Pelosi proposes "global" tax on financial transactions (buy, money, income)

[HappyTexan]

CNSNews.com - Pelosi Endorses ‘Global’ Tax on Stocks, Bonds, and other Financial Transactions (http://www.cnsnews.com/news/article/58099 - broken link)

snippet:
“I think there would be a market for it among the American people to say that we are all participating in the economic prosperity of our country, and we are all pitching in to continue that prosperity,” said Pelosi.

Ok, someone needs to tell that woman we're in a recession and not exactly on the top of the "prosperity" pile just yet.

[le roi]

She thinks there would be "a market for the american people to say that we are all participating in the economic prosperity of our country."

A market for it? What kind of market is she talking about? Does this make sense to anybody out there?

[HappyTexan]

I think Pelosi's lost it. Sometimes that woman just ends up blathering and the press captures each and every word

[L.Funk]

Good Evening,

It is utterly unbelievable that America can seemingly do no better than this for it's current occupant of the third highest ranking position in the "Washington Political Circus" !

Speaker Pelosi certainly appears to indeed be a most troublesome and extremely amateurish person to serve in this extremely honorable position.

Without doubt if this lady has her way the American People will be absolutely taxed out of existence!

Speaker Pelosi and the rest of the the tax and spend "Big Government" Liberal Democrats are completely out of touch with the proud and hard working American People!

May we urgently and effectively work together to vote these embarrassing and ineffective "Career Politicians" out of office at every opportunity.

Thank You / Lamar

[lumbollo]

This is basically one of the taxes that are being proposed to impose on Wall Street's outrageous profits that are made, in part, using cheap money from the Fed.

[sterlinggirl]

Maybe we should tax campaign contributions...

[HappyTexan]

Originally Posted by lumbollo

This is basically one of the taxes that are being proposed to impose on Wall Street's outrageous profits that are made, in part, using cheap money from the Fed.

From the article:
" This would ensure that no matter where a person wanted to buy stock, they would have to pay the new tax."

This is not a tax on Wall Street..this is a tax on American citizens no matter where they live (expats) who purchase stock on any global exchange.

This will not impact Wall Street profits..this is a tax that YOU, Joe Mainstreet pay directly to the government even if you are an expat living in another country and have that almost $100K income exclusion for Federal taxes.

[Traderx]

Originally Posted by HappyTexan

From the article:
" This would ensure that no matter where a person wanted to buy stock, they would have to pay the new tax."

This is not a tax on Wall Street..this is a tax on American citizens no matter where they live (expats) who purchase stock on any global exchange.

This will not impact Wall Street profits..this is a tax that YOU, Joe Mainstreet pay directly to the government even if you are an expat living in another country and have that almost $100K income exclusion for Federal taxes.

I think you're wrong about that. This is a transaction tax not an income tax. Therefore one would only be taxed outside of the US if ALL other countries adopted the tax, which will never happen. Clearly any country that doesn't have the tax will become the financial capital of the world.

Could you imagine the chaos this would cause? The US now longer being the financial center of the world?

I wouldn't worry about it too much.

[treasurekidd]

Ok, someone needs to tell that woman we're in a recession and not exactly on the top of the "prosperity" pile just yet.

How about just voting her out.

It is utterly unbelievable that America can seemingly do no better than this for it's current occupant of the third highest ranking position in the "Washington Political Circus" !

It's not suprising at all to me. These are the kind of people that the current political environment draws to Washington DC. The game has become so sleazy that truly good people want nothing to do with it anymore.

Maybe we should tax campaign contributions...

And kickbacks, and slush funds, and lobbyist paid junkets, and mistresses, and for all the jobs given to their relatives and political cronies.

[golfgod]

Traderx wrote;

Could you imagine the chaos this would cause? The US now longer being the financial center of the world?

Why don't you explain to us the "chaos" this would cause instead of just exchoing Mitch McConnell's talking points?

This is a tax that was instituted during the Great Depression to raise money to help pay for the WPA, CCC, and other works programs. It stayed in effect until about 1966 IIRC. My Economics texts are downstairs and I don't feel like going and getting the exact dates.

I seem to recall that the US had the world's most robust economy and BECAME the financial center of the world in that time.

golfgod