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

reply to post by Kali74

This isn't about preventing rich people from becoming rich, or punishing them for being rich

Sure it is, it is nothing but a naked class warfare socialist redistribution scheme. Warren Buffet will not suffer as much as the little guy who doesn't understand why his 401K account lost so much money in hidden fees. By the way, the socialist Democrats already figured a way to stick it to Capitalist entrepreneurs. It's called Capital Gains tax.

reply to post by kaylaluv

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.

I don't property taxation and income taxation should be abolished,

reply to post by ThirdEyeofHorus

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.

I DID have a 401k, but I had to cash it in, at a hefty tax rate, to help pay for my daughter's college, because Chase bank ruined my credit by not acknowledging a divorce in which I was relieved of a debt to them. My deadbeat idiot ex failed to pay it, so they came after me. I faxed them the documents over and over, talked to my lawyer, even had a Chace rep yelling at me on the phone!

My husband had a 401k that he recently cashed in (at a hefty tax rate), to take care of buying a used car (for cash), when the old used car died.
My Dad's company never went public.

And I don't sit in a cubicle. I'm a retired Social Worker. No longer in the workforce, but still "working."

You just really don't make the slightest effort to actually converse with people, do you?! (You're frothing again)

Wow, please do this!

Please, please, please!

I would make a mint hedging on NYSE collapse.

reply to post by wildtimes

You just really don't make the slightest effort to actually converse with people, do you?! (You're frothing again)

Sure I do. Right now I'm trying to understand why you are frothing at the mouth while I'm trying to save the 401K you might still have from being ravaged by Socialist idiots.
Or maybe your issue here is that you had to pay for your kid's college. OWS people are really peed that they had to pay college tuition and that it's not totally free.
What you should be peed about is having to pay for the children of illegals to have free education while you have to cash out your 401K for your own kid. But I don't think you have ever figured that one out yet.

Originally posted by Kali74
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.

Can you explain that to me in simplistic terms. I'm not calling you out, just looking to further my education.

I've looked at many tax reforms, Flat Tax, VAT, etc and the pundits of each whoop and holler that the other would bring everything crashing down.

I'm thinking that the simplest way, may just be the best way. EVERYONE can understand a flat tax as it would eliminate most loopholes.

reply to post by Kali74


Yeah because having EVERYONE pay a percentage just won't work.

We must be doing so fantastic with the Progressive tax system we are currently using

Originally posted by neo96
reply to post by kaylaluv

 

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.

I don't property taxation and income taxation should be abolished,

I totally agree. Get rid of those taxes, and tax Wall Street instead.

Originally posted by wildtimes
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!

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

So "most of us don't play Wall Street"

And this:

I DID have a 401k, but I had to cash it in, at a hefty tax rate,

So making Wall Street pay ended up with you getting hurt as with all Amerikans.

reply to post by ThirdEyeofHorus


It's one penny per dollar and I'm suggesting getting rid of all other taxes. Income tax, capital gains tax, property tax... all of it. Even if I wasn't... if my 401K (yearly balance for the average 401k is 75K) is investing the full 75k (which they don't afaik) that would be 750 dollars out of my 401K per year. Now we'd have to presume that every single investment was bad for that 750 dollars to mean anything hurting me in the short or long term.

Most stock trades make far less than 1%. Trading would collapse and tax income would be NOWHERE near $16 trillion.

Really funny that anyone thinks they could get more than our entire GDP in federal taxes in one year. The only way that will happen is if they take it out of everyone's bank accounts.

Originally posted by ThirdEyeofHorus
reply to post by wildtimes

 

You just really don't make the slightest effort to actually converse with people, do you?! (You're frothing again)

Sure I do. Right now I'm trying to understand why you are frothing at the mouth while I'm trying to save the 401K you might still have from being ravaged by Socialist idiots.
Or maybe your issue here is that you had to pay for your kid's college. OWS people are really peed that they had to pay college tuition and that it's not totally free.
What you should be peed about is having to pay for the children of illegals to have free education while you have to cash out your 401K for your own kid. But I don't think you have ever figured that one out yet.

