Wall Street Transaction Tax Would Raise $350 Billion

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    Nov 07, 2011 11:23 PM GMT
    Sadly, it would take decades for Wall Street to pay back the trillions it has gotten in bailouts, but it would be a start.

    Ryan GrimWASHINGTON -- A minuscule tax on financial transactions proposed by congressional Democrats would raise more than $350 billion over the next nine years, according to an analysis by the Joint Tax Committee, a nonpartisan congressional scorekeeping panel.

    The analysis was sent Monday to the offices of Sen. Tom Harkin (D-Iowa) and Rep. Peter DeFazio (D-Ore.), the lawmakers who proposed the tax, and provided to The Huffington Post.

    The Wall Street Trading and Speculators Tax Act would impose a tax of 0.03 percent on financial transactions, meaning that longterm investors would barely notice it, but traders who move rapidly in and out of positions would feel its sting and, the authors hope, reduce the volume of their speculation in response.

    The European Union is pressing forward with a financial transaction tax, though it is encountering some resistance from the United Kingdom, the financial center of Europe.

    In order to be effective, the tax would need to be implemented in most major industrial countries where trading is done.

    Some believe that the global nature of the Occupy Wall Street movement will boost the chances of the transaction tax being signed into law. While the movement has been criticized for lacking specific demands, protesters have voiced their support for a "meaningful" tax being placed on Wall Street trading.

    Specific solutions to economic inequality are not in short supply. What's been missing for years has been the political will to implement them.

    "Occupy Wall Street has just reminded a large majority of the American people that our economy was destroyed by gambling on Wall Street. And that the people who destroyed our economy have been amply rewarded and not prosecuted," DeFazio told HuffPost.

    The tax would raise $352 billion between January 2013 and December 2021. It faces stiff opposition from congressional Republicans, nearly all of whom have taken a pledge not to support new taxes, as well as ambivalence from some Democrats who rely on Wall Street cash to fund their campaigns.
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    Nov 07, 2011 11:26 PM GMT
    Christian73 saidSadly, it would take decades for Wall Street to pay back the trillions it has gotten in bailouts, but it would be a start.

    Ryan GrimWASHINGTON -- A minuscule tax on financial transactions proposed by congressional Democrats would raise more than $350 billion over the next nine years, according to an analysis by the Joint Tax Committee, a nonpartisan congressional scorekeeping panel.

    The analysis was sent Monday to the offices of Sen. Tom Harkin (D-Iowa) and Rep. Peter DeFazio (D-Ore.), the lawmakers who proposed the tax, and provided to The Huffington Post.

    The Wall Street Trading and Speculators Tax Act would impose a tax of 0.03 percent on financial transactions, meaning that longterm investors would barely notice it, but traders who move rapidly in and out of positions would feel its sting and, the authors hope, reduce the volume of their speculation in response.

    The European Union is pressing forward with a financial transaction tax, though it is encountering some resistance from the United Kingdom, the financial center of Europe.

    In order to be effective, the tax would need to be implemented in most major industrial countries where trading is done.

    Some believe that the global nature of the Occupy Wall Street movement will boost the chances of the transaction tax being signed into law. While the movement has been criticized for lacking specific demands, protesters have voiced their support for a "meaningful" tax being placed on Wall Street trading.

    Specific solutions to economic inequality are not in short supply. What's been missing for years has been the political will to implement them.

    "Occupy Wall Street has just reminded a large majority of the American people that our economy was destroyed by gambling on Wall Street. And that the people who destroyed our economy have been amply rewarded and not prosecuted," DeFazio told HuffPost.

    The tax would raise $352 billion between January 2013 and December 2021. It faces stiff opposition from congressional Republicans, nearly all of whom have taken a pledge not to support new taxes, as well as ambivalence from some Democrats who rely on Wall Street cash to fund their campaigns.



    This is not needed. Investers are already charged a Capital Gains tax and a dividend tax. This is absurd and thankfully it will never get passed.
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    Nov 08, 2011 1:18 AM GMT
    CHRISTOPHER34 said
    Christian73 saidSadly, it would take decades for Wall Street to pay back the trillions it has gotten in bailouts, but it would be a start.

    Ryan GrimWASHINGTON -- A minuscule tax on financial transactions proposed by congressional Democrats would raise more than $350 billion over the next nine years, according to an analysis by the Joint Tax Committee, a nonpartisan congressional scorekeeping panel.

