Does a sales tax on Stocks and Bonds make sense. (brokers, mutual funds)
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Wall St makes out like criminal bandits while the rest of the country suffers.
The country sits $14 billion dollars in debt, the infrastructure is in need of repair, and inflation is taking its toll on the dollar and out paychecks.
Computer programs trade millions of shares of stock multiple times a second in order to reap profits or to manipulate prices.
The question is how to fairly redistribute some of their ill-gotten gain.
Does the idea of a sales tax on the sales of stocks and bonds make sense in today’s environment?
Wall St makes out like criminal bandits while the rest of the country suffers.
The country sits $14 billion dollars in debt, the infrastructure is in need of repair, and inflation is taking its toll on the dollar and out paychecks.
Computer programs trade millions of shares of stock multiple times a second in order to reap profits or to manipulate prices.
The question is how to fairly redistribute some of their ill-gotten gain.
Does the idea of a sales tax on the sales of stocks and bonds make sense in today’s environment?
'fairly redistribute'? What does that mean? Take money from a successful company (or individual) and give it to someone not as successful?
'ill-gotten gain' What does that mean? Was this money not legitimately obtained?
Who is going to determine what gains were legal yet ill-gotten so that money could be taken from them and give to someone else?
The brokerage companies do pay income tax on their earnings.
'fairly redistribute'? What does that mean? Take money from a successful company (or individual) and give it to someone not as successful?
'ill-gotten gain' What does that mean? Was this money not legitimately obtained?
Who is going to determine what gains were legal yet ill-gotten so that money could be taken from them and give to someone else?
The brokerage companies do pay income tax on their earnings.
I love it, "successful" so as long as you get away with it that deems it acceptable.
Wall St is directly responsible for the housing bubble, the crash the misery, and lost trillions that have been a result.
It was Wall St's derivatives that made the environment that created the problem.
As a result Wall St has prospered greatly, and the people have lost badly.
Pay income tax? What are you a comedian?
Goldman Sachs got $10 billion and debt guarantees from the U.S. government in October 2008, paid $14 million in taxes worldwide for 2008 compared with $6 billion in 2007.
The company’s effective income tax rate dropped to 1 percent. The firm reported a $2.3 billion profit for the year after paying $10.9 billion in employee compensation and benefits.
What Wall Street was responsible for is still a matter of opinion.
Btw, you think it was all of Wall Street that is responsible and no fault lies with people who deregulated, failed to enforce existing regulations, and bought stuff they knew they could never afford in a billion years?
If you truly think that, no one can reason with you.
This was multifactorial and the blame lies with nearly EVERYONE involved. The fact that you choose to vilify one group of people bc they have more money just kills the credibility of any argument you present.
p.s. I have always thought the whole concept of making money by playing stupid games with it at the risk of other people's livelihoods was distasteful and almost immoral. But I am NOT going to put all the blame on Wall Street for an attitude that is pervasive within the American population - me, me, me...me money things me me...NOW.
There is no need for a sales tax, you just need to fix the income tax to exclude a number of loopholes and increase top marginal rates back to where they were before Reagan, that is to around 70%.
What Wall Street was responsible for is still a matter of opinion.
Btw, you think it was all of Wall Street that is responsible and no fault lies with people who deregulated, failed to enforce existing regulations, and bought stuff they knew they could never afford in a billion years?
If you truly think that, no one can reason with you.
This was multifactorial and the blame lies with nearly EVERYONE involved. The fact that you choose to vilify one group of people bc they have more money just kills the credibility of any argument you present.
Not really, the housing problem started with the lack of regulation on derivatives. When the CFTC attempted to regulate OTC derivatives in the 90's Wall St. leaned on Congress, Greenspan, Summers, Geitner, and others to kill the regulation of derivatives. They were successful. http://www.pbs.org/wgbh/pages/frontline/warning/interviews/born.html\ (broken link)
This is what paved the way for the mass bundling and sales of MBS's and CDS's, reliving the mortgage writers of any financial repercussions of failed mortgages.
Banks and Mortgage brokers were free to write bad mortgages knowing upfront the borrowers could not make the payments, because they were not going to keep the paper after it was written.
Wall St then repackaged the questionable loans and sold them at great profits to mutual funds, pension managers, and the like.
The game was created by Wall St. for its own benefit and it worked amazingly.
Now everyone including Greenspan admit that they were wrong in opposing the regulation of derivatives, but to this day, they are still not regulated, and there is more of them out there today than there was in 2008.
many folks including retirees and myself get a good part of our income we live on from passive investing. if your going to throw sales tax on this source of income i suggest you put sales tax on everyone elses income as well.
Last edited by mathjak107; 06-24-2011 at 03:21 PM..
many folks including retirees and myself get a good part of our income we live on from passive investing. if your going to throw sales tax on this source of income i suggest you put sales tax on everyone elses income as well.
I say have only one tax ONLY. Make it flat across the board. 10% of income. No deductions or credits. Okay you made 100k? its 10k tax. You made 20k? 2k tax. Fair is fair. Also no taxes on businesses since we need the businesses to employ people and invest their money in the states.
If we were to implement this unemployment would drop to 2-3% and trillions of capital offshore would return to the states. The USA would be the best place to do business. Best place to invest. Best place to develop products. Best place to build the next great thing. Best place to invent the next big company.
Most companies these days invest overseas because there is more money to be made.
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