Taxing financial tranactions

[Pauls' Revere]

https://finance.yahoo.com/news/lawmakers-introduce-bill-to-tax-wall-street-211353714.html

A group of lawmakers wants to tax financial transactions -- a move they argue will generate billions of dollars in revenue and reduce the risk of another financial crisis.

On Tuesday Sen. Brian Schatz (D-Hawaii) introduced the Wall Street Tax Act in the Senate, while Rep. Peter DeFazio (D-OR) introduced legislation in the House.

Sen. Kristen Gillibrand (D-NY), a 2020 presidential contender, Rep. Alexandria Ocasio-Cortez (D-NY), and other progressive lawmakers have signed on as co-sponsors.

The plan would tax the sale of stocks, bonds and derivatives at 0.1%. (A stock trade of $1,000 would incur a tax of $1.)

The Joint Committee on Taxation has estimated a financial transaction tax would raise an estimated $777 billion over the next 10 years.



Is there anything they won't tax?:(

[Origanalist]

Is there anything they won't tax?

No.

[Pauls' Revere]

Is there anything they won't tax?

No.

Should we start a list of things NOT taxed?

[Swordsmyth]

Should we start a list of things NOT taxed?
Why give them ideas?

[Pauls' Revere]

The tax would apply to every transaction made in the United States or by a U.S. person — including retail investors.

[oyarde]

Pretty unAmerican which is not surprising looking at the perps . These people should be banished from the US .

[Pauls' Revere]

I think of the Stamp Act when I think of this. Perhaps that's a bad comparison but wth.

https://en.wikipedia.org/wiki/Stamp_Act_1765

The Stamp Act of 1765 (short title Duties in American Colonies Act 1765; 5 George III, c. 12) was an Act of the Parliament of Great Britain that imposed a direct tax on the British colonies and plantations in America and required that many printed materials in the colonies be produced on stamped paper produced in London, carrying an embossed revenue stamp.[1][2] Printed materials included legal documents, magazines, playing cards, newspapers, and many other types of paper used throughout the colonies. Like previous taxes, the stamp tax had to be paid in valid British currency, not in colonial paper money.[3]

The purpose of the tax was to pay for British military troops stationed in the American colonies after the French and Indian War, which was the North American theater of the Seven Years' War.

[specsaregood]

Is there anything they won't tax?
No.

Now, now, I don't see them taxing political donations.

[PAF]

A group of lawmakers wants to tax financial transactions...

Sen. Kristen Gillibrand (D-NY), a 2020 presidential contender, Rep. Alexandria Ocasio-Cortez (D-NY), and other progressive lawmakers have signed on as co-sponsors.



Those damn immigrants. And how dare they work under the table, even if they are Catholic and anti-abortion.

[Sonny Tufts]

Pretty unAmerican which is not surprising looking at the perps . These people should be banished from the US .

It's hardly unAmerican, since it's nothing more than a sales tax, and all but four states impose a sales tax. The only difference is the tax base. Incidentally, there was a federal stock transfer tax from 1914 to 1966; the rate began at .02% and was raised to .04% in 1932.

This is not to say that such a tax would be a good idea. But stock transfer taxes have been proposed from time to time, and they're not original with the current crop of left-wing wackos. See http://www.taxhistory.org/thp/readings.nsf/ArtWeb/6062A8E3B6C9C7C585257480005BFEE6

[Swordsmyth]

Now, now, I don't see them taxing political donations.
I can see that.

[Swordsmyth]

Those damn immigrants. And how dare they work under the table, even if they are Catholic and anti-abortion.
LOL, then why do they vote for the party of weirdosexuals and infanticide?

And why are you bringing immigration into this thread?

[PAF]

LOL, then why do they vote for the party of weirdosexuals and infanticide?

And why are you bringing immigration into this thread?


Where have you been, on vacation? Isn't this thread "Taxing financial transactions"?

Haven't you heard? All of the worlds problems, each and every one of them, are attributed to immigrants! Swordsmyth, we are having a severe "crisis" right now and here you are asking stupid questions! Get with the program man!

In the other thread about how insanely wrong Rand, Justin and Nap are I even proposed a DOME over the entire country!

[Swordsmyth]

Where have you been, on vacation? Isn't this thread "Taxing financial transactions"?

Haven't you heard? All of the worlds problems, each and every one of them, are attributed to immigrants! Swordsmyth, we are having a severe "crisis" right now and here you are asking stupid questions! Get with the program man!

