Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Under a bill being drafted by Democratic Reps. Peter DeFazio (Ore.) and Ed Perlmutter (Colo.), the sale and purchase of financial instruments such as stocks, options, derivatives and futures would face a 0.25 percent tax.
The bill, a copy of which was obtained by The Hill, is titled the “Let Wall Street Pay for the Restoration of Main Street Act of 2009.”
Half of the $150 billion in tax revenue would go toward reducing the deficit, while the other half would be deposited in a “Job Creation Reserve” to support new jobs.
The job fund would be available to offset the additional costs of the 2009 highway bill and other legislation that creates jobs.
Before a lot of you get all up in arms, retirement accounts will be exempt.
Even if retirement accounts are exempt, it's going to hit the smaller investor trying to stay a step ahead.
The Democrats seem to think that taxes are the answer to everything. They are like irresponsible credit card users, totally out of control. Buy it (spend the money) then figure out how to pay for it - the biggest pool of money they have is the Tax Pool. There's no bottom to that bucket, they think. Boy, are they in for a surprise. When you shear a sheep, it takes time before you can do it again. It's a simple concept that politicians don't grasp. Maybe because they have access to all that graft, great benefits, salary increases they vote for themselves(wouldn't YOU like to be able to do that on the job?) and lifetime careers. They truly are out of touch.
Let's get rid of all the incumbents of both parties!
But as usual, the government will blow through any revenue they get, and misappropriate funds they do receive.
The government needs to stop SPENDING money on ridiculous programs that don't work.
The government we have now would probably blow the money on something like Medicare Part D or subsidies to help people by health insurance.
They'd probably blow it on wars.
In any case, we have ourselves to blame for the government we have. If you want better government, elect better people.
Certainly there is many things that need to be addressed on Wall Street but sticking it to Wall Street is like the proverbial cutting your nose off to spite your face.
This tax doesn't stick Wall Street, it sticks ME, the investor. I already pay a Capital Gains Tax on my investments. And this added expense will be pushed down to me.
This is a tax on anyone with stock, mutual fund etc. and will hit much of the middle class. They seem to be counting on the ignorance of investors to not realize this.
This tax doesn't stick Wall Street, it sticks ME, the investor. I already pay a Capital Gains Tax on my investments. And this added expense will be pushed down to me.
Quote:
Originally Posted by Rggr
This is a tax on anyone with stock, mutual fund etc. and will hit much of the middle class. They seem to be counting on the ignorance of investors to not realize this.
Exactly. It may simply show up in higher fees. Not very noticeable, unless one is paying close attention to their investments. It's commonly believed that only the so-called rich have investments, and that's not so.
You do understand that money market accounts currently pay less than 1% interest, and many ordinary people use mutual funds in non retirement accounts to try to generate better returns than the abysmal rates on CDs. This tax won't just soak the rich, it will affect many middle class and lower people.
Before a lot of you get all up in arms, retirement accounts will be exempt.
LOL! You really think this will affect Wall Street? I work on Wall Street and I'll tell you what will happen - we'll just pass those expenses onto the middle class! haha!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Another Tax on the Middle Class
