that should be avoided like the flu.

Too late to avoid it. We are all double-taxed. We're taxed when we bring it in, and taxed when we spend it on things like food, fuel, everything....
It's asinine. But it's already happening. And, some places try to tax resale (or do it outright, like with used car purchase - taxed when you buy it....and then the person who buys it from YOU is taxed as well!) It never ends.

The capital gains loophole makes me absolutely nauseated. How are capital gains not INCOME?
If someone wants to gamble on Wall Street, then why not tax them to do so?

Lots of cities have regular referendums for fund-raising, by imposing quarter-cent or half-penny taxes, etc. to fund programs that benefit the city - whether improvements to infrastructure, or to keep services going.
Many times, voters agree to do so, and each time, they are allowed to choose.
This should be a national referendum, in my opinion.

I've heard of places trying to "tax" garage sale proceeds for crying out loud! Or insisting that people buy "permits" to hold one. Like home improvement things - "get the permit" (in my area most people don't bother - and their aren't any 'home iimprovement project police' running around collecting from people trying to improve their properties. Thank God.) We are taxed on everything we do except breathe! Why not let the gamblers pull their own weight, rather than allowing them "escape hatches" from tax?



And we're even taxed when we "SAVE IT" and then are forced to have to withdraw those savings in order to survive (at a hefty rate, too!) we are taxed AGAIN when we spend those savings buying what we need!

reply to post by Kali74

This is a point I wanted to get at so thanks for bringing it up. Are we honestly supposed to believe that someone will choose not to make 99 cents to avoid paying 1 cent (escalate that up of course)?

The only point I got from this thread as with all the vilification of Wall Street is people will do anything to destroy them.

So why "get behind" that tax when it will absolutely accomplish nothing, and its more than pulling money out.

The taxation already paid by corporations, and those people who pay capital gains will be generating less income which means there would be less taxation paid, which means less taxes paid to government which also means money taken out of the economy.

Then end result is more people on social programs not generating income or paying taxes, and buying less corporate products.

Doesn't make sense to me.

People want to see an economic jump cut taxes,eliminate income taxation, but they don't want to do that all they want to do is pass the buck and make someone else pay.

Originally posted by neo96
The only point I got from this thread as with all the vilification of Wall Street is people will do anything to destroy them.

Why not? As we already saw, after all, Wall Street will do anything to destroy the rest of us.

reply to post by Kali74


Oh, so there is a never ending sight to taxes then. So, why not just institute a "person" tax on those that you deem suitable for it. That way, no matter what they do, they get taxed.


Why the left romanticizes about taxes I will never get.

Originally posted by neo96
The only point I got from this thread as with all the vilification of Wall Street is people will do anything to destroy them.

Paying a penny on the dollar is not exactly going to "destroy" Wall Street.

Oh, another example: If someone wins the lottery (capital gains), they are taxed up to 50%! And what about this ridiculous inheritance tax? What??!! My Dad saved and worked all his life, and left me what was still there to be used, but I have to pay TAXES on it?
But people play Wall Street's gambling game and win, they get off tax-free?

What a scam.

reply to post by macman


We already do. That's why you are born in debt, in a world where everything that ever was or ever will be is already owned by the people in charge, their pet politicians and their crony supporters.

reply to post by wildtimes


I trust you realize inheritance tax is only applicable on estate worth over 5.25 million.

Either he's in the 1%, else you're complaining for no good reason.

Originally posted by Kali74
reply to post by 0zzymand0s

 

That's some Capitalism that I can get behind.

reply to post by Malynn

 

32 trillion dollars woohoo!

That's not Capitalism. That would be Socialist redistribution. It would only make sense if you were one of those people who lost money in the stock market to George Soros and his nasty team of 26, or if Madoff was the one who invested your 401k for you.

It's an outrageous idea and just more redistribution schemes. But then OWS always was more leftist/radical/socialist anyway. Hey maybe the idea came out of Obama's CScope Common Core lesson plans where kids are told Capitalists are greedy and Communism is at the top of the ladder of good systems. Or wait, I think it was Richard Trumka's idea for for a financial transaction fee. But don't worry, if they do it the way they really want, you won't be off the hook either. Then you can pat yourself on the head knowing how much you have helped those more downtrodden than yourself.

I'm thinking the average Joe day trader's wouldn't be on board.