    The analysis was sent Monday to the offices of Sen. Tom Harkin (D-Iowa) and Rep. Peter DeFazio (D-Ore.), the lawmakers who proposed the tax, and provided to The Huffington Post.

    The Wall Street Trading and Speculators Tax Act would impose a tax of 0.03 percent on financial transactions, meaning that longterm investors would barely notice it, but traders who move rapidly in and out of positions would feel its sting and, the authors hope, reduce the volume of their speculation in response.

    The European Union is pressing forward with a financial transaction tax, though it is encountering some resistance from the United Kingdom, the financial center of Europe.

    In order to be effective, the tax would need to be implemented in most major industrial countries where trading is done.

    Some believe that the global nature of the Occupy Wall Street movement will boost the chances of the transaction tax being signed into law. While the movement has been criticized for lacking specific demands, protesters have voiced their support for a "meaningful" tax being placed on Wall Street trading.

    Specific solutions to economic inequality are not in short supply. What's been missing for years has been the political will to implement them.

    "Occupy Wall Street has just reminded a large majority of the American people that our economy was destroyed by gambling on Wall Street. And that the people who destroyed our economy have been amply rewarded and not prosecuted," DeFazio told HuffPost.

    The tax would raise $352 billion between January 2013 and December 2021. It faces stiff opposition from congressional Republicans, nearly all of whom have taken a pledge not to support new taxes, as well as ambivalence from some Democrats who rely on Wall Street cash to fund their campaigns.



    This is not needed. Investers are already charged a Capital Gains tax and a dividend tax. This is absurd and thankfully it will never get passed.



    Isn't it correct that these investers 'industry', is increasing profits while most have been going down across the nation? I hardly think if they're making more as a result of legislation and policies that they bought through congress for their industry, that they will suffer by paying this tax.

    I seem to recall one of their defenses for being bailed out was that "we're all in this together", well now that we've bailed them out and they are making money while most are not doing well, that this group can help the rest of us dig our country out of the mess they helped create.
  • KissTheSky

    Posts: 1981

    Nov 08, 2011 1:32 AM GMT
    realifedad said
    CHRISTOPHER34 said
    Christian73 saidSadly, it would take decades for Wall Street to pay back the trillions it has gotten in bailouts, but it would be a start.

    Ryan GrimWASHINGTON -- A minuscule tax on financial transactions proposed by congressional Democrats would raise more than $350 billion over the next nine years, according to an analysis by the Joint Tax Committee, a nonpartisan congressional scorekeeping panel.

    The analysis was sent Monday to the offices of Sen. Tom Harkin (D-Iowa) and Rep. Peter DeFazio (D-Ore.), the lawmakers who proposed the tax, and provided to The Huffington Post.

    The Wall Street Trading and Speculators Tax Act would impose a tax of 0.03 percent on financial transactions, meaning that longterm investors would barely notice it, but traders who move rapidly in and out of positions would feel its sting and, the authors hope, reduce the volume of their speculation in response.

    The European Union is pressing forward with a financial transaction tax, though it is encountering some resistance from the United Kingdom, the financial center of Europe.

    In order to be effective, the tax would need to be implemented in most major industrial countries where trading is done.

    Some believe that the global nature of the Occupy Wall Street movement will boost the chances of the transaction tax being signed into law. While the movement has been criticized for lacking specific demands, protesters have voiced their support for a "meaningful" tax being placed on Wall Street trading.

    Specific solutions to economic inequality are not in short supply. What's been missing for years has been the political will to implement them.

    "Occupy Wall Street has just reminded a large majority of the American people that our economy was destroyed by gambling on Wall Street. And that the people who destroyed our economy have been amply rewarded and not prosecuted," DeFazio told HuffPost.

    The tax would raise $352 billion between January 2013 and December 2021. It faces stiff opposition from congressional Republicans, nearly all of whom have taken a pledge not to support new taxes, as well as ambivalence from some Democrats who rely on Wall Street cash to fund their campaigns.



    This is not needed. Investers are already charged a Capital Gains tax and a dividend tax. This is absurd and thankfully it will never get passed.



    Isn't it correct that these investers 'industry', is increasing profits while most have been going down across the nation? I hardly think if they're making more as a result of legislation and policies that they bought through congress for their industry, that they will suffer by paying this tax.

    I seem to recall one of their defenses for being bailed out was that "we're all in this together", well now that we've bailed them out and they are making money while most are not doing well, that this group can help the rest of us dig our country out of the mess they helped create.


