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

reply to post by CommanderCraCra

First of all, I have yet to receive any inheritance. My mother is still living.

Second of all, no, we were NOWHERE NEAR the 1%. My dad was a business owner and engineer. Fortunately my mom is spending the few k's she had left to help us kids out when we need it (and I'm nearly 55, friend), and, of course, being taxed when she spends it to help us out with things we can't otherwise afford to do.

reply to post by ThirdEyeofHorus

where kids are told Capitalists are greedy

They ARE greedy!

reply to post by Kali74


There is a saying, "If you took most of the money away from rich people, they would be rich again shortly after."

Why? Because they know what they are doing, while most Americans just want a bigger flatscreen or new car.

They'll get rich again shortly after because they know how to get the rest to part with their money.

I'm a fan of a flat tax with a 13-15% spending cut across the board. Every Agency, Program, etc.

That and all bills must be passed on their own. NO add ons whatsoever.

The debt would sort itself out rather quickly. But that's just my uneducated two cents.

Originally posted by Junkheap

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.

No that is the US federal government who will do anything to destroy anyone or anything that gets in its way.

Originally posted by kaylaluv

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.

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

Fine then all those who support paying a penny should have no problems doing the same.

Not wait that dog doesn't hunt.

reply to post by neo96

Most of us don't "play Wall Street", because we can't AFFORD it! We're trying to survive, paycheck to paycheck, and set a bit aside for future emergencies. I don't know what world you live in, neo, but it's not the same one in which MOST AMERICANS do!

Originally posted by wildtimes
reply to post by ThirdEyeofHorus

 

where kids are told Capitalists are greedy

They ARE greedy!

Wasn't your Dad a Capitalist? I don't understand your mindset. Are you calling your Dad a greedy so and so? Is there some kind of wall you have put up between what you think your Dad was and what you think John McCain is?

reply to post 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

How would this destroy Wall Street?

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

Can I come visit the house of a person that thinks 16 trillion dollars is nothing? I can't even fathom what it would like.

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.

What? To begin with if Capital Gains were taxed they way they were supposed to be taxed and reflective of actual profit we may not be in this mess. Next, I'm suggesting all other taxes be eliminated. With a 16 trillion dollar tax revenue there's no excuse to have any other taxes.

Originally posted by wildtimes
reply to post by neo96

 

Most of us don't "play Wall Street", because we can't. We're trying to survive, paycheck to paycheck, and set a bit aside for future emergencies. I don't know what world you live in, neo, but it's not the same one in which MOST AMERICANS do!

Actually most Amerikans "play wall street" either by the job they have, the products the sell,use to their pensions.

SS earns a pitance of interest via Wall Street, those treasuries sold to countries via Wall Street so when a person who says they don't have a stock portfolio doesn't matter.

Socialists don't want to pay any taxes...but they want those who do pay taxes to take care of them.

Hmmm....where does that idea fail?

Oh, yeah....from the beginning...........

reply to post by ThirdEyeofHorus


My dad was born in the early 1930s, he was brought up during the time that people invested in their own businesses, not on publically-traded firms. When they were profitable, they gave bonuses or raises to EVERYONE, not just the CEO.

My brother is working for a firm that gave a $2000 bonus ACROSS THE BOARD to everyone, from the janitors to the secretaries, to the 'salesmen'. That is how it should be. And he griped, saying, "well, if someone brings in millions in new contracts, don't they deserve MORE than the secretary"? He didn't add in the "low-life" or "stupid" or "useless" before the secretary, but it's there all the same.

My husband, my son, and I all protested that EVERY PERSON working for any firm, anywhere, should be recognized for what they do, and how important they are to the functioning of the entire enterprise.

That kind of Capitalism no longer exists.

reply to post by 0zzymand0s


No no no.
I mean since Progressives want to go after a spcecfic group of people, just apply a "person"tax right to them.

I am not talking about the virtual sense of everyone carries the Fed Debt.

Why not just come out and ID those you and other deem as the people that will just be taxed for being alive.

reply to post by Kali74

How would this destroy Wall Street?

A penny on a billion dollars is 10 million in lost revenue when that is multiplied across the board that is billions lost taken directly out of the economy.

And business does what business does cut costs.

Can I come visit the house of a person that thinks 16 trillion dollars is nothing? I can't even fathom what it would like.

We all live in that house where spending has caused that 16 trillion dollars is nothing considering they continue to spend but call it "investment".

Sure you can the printing presses have been running full speed which means the value of the dollar is meaningless.

What? To begin with if Capital Gains were taxed they way they were supposed to be taxed and reflective of actual profit we may not be in this mess. Next, I'm suggesting all other taxes be eliminated. With a 16 trillion dollar tax revenue there's no excuse to have any other taxes.

Do tell how should capital gains be taxes when that "wealth" can be wiped out in a matter of seconds,

reply to post by TDawgRex


This isn't about preventing rich people from becoming rich, or punishing them for being rich. A flat tax will never ever work. You want to see this country actually bottom out, install a flat tax.

reply to post by wildtimes

Most of us don't "play Wall Street", because we can't

Do you have a 401K? Millions of hard working people have 401K accounts which is money they invested in some kind of market. So you think that only the Warren Buffets and the Georgy Schwartzes of the world are the only ones who invest?
I bet your Dad had company stocks, it likely just wasn't traded on the DOW.

I bet that guy in the cubicle next to yours took a few dollars from his last paycheck and traded on ETrade.

The idea that all trading on Wall Street is by Georgy Schwartzes team of 26 is ludicrous at best.

As usual, it is the little guy who will be hurt the most.

Here's Trunka on financial transacton taxes. This is nothing but a Union driven Socialist scheme.
vimeo.com...

Originally posted by neo96

Originally posted by kaylaluv

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.

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

Fine then all those who support paying a penny should have no problems doing the same.

Not wait that dog doesn't hunt.

I would love to only have to pay 1% income tax. Or a 1% sales tax. Or a 1% property tax. That would be awesome.

Originally posted by kaylaluv

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.

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

You are right, because they aren't going to pay it. It is going to be passed on to the investor, it will come out of your IRA, 401K, Mutual funds etc. That is what you have to understand. The majority of money in the markets does not belong to the 1%, it is in things like pension plans and the stuff I already mentioned.

reply to post by neo96

Actually most Amerikans "play wall street" either by the job they have, the products the sell,use to their pensions.

SS earns a pitance of interest via Wall Street, those treasuries sold to countries via Wall Street so when a person who says they don't have a stock portfolio doesn't matter.

This response is incoherent. People buying goods or services from publically-traded firms are paying for the shareholders' interests - they're not "playing Wall Street".

Beyond that response I don't understand your post.

Originally posted by ThirdEyeofHorus
reply to post by wildtimes

 

Most of us don't "play Wall Street", because we can't

Do you have a 401K? Millions of hard working people have 401K accounts which is money they invested in some kind of market. So you think that only the Warren Buffets and the Georgy Schwartzes of the world are the only ones who invest?
I bet your Dad had company stocks, it likely just wasn't traded on the DOW.

I bet that guy in the cubicle next to yours took a few dollars from his last paycheck and traded on ETrade.

The idea that all trading on Wall Street is by Georgy Schwartzes team of 26 is ludicrous at best.

As usual, it is the little guy who will be hurt the most.

Not for a penny on the dollar -- not if the little guy is not paying any other taxes. He'll make money on that deal.

reply to post by wildtimes


Wall Street "wealth" funds everything in this country directly or indirectly as that cash is used to buy materials,supplies, and everything else needed to operate business's.