Should we tax Wall Street transactions ? (dollars, biased, economy, financial)

[theunbrainwashed]

Originally Posted by lycos679

Alot of the derivatives are insurance products designed to manage risk though.

So? Tax it, tax it all. Derivatives should not be allowed to exist anyway. They did not exist before Reagan became president, because they were all banned. So, tax them out of existence

[lycos679]

Originally Posted by pknopp

Many of them are taxed through property taxes.

So is McDonald's and JcPenny's Nobody escapes property taxes or receives any special treatment except for homeowners, veterans, and seniors.

[pknopp]

Originally Posted by lycos679

Alot of the derivatives are insurance products designed to manage risk though.

How did that work out?

[fibonacci]

Absolutely. It would transform Wall St. into a legitimate place for investment rather than the casino with fake money it has turned into.

[BentBow]

Originally Posted by Michigantown

If you say yes how would it work.

They are already taxed. You mean tax them more?


Tax someone for taking a risk with there hard earned money.
I know many people that lost their fortunes playing the stock market.

[theunbrainwashed]

Originally Posted by BentBow

They are already taxed. You mean tax them more?

No they are not. Gains are taxed, transactions are not. Many products on Wall St. escape taxes, legally, that they wouldn't be able to if you had a transaction tax

[lycos679]

Originally Posted by theunbrainwashed

So? Tax it, tax it all. Derivatives should not be allowed to exist anyway. They did not exist before Reagan became president, because they were all banned. So, tax them out of existence

Why, it's insurance. If you buy a stock and you are from a diffeent country and want to limit your downside risk you could purchase a currency future to lock in the exchange rate.

[lycos679]

Originally Posted by pknopp

How did that work out?

I assume you mean CDS. The availability of derivatives didn't have anything to do with the mortgage ratings.

[theunbrainwashed]

Originally Posted by lycos679

Why, it's insurance. If you buy a stock and you are from a diffeent country and want to limit your downside risk you could purchase a currency future to lock in the exchange rate.

Insurance is taxable. You can make it taxable. There's quadrillions sitting there untaxed, plus derivatives are what caused the 2008 financial crisis anyways (not subprime loans). They are too dangerous, and must be taxed out of existence, and then rebanned

[shiftymh]

If it's going to make my taxes lower, sure. Somehow I think they'd waste it on welfare and green nonsense, though.