In the other thread about how insanely wrong Rand, Justin and Nap are I even proposed a DOME over the entire country!
:rolleyes:

[CCTelander]

This goes here:


https://www.youtube.com/watch?v=MbQiVQuiu04

"Taxman"

Let me tell you how it will be
There's one for you, nineteen for me
Cos I'm the taxman, yeah, I'm the taxman

Should five per cent appear too small
Be thankful I don't take it all
Cos I'm the taxman, yeah I'm the taxman

If you drive a car, I'll tax the street
If you try to sit, I'll tax your seat
If you get too cold I'll tax the heat
If you take a walk, I'll tax your feet

Taxman!
Cos I'm the taxman, yeah I'm the taxman

Don't ask me what I want it for (Aahh Mr. Wilson)
If you don't want to pay some more (Aahh Mr. Heath)
Cos I'm the taxman, yeah, I'm the taxman

Now my advice for those who die
Declare the pennies on your eyes
Cos I'm the taxman, yeah, I'm the taxman

And you're working for no one but me
Taxman!

[Krugminator2]

So this has been tried. Never works. Sweden did .5%. https://en.wikipedia.org/wiki/Swedish_financial_transaction_tax They collected less than 1% of projected revenue. Killed their options market. Made their bond market so illiquid that it made the cost of borrowing higher and their stock market was permanently lower in line with lower capital investment.

.1% is an insane number. Just use the math on this. If someone just rebalanced a portfolio quarterly you would have be giving the government a half percent of returns a year. Market makers might turn over their portfolio 20 times in a day. These people are idiots.

[Swordsmyth]

So this has been tried. Never works. Sweden did .5%. https://en.wikipedia.org/wiki/Swedish_financial_transaction_tax They collected less than 1% of projected revenue. Killed their options market. Made their bond market so illiquid that it made the cost of borrowing higher and their stock market was permanently lower in line with lower capital investment.

.1% is an insane number. Just use the math on this. If someone just rebalanced a portfolio quarterly you would have be giving the government a half percent of returns a year. Market makers might turn over their portfolio 20 times in a day. These people are idiots.
Or they want to destroy the economy.

[Stratovarious]

...
Haven't you heard? All of the worlds problems, each and every one of them, are attributed to immigrants! Swordsmyth, we are having a severe "crisis" right now and here you are asking stupid questions!
...

:recycle::bigpoo::clap::clap::clap:

[Pauls' Revere]

So this has been tried. Never works. Sweden did .5%. https://en.wikipedia.org/wiki/Swedish_financial_transaction_tax They collected less than 1% of projected revenue. Killed their options market. Made their bond market so illiquid that it made the cost of borrowing higher and their stock market was permanently lower in line with lower capital investment.

.1% is an insane number. Just use the math on this. If someone just rebalanced a portfolio quarterly you would have be giving the government a half percent of returns a year. Market makers might turn over their portfolio 20 times in a day. These people are idiots.

What do they say? if it moves they tax it, if it doesn't then subsidize it.

[TheCount]

Haven't you heard? All of the worlds problems, each and every one of them, are attributed to immigrants! Swordsmyth, we are having a severe "crisis" right now and here you are asking stupid questions! Get with the program man!

He is with the program. The SS supports taxing financial transactions.

[Swordsmyth]

He is with the program. The SS supports taxing financial transactions.
Link?

[Swordsmyth]

He is with the program. The SS supports taxing financial transactions.


Link?

???

[Dr.3D]

https://www.youtube.com/watch?v=g0ahJPxfGp4

[TheCount]

Link?
https://assets.donaldjtrump.com/Pay_for_the_Wall.pdf

[Swordsmyth]

https://assets.donaldjtrump.com/Pay_for_the_Wall.pdf
That's not the same thing at all.

[DamianTV]

If they want to put a Tax on Transactions, how about the BILLIONS traded EVERY DAY on WALL STREET? Buy, sell, buy, sell, buy more, sell more. Leave us the FUCK out of it. Try taxing WALL STREET instead of MAIN STREET?

Whats really a shame is most people do not understand the most basic thing about taxes and fiat currency. If all people actually did, there would be a Revolution by tomorrow morning.

[specsaregood]

If they want to put a Tax on Transactions, how about the BILLIONS traded EVERY DAY on WALL STREET? Buy, sell, buy, sell, buy more, sell more. Leave us the FUCK out of it. Try taxing WALL STREET instead of MAIN STREET?


Uhm, those transactions are taxed.

[DamianTV]

Uhm, those transactions are taxed.

Dammit. There goes that idea.

[TheTexan]

Is there anything they won't tax?

No.

Or as Sam Adams put it:



For if our Trade may be taxed why not our Lands? Why not the Produce of our Lands & every thing we possess or make use of? This we apprehend annihilates our Charter Right to govern & tax ourselves – It strikes our British Privileges, which as we have never forfeited them, we hold in common with our Fellow Subjects who are Natives of Britain: If Taxes are laid upon us in any shape without our having a legal Representation where they are laid, are we not reduced from the Character of free Subjects to the miserable State of tributary Slaves

People back then got all up in arms over the smallest things. Add up all the taxes today and it easily adds up to 50% or more of one's income.

But that's OK, the problem back then was taxation without representation. We have representation now, so problem solved.

[TheTexan]

The Joint Committee on Taxation has estimated a financial transaction tax would raise an estimated $777 billion over the next 10 years.