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

Having managed a call center where 401(k) participants called in asking advice about their investments, I can tell you that a person should NOT be moving their money around a lot in a 401(k). You end up losing money trying to time markets. You should be leaving that money alone, and maybe re-evaluate your position once a year. That doesn't mean moving the money once a year, either.

reply to post by kaylaluv

totally agree. Get rid of those taxes, and tax Wall Street instead.

I don't I do love the persecution of a minority in this country just shows those who claim they are for equal rights are full of it.

Originally posted by Kali74
reply to post by ThirdEyeofHorus

 

It's one penny per dollar and I'm suggesting getting rid of all other taxes. Income tax, capital gains tax, property tax... all of it. Even if I wasn't... if my 401K (yearly balance for the average 401k is 75K) is investing the full 75k (which they don't afaik) that would be 750 dollars out of my 401K per year. Now we'd have to presume that every single investment was bad for that 750 dollars to mean anything hurting me in the short or long term.

Incorrect.

Your opening post clearly states that it is 1% of every dollar traded.

That would be far more than 1% of your total 401k value. Most of the investments and sub investments inside your 401k are getting traded hundreds of times per day.

reply to post by ThirdEyeofHorus

OWS people are really peed that they had to pay college tuition and that it's not totally free.
What you should be peed about is having to pay for the children of illegals to have free education while you have to cash out your 401K for your own kid. But I don't think you have ever figured that one out yet.

My daughter graduated 3rd in her High School class, and got a huge scholarship from a MAJOR private university to study engineering. There were still things her dad and I had to pay for, even with that huge scholarship.

And don't even go the "children of immigrants" road with me, lady. We've been there before, you and I (though I doubt you remember), and the children of immigrants are BLAMELESS.

The Glenn Beck people are really peed that our society is very much 'figuring it out'.
You don't know one thing about me. Lay off, please.

Originally posted by neo96
equal rights

Equal Rights, , thats Gold.

Did you get Bailed Out like you Masters on Wall Street did?

Originally posted by Tw0Sides

Originally posted by neo96
equal rights

Equal Rights,

, thats Gold.

Did you get Bailed Out like you Masters on Wall Street did?

So do tell what is it called when a minority pays for the majority in this country?

Tell me the logic of making someone pay for what congressman blow?

reply to post by neo96


neo, what is your point? Are you FOR Wall Street profiteering? Or against it?

I've learned a lot since the time I took out that 401k; it was worth only a fraction of 10k. It was money I socked away in very small increments, based on the advice of a very nice man at Northwestern Mutual (I think it was). I bought into the scheme, sadly, for my paltry few bucks a month....

and then Chase screwed me over. So I had to cash it in.
I would prefer a system of barter and small communities trading amongst themselves.

reply to post by neo96


How isn't it equal rights when you're saying yourself that most "Amerikans" are in Wall Street?

reply to post by TDawgRex


The Progressives do not want a flat tax because it does not fit into their Socialist redistribution schemes. A Progressive graduated income tax is part of the Communist Manifesto.

Here it is right here in the Communist Manifesto of Karl Marx, along with all the other rants against Capitalism and the demand for the abolition of bourgeois private property and the punishment of Capitalists.

Abolition of property in land and application of all rents of land to public purposes.
2. A heavy progressive or graduated income tax.
3. Abolition of all rights of inheritance.
4. Confiscation of the property of all emigrants and rebels.
5. Centralisation of credit in the hands of the state, by means of a national bank with State capital and an exclusive monopoly.

www.marxists.org...

So under that model, WildTimes would never get the money her own Dad worked for.

Also one can find in the Communist Manifesto the abolition of the family! So I was right when I told someone here that the Communists want to destroy the family and replace it with the State.