Posted on 04/16/2011 10:16:36 PM PDT by AmericanDave
That would really stick it to the speculators.
It would also kill the penny stock scams. That’s the only upside to such a tax that I can see.
I work on Wall St. The markets are very tight, sometimes a penny or less. My clients would go out of business.
Well, the split-second traders are skimming off the market at the expense of regular investors. Call me a class-warfare promoting Marxist if you want, but I won’t miss them.
It would kill the stockmarket and the economy.
And who do you think would actually pay for it — all of us, since most people own mutual funds in their retirement accounts. There is no such thing as a free lunch.
Instead of figuring out how to tax people, the government — and you — should focus on SPENDING CUTS and shrinking the government.
The government is an insatiable beast — the more taxes it gets, the more it spends, until the old joke becomes true about the IRS questionnaire: “How much do you make? ____. Send it all in”
I read something about this too, but the proposal was to take 4% of the amount traded which would generate $8 Trillion a year. This would replaced every tax paid by taxpayers at ever4y level of govt. No more taxes on property, or state sales tax.
yeah, because it’s a revenue problem, not a spending problem.
DU material.
IBTZ.
Proposing Taxes is so not FR.
This proposal is worthy of MSNBC or DU but NOT FR.
Rather than use the word "generate," the phrase "steal from the innocent at gunpoint" would fit better.
And the broker passes this off on you as a fee increase. As usual, it is still a tax on you.
It would not generate that kind of money because trading volumes would come crashing down.
Most average investors would do BETTER because the high-volume traders are skimming the profits.
Who do you think the profits they get come from?
So it starts with 1 cent and then we spend and then it is raised to 2 cents and then we spend some more and then it is raised to 3 cents, etc....Sound familiar. We need to stay focused on cutting spending to the bone.
Which wouldn't be so bad. These high volume traders don't generate a dime of capital - they put it in, and take it out a few seconds later.
Which would simply allow Congress to increase spending by that much.
Which would attract a significantly larger number of people to taking gov’t dole, i.e., individuals and corporation.
It is surprising to see FReepers buying into “get the rich”, “take it away from the rich” communist propaganda slogans. That’s how communism got established in Russia and East Europe and we all know how that turned out.
Without “the rich” — how many people do you think would have jobs?
The remedy is to CUT SPENDING not tax the 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.