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Thread: Taxing financial tranactions

  1. #1

    Taxing financial tranactions

    https://finance.yahoo.com/news/lawma...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?
    - SUPPORT FREE TRADE, SMUGGLE -

    2 + 2 = 5.



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  3. #2
    Is there anything they won't tax?

    No.
    "The Patriarch"

    willie with tan lines: enjoy the shots and the woman
    Quote Originally Posted by Schifference View Post
    The man did not think clearly. It was almost as if he had brain cancer of something.
    Quote Originally Posted by Swordsmyth View Post
    The foreigners will take 100% of your income and then your life.

  4. #3
    Quote Originally Posted by Origanalist View Post
    Is there anything they won't tax?

    No.
    Should we start a list of things NOT taxed?
    - SUPPORT FREE TRADE, SMUGGLE -

    2 + 2 = 5.

  5. #4
    Quote Originally Posted by Pauls' Revere View Post
    Should we start a list of things NOT taxed?
    Why give them ideas?
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  6. #5
    The tax would apply to every transaction made in the United States or by a U.S. person — including retail investors.
    - SUPPORT FREE TRADE, SMUGGLE -

    2 + 2 = 5.

  7. #6
    Pretty unAmerican which is not surprising looking at the perps . These people should be banished from the US .
    Do something Danke

  8. #7
    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.
    Last edited by Pauls' Revere; 03-05-2019 at 11:55 PM.
    - SUPPORT FREE TRADE, SMUGGLE -

    2 + 2 = 5.

  9. #8
    Quote Originally Posted by Origanalist View Post
    Is there anything they won't tax?
    No.
    Now, now, I don't see them taxing political donations.



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  11. #9
    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.
    “The right to life is the source of all rights—and the right to property is their only implementation. Without property rights, no other rights are possible. Since man has to sustain his life by his own effort, the man who has no right to the product of his effort has no means to sustain his life. The man who produces while others dispose of his product, is a slave.”

  12. #10
    Quote Originally Posted by oyarde View Post
    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/readin...257480005BFEE6
    We have long had death and taxes as the two standards of inevitability. But there are those who believe that death is the preferable of the two. "At least," as one man said, "there's one advantage about death; it doesn't get worse every time Congress meets."
    Erwin N. Griswold

    Taxes: Of life's two certainties, the only one for which you can get an automatic extension.
    Anonymous

  13. #11
    Quote Originally Posted by specsaregood View Post
    Now, now, I don't see them taxing political donations.
    I can see that.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  14. #12
    Quote Originally Posted by PAF View Post
    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?
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  15. #13
    Quote Originally Posted by Swordsmyth View Post
    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!
    “The right to life is the source of all rights—and the right to property is their only implementation. Without property rights, no other rights are possible. Since man has to sustain his life by his own effort, the man who has no right to the product of his effort has no means to sustain his life. The man who produces while others dispose of his product, is a slave.”

  16. #14
    Quote Originally Posted by PAF View Post
    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!
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  17. #15
    This goes here:



    "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!
    Chris

    "Government ... does not exist of necessity, but rather by virtue of a tragic, almost comical combination of klutzy, opportunistic terrorism against sitting ducks whom it pretends to shelter, plus our childish phobia of responsibility, praying to be exempted from the hard reality of life on life's terms." Wolf DeVoon

    "...Make America Great Again. I'm interested in making American FREE again. Then the greatness will come automatically."Ron Paul

  18. #16
    So this has been tried. Never works. Sweden did .5%. https://en.wikipedia.org/wiki/Swedis...ransaction_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.



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  20. #17
    Quote Originally Posted by Krugminator2 View Post
    So this has been tried. Never works. Sweden did .5%. https://en.wikipedia.org/wiki/Swedis...ransaction_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.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  21. #18
    Quote Originally Posted by PAF View Post
    ...
    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!
    ...

  22. #19
    Quote Originally Posted by Krugminator2 View Post
    So this has been tried. Never works. Sweden did .5%. https://en.wikipedia.org/wiki/Swedis...ransaction_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.
    - SUPPORT FREE TRADE, SMUGGLE -

    2 + 2 = 5.

  23. #20
    Quote Originally Posted by PAF View Post
    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.
    Quote Originally Posted by dannno View Post
    Trump hasn't even been in 6 months, you can't call him a boondoggle President unless he has overseen a military boondoggle for at least a year or two.

    Quote Originally Posted by dannno View Post
    As soon as Paul Ryan is out, Trump will be ready to debate health care again.

    Quote Originally Posted by UWDude View Post
    In all reality, Trump is the closest thing to a Savior America has seen since Lincoln (suck it, neo-confederates). Mostly because it never really needed saving since the Civil War.


  24. #21
    Quote Originally Posted by TheCount View Post
    He is with the program. The SS supports taxing financial transactions.
    Link?
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  25. #22
    Quote Originally Posted by TheCount View Post
    He is with the program. The SS supports taxing financial transactions.
    Quote Originally Posted by Swordsmyth View Post
    Link?
    ???
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  26. #23

  27. #24
    Quote Originally Posted by Swordsmyth View Post
    Link?
    https://assets.donaldjtrump.com/Pay_for_the_Wall.pdf
    Quote Originally Posted by dannno View Post
    Trump hasn't even been in 6 months, you can't call him a boondoggle President unless he has overseen a military boondoggle for at least a year or two.

    Quote Originally Posted by dannno View Post
    As soon as Paul Ryan is out, Trump will be ready to debate health care again.

    Quote Originally Posted by UWDude View Post
    In all reality, Trump is the closest thing to a Savior America has seen since Lincoln (suck it, neo-confederates). Mostly because it never really needed saving since the Civil War.




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  29. #25
    That's not the same thing at all.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  30. #26
    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 $#@! 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.
    1776 > 1984

    The FAILURE of the United States Government to operate and maintain an
    Honest Money System , which frees the ordinary man from the clutches of the money manipulators, is the single largest contributing factor to the World's current Economic Crisis.

    The Elimination of Privacy is the Architecture of Genocide

    Belief, Money, and Violence are the three ways all people are controlled

    Quote Originally Posted by Zippyjuan View Post
    Our central bank is not privately owned.

  31. #27
    Quote Originally Posted by DamianTV View Post
    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 $#@! out of it. Try taxing WALL STREET instead of MAIN STREET?
    Uhm, those transactions are taxed.

  32. #28
    Quote Originally Posted by specsaregood View Post
    Uhm, those transactions are taxed.
    Dammit. There goes that idea.
    1776 > 1984

    The FAILURE of the United States Government to operate and maintain an
    Honest Money System , which frees the ordinary man from the clutches of the money manipulators, is the single largest contributing factor to the World's current Economic Crisis.

    The Elimination of Privacy is the Architecture of Genocide

    Belief, Money, and Violence are the three ways all people are controlled

    Quote Originally Posted by Zippyjuan View Post
    Our central bank is not privately owned.

  33. #29
    Quote Originally Posted by Origanalist View Post
    Is there anything they won't tax?

    No.
    Or as Sam Adams put it:

    Quote Originally Posted by Sam Adams 1764
    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.
    It's all about taking action and not being lazy. So you do the work, whether it's fitness or whatever. It's about getting up, motivating yourself and just doing it.
    - Kim Kardashian

    Donald Trump / Rand Paul (Vice Pres) 2016!!!!

  34. #30
    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.
    It's all about taking action and not being lazy. So you do the work, whether it's fitness or whatever. It's about getting up, motivating yourself and just doing it.
    - Kim Kardashian

    Donald Trump / Rand Paul (Vice Pres) 2016!!!!

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