Time to tax every stock trade! - DFWstangs Forums
 
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post #1 of 12 (permalink) Old 09-02-2009, 09:41 PM Thread Starter
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Time to tax every stock trade!

Yup, its being proposed:
Quote:
After the federal government put up hundreds of billions of dollars to bail out Wall Street, the largest labor union in America wants those firms to return the favor.

The AFL-CIO reportedly is promoting a proposal to tax every single stock transaction, and it's gained some support among Democrats.

According to The Hill, the tiny tax would be about a tenth of a percent -- but it could mean a lot of money for companies, like Goldman Sachs, that are making billions and conducting a high volume of trades.

Union policy director Thea Lee told the newspaper that the tax could raise between $50 billion and $100 billion annually for the federal government, but also serve to discourage "speculative financial activity." In other words, the kind of lightning-fast trading conducted by mega-firms which critics say leads to volatility.

The idea reportedly is gaining some support in Congress and among top officials in London.

But Mark Calabria, director of financial regulation studies at the Cato Institute, said such a tax would not be a big enough deterrent to change Wall Street behavior in any significant way.

"The gamblers out there, the speculators, I don't think it's going to necessarily deter them," he said. "It's just another way to raise revenue. It really has no other value."
http://www.foxnews.com/politics/2009...-transactions/

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post #2 of 12 (permalink) Old 09-02-2009, 09:47 PM
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How about the AFL-CIO donate the union dues to the government, if they are so concerned. If it wasn't for them, the auto manufacturers probably wouldn't have needed a bailout.
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post #3 of 12 (permalink) Old 09-02-2009, 09:48 PM
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yep. MOre taxes. Just what we need to get things going again.
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post #4 of 12 (permalink) Old 09-02-2009, 09:52 PM
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Jesus effin Christ...
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post #5 of 12 (permalink) Old 09-02-2009, 10:01 PM
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What are these bleeding heart, commie bastards going to do when there isn't any wealth left to tax?
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post #6 of 12 (permalink) Old 09-02-2009, 10:02 PM
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yep. MOre taxes. Just what we need to get things going again.
I find it funny how they say they can pull 100billion dollars a year out of the capital markets that help fund day to day operations of the very companies that we need to hire people again, and assume that unemployment can go anywhere but up as a result of this.


Funny how people who have no expertise in running a business seem to think they know how to do it better than the business owners themselves.


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post #7 of 12 (permalink) Old 09-02-2009, 10:03 PM
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Jesus effin Christ...
Indeed
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post #8 of 12 (permalink) Old 09-02-2009, 10:17 PM
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Jesus effin Christ...
How's a 300 pt floor look? They will cripple the financial industry. Greedy motherfuckers.

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post #9 of 12 (permalink) Old 09-02-2009, 10:28 PM
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How's a 300 pt floor look? They will cripple the financial industry. Greedy motherfuckers.
I just wish someone could convince these mofos that the tax revenue collection business is not an inelastic market. I've thought it for years, the similarities with price-elastic markets are evident. I finally saw a great study a while back that provided some great evidence verifying it. Fuck if I know where I can find it though. I don't think I've been as pissed about an idea as I was when we decided to ban short-selling of certain securities last year. Price discovery is achieved by market participants setting a price. I'm all for banning the naked shorting, that shit is despicable. The ban on all shorting was equally as disgusting. I needed the markets to turn around as much as anybody in the world, but that is some straight-up China shit.
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post #10 of 12 (permalink) Old 09-03-2009, 08:22 AM
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i can feel the market crashing already. left wing idiots need to get the fuck out

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post #11 of 12 (permalink) Old 09-03-2009, 08:33 AM
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What are these bleeding heart, commie bastards going to do when there isn't any wealth left to tax?
I think that means they won.

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post #12 of 12 (permalink) Old 09-03-2009, 08:38 AM
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These asshole are looking for any and every way to redistribute the wealth. The more taxes they can raise, the more people can suck off the government tit.
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