Posted on 04/16/2011 10:16:36 PM PDT by AmericanDave
“It would kill the stockmarket and the economy.”
And, it would give congress and Obama more money to spend. They would just spend it and then run up the deficit again.
Dude you are falling for the propaganda. Government spending is the problem. Size of government is the problem.
Remember at it's very core government is a necessary evil.
It would be a great reason to trade stocks in Singapore, Beijing, London, or Zurich. And let the United States rot. If it enacts such a tax, it will deserve to.
The assumption is that with the new found revenue stream the deficits will be closed, that they they will slow or stop spending.
LMAO!
If we found a way to add 1 trillion dollars a day to the feds coffers it would not close any spending gaps.
Howzat, sweetie?
If I make a mistake and seek a Greater Fool to bail me out, a day trader can come in right handy! Without a Greater Fool, I might take an unnecessary loss! Anyone who produces something useful to me is a producer! Got it?
Of course, if my fear is groundless, then I'm the Greater Fool and the day trader makes out. But how are we to know unless it's allowed to happen?
And, as for the pea brains who think a hare-brained proposal such as this will solve anything, just wait until the likes of Obama, Pelosi, and Reid can think of ways to buy votes with the temporary revenue windfall!
We have to demonize the spenders.
Fortunately, Obama has overreached. Most Americans love their country and are dismayed when its president bows to foreign potentates. Obama has bitten off more than he can chew. Not only does he want to socialize the American economy, but, because of his foreign heritage, he wants to cut America down to size. That conflicts with patriotic Americans' view of their country as exceptional and opens him up to charges of being a traitor. I think the biggest danger right now is the Donks will realize their mistake and nominate someone else.
I don’t know where you got your 210 trillion shares from, but it’s totally bogus.
The number of shares traded in the NYSE in a year is about one trillion not 210. Nasdaq has another half a trillion.
http://www.nyxdata.com/nysedata/asp/factbook/viewer_edition.asp?mode=table&key=3003&category=3
So the 1c tax would get you $10-15billion - a drop in the bucket.
But I’m really disappointed that a freeper would even go there. Even more by the reaction of other freepers! Suggesting new ways and things for the government to tax, and this one really smacks of “classism” something that we’re trying to fight. You guys want to give the government even more money to waste and power to control your life?
People that trade in the exchanges and gain from it are already heavily taxed - for short term capital gains, they get to pay the regular income tax. Long termers get to pay capital gains taxes.
I’m also surprised that so many people took this post at face value - didn’t check if what the poster said was actually true!
Your proposal would raise my trading cost 11% on a buy of 100 shares.
If the price is $1 per share, that’s $100 plus a $1 tax.
If the price is $50 per share, that’s $5000 plus a $1 tax.
Only if the share price is $0.10, does this work.
Good to know the math was as bogus as the concept. I’m so opposed to the idea of feeding the government more money to whiz away, I must confess I didn’t even check the numbers.
Oh, you mean they do not tax stock transactions there?
London = Stamp duty: 0.5% on share transfer
Zurich = Federal Tax: 0.075%
Beijing = 0.1% Stamp Tax
Songapore = Contract Stamp Duty: Singapore $1 per S $1,000 or part
Transfer Stamp Duty: 0.2% when registered
Investing your own monetary life savings to gain the rewards of an increase in your monetary savings is extremely difficult work in which something like nine out of ten peaople fail to succeed.
The IRS in a recent ruling has described such investment activities as a "dissipation" of funds even more risky than gambling on a roulette table. Mising from such a false comparison is the fact that something like four out of five new business ventures fail, making business riskier than gambling at a roulette table.
The same can be said about buying many computer products and trying to exercise its warranty or receive a rebate. Consumers often find the chances of succeeding at receiving a rebate or satisfactory warranty services for a purchased product to be less than the average 49 percent theoretical success rate of gambling on red, black, even, or odd at the roulette table. Yet, they are not treated as the dissipation of funds by gambling. No, they are described as risks, not as gambling.
Well, investing or trading securities on the stock market, including daytrading, is very hard and very productive work, even when daytrading. It contributes trillions of dollars needed to supply the cash needed to hire people and pay wages to employees. Without those jobs and employment wages, there can only be fewer and fewer tax revenues. Stealing the money before it can even be invested is stealing the money from would be employees, their families, and their communities. Stealing a penny per share from the people who would finance business, employees, and governments dependent upon the taxation of their incomes in exchnage for the use of their life's savings needed for their financial support is a suicidal theft. It is literally a case of killing the geese who lay the golden eggs.
Whoever is betting on your efforts to produce something must not be getting their money's worth out of you, and they may be well advised to consider whether or not it is gambling to make further contributions to your wealth as you seek to deny them the opportunity to improve their wealth and yours.
so the govt will slowly drain the money out of the stock market as well... just to funnel it to the politically favored
quality
why the f*ck do we allow these people to lord over us? why go along with this crap? they have zer0 right to force us to give away our property so they can maintain power by handing it to those that will vote them in
You would be broke.
If Hu were smart, he'd get rid of that in a trice if the US went with the current hare-brained proposal.
In any case, there is no reason a stock exchange need exist in any particular physical place, other than a well-air-conditioned, well interneted, rack of blade servers (or multiple standard shipping containers full of them).
No offense, but paying more taxes does not make you a producer. How many jobs are you creating? How many have you hired?
Speculators have been great for prices at the pump, haven’t they?
Even the democrats rejected a transaction tax when a few of their dedicated marxists floated that baloon. And your numbers are off by orders of magnitude.
The FBI just shut down those exchanges as they lacked government supervision / sanction (and the government wasn't getting a piece of the action!) ...
You forgot the workers themselves - they too are "producers",
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.