Or a better idea: Think how much could be raised if people had to pay a tax every time they pay a tax.

[Anti Globalist]

They just want to tax everything don't they?

[Pauls' Revere]

Or a better idea: Think how much could be raised if people had to pay a tax every time they pay a tax.

Wait until we go to a cashless society and every debit transaction is taxed on the spot immediately. This serves to minimize the individuals perspective of the impact this has. You won't really notice it, or "feel" it so to speak. Very insidious methodology. Ever wonder why a flat tax never gets off the ground? Its to easily understood and people would revolt.

[Superfluous Man]

The tax would apply to every transaction made in the United States or by a U.S. person — including retail investors.

In the US by a US person?

Those are loopholes just screaming to get closed by future Hotel-California-inspired legislation.

[ILUVRP]

The New 2019 Federal Income Tax Brackets and Rates for Capital Gains. Capital gains are taxed at different rates from ordinary income. For example, while there are seven tax brackets for ordinary income, ranging from 10% to 37%, there are just three for capital gains, ranging from 0% to 20%

i am having trouble keeping the tears out of my eyes .

[Superfluous Man]

The New 2019 Federal Income Tax Brackets and Rates for Capital Gains. Capital gains are taxed at different rates from ordinary income. For example, while there are seven tax brackets for ordinary income, ranging from 10% to 37%, there are just three for capital gains, ranging from 0% to 20%

i am having trouble keeping the tears out of my eyes .

That is an interesting possible unintended effect of a tax like the one proposed.

It would certainly result in fewer sales of stock (what you tax, you get less of), resulting in people riding out losses for longer durations and pulling the trigger less often on buys of stocks they have high hopes for, thus having lower realized capital gains to be taxed.

This tax would result in a decrease of federal revenue if the forgone capital gains taxes are more than the new per-trade taxes.

This is not all good, since this decrease of federal revenue would come at the cost of decreased standards of living for the people. But hey, at least it would be a decrease of federal revenue, so there's that.

[Sonny Tufts]

Or a better idea: Think how much could be raised if people had to pay a tax every time they pay a tax.

I ran into a similar situation years ago when I filed a Massachusetts estate tax return. Not only did the estate have to pay the tax, there was a fee (I think it was $25) just to file the return. Talk about rubbing salt in the wound...

[oyarde]

Or a better idea: Think how much could be raised if people had to pay a tax every time they pay a tax.

You do that when you buy gasoline , beer , wine , cigarettes or liquor . Gas and cigarettes have a state and federal tax and then you pay sales tax on those two taxes , the last time gas reached about 4.10 here it was really about 3.00 without the taxes. Beer . wine and liquor generally have a state tax and sales tax on that tax . As an example about 2 dollars of a five dollar pack of cigarettes is shared by the tobacco grower , cigarette manufacturer and store selling it with the remainder being collected by various govt agencies .

[oyarde]

Or as Sam Adams put it:



People back then got all up in arms over the smallest things. Add up all the taxes today and it easily adds up to 50% or more of one's income.

But that's OK, the problem back then was taxation without representation. We have representation now, so problem solved.

Like Sam Adams I oppose my lands being taxed . Once society collapses I will point out to the rabble that if the sheriffs dept is removed there will be no method for enforcement of these taxes .

[UWDude]

I've got the solution to All of Americas financial problems:

Tax the taxes!

1. Everybody has to pay them/
2. Do you have any idea how much the US makes in taxes? Just tax ten percent of that every year, and viola, debt solved.

There could be like the property tax tax, and the sales tax tax. And maybe a tax on the property tax tax exclusively for education?

Just spit ballin, here...

[TheCount]

That's not the same thing at all.
Is that because remittances aren't financial transactions or because hispanics aren't people?

[dude58677]

To think that Donald Trump could have abolished the IRS by not ending the shutdown.

[Swordsmyth]

Is that because remittances aren't financial transactions or because hispanics aren't people?
Because transactions sending money outside the country for people who are here illegally are not the same as entirely domestic transactions for people who are here legally.

[Stratovarious]

Like Sam Adams I oppose my lands being taxed . Once society collapses I will point out to the rabble that if the sheriffs dept is removed there will be no method for enforcement of these taxes .
They'll use the 'plastic straw police' .

[oyarde]

It's hardly unAmerican, since it's nothing more than a sales tax, and all but four states impose a sales tax. The only difference is the tax base. Incidentally, there was a federal stock transfer tax from 1914 to 1966; the rate began at .02% and was raised to .04% in 1932.

This is not to say that such a tax would be a good idea. But stock transfer taxes have been proposed from time to time, and they're not original with the current crop of left-wing wackos. See http://www.taxhistory.org/thp/readings.nsf/ArtWeb/6062A8E3B6C9C7C585257480005BFEE6

About the time the transfer tax started was when many other unAmerican activities started throughout the US . Of course this tax would be a bad idea .