    Our heroes of Wall Street are all too happy to take OUR money when they need to be bailed out, but when the country asks for a tiny fraction of it back in a time of need, the answer is NO. They don't help others. It's all about them, and their relentless, bottomless, ugly GREED.
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    Nov 08, 2011 1:32 AM GMT
    KissTheSky said
    realifedad said
    CHRISTOPHER34 said
    Christian73 saidSadly, it would take decades for Wall Street to pay back the trillions it has gotten in bailouts, but it would be a start.

    Ryan GrimWASHINGTON -- A minuscule tax on financial transactions proposed by congressional Democrats would raise more than $350 billion over the next nine years, according to an analysis by the Joint Tax Committee, a nonpartisan congressional scorekeeping panel.

    The analysis was sent Monday to the offices of Sen. Tom Harkin (D-Iowa) and Rep. Peter DeFazio (D-Ore.), the lawmakers who proposed the tax, and provided to The Huffington Post.

    The Wall Street Trading and Speculators Tax Act would impose a tax of 0.03 percent on financial transactions, meaning that longterm investors would barely notice it, but traders who move rapidly in and out of positions would feel its sting and, the authors hope, reduce the volume of their speculation in response.

    The European Union is pressing forward with a financial transaction tax, though it is encountering some resistance from the United Kingdom, the financial center of Europe.

    In order to be effective, the tax would need to be implemented in most major industrial countries where trading is done.

    Some believe that the global nature of the Occupy Wall Street movement will boost the chances of the transaction tax being signed into law. While the movement has been criticized for lacking specific demands, protesters have voiced their support for a "meaningful" tax being placed on Wall Street trading.

    Specific solutions to economic inequality are not in short supply. What's been missing for years has been the political will to implement them.

    "Occupy Wall Street has just reminded a large majority of the American people that our economy was destroyed by gambling on Wall Street. And that the people who destroyed our economy have been amply rewarded and not prosecuted," DeFazio told HuffPost.

    The tax would raise $352 billion between January 2013 and December 2021. It faces stiff opposition from congressional Republicans, nearly all of whom have taken a pledge not to support new taxes, as well as ambivalence from some Democrats who rely on Wall Street cash to fund their campaigns.



    This is not needed. Investers are already charged a Capital Gains tax and a dividend tax. This is absurd and thankfully it will never get passed.



    Isn't it correct that these investers 'industry', is increasing profits while most have been going down across the nation? I hardly think if they're making more as a result of legislation and policies that they bought through congress for their industry, that they will suffer by paying this tax.

    I seem to recall one of their defenses for being bailed out was that "we're all in this together", well now that we've bailed them out and they are making money while most are not doing well, that this group can help the rest of us dig our country out of the mess they helped create.


    Our heroes of Wall Street are all too happy to take OUR money when they need to be bailed out, but when the country asks for a tiny fraction of it back in a time of need, the answer is NO. They don't help others. It's all about them, and their relentless, bottomless, ugly GREED.


    Are you really that naive to believe that it is Wall Street that would be the ones paying for these taxes?
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    Nov 08, 2011 1:47 AM GMT
    http://www.ctj.org/corporatetaxdodgers/CorporateTaxDodgersReport.pdf
    taxsubsidieschart.jpg
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    Nov 08, 2011 2:00 AM GMT
    riddler78 said
    KissTheSky said
    realifedad said
    CHRISTOPHER34 said
    Christian73 saidSadly, it would take decades for Wall Street to pay back the trillions it has gotten in bailouts, but it would be a start.

    Ryan GrimWASHINGTON -- A minuscule tax on financial transactions proposed by congressional Democrats would raise more than $350 billion over the next nine years, according to an analysis by the Joint Tax Committee, a nonpartisan congressional scorekeeping panel.

    The analysis was sent Monday to the offices of Sen. Tom Harkin (D-Iowa) and Rep. Peter DeFazio (D-Ore.), the lawmakers who proposed the tax, and provided to The Huffington Post.

    The Wall Street Trading and Speculators Tax Act would impose a tax of 0.03 percent on financial transactions, meaning that longterm investors would barely notice it, but traders who move rapidly in and out of positions would feel its sting and, the authors hope, reduce the volume of their speculation in response.

    The European Union is pressing forward with a financial transaction tax, though it is encountering some resistance from the United Kingdom, the financial center of Europe.

    In order to be effective, the tax would need to be implemented in most major industrial countries where trading is done.

    Some believe that the global nature of the Occupy Wall Street movement will boost the chances of the transaction tax being signed into law. While the movement has been criticized for lacking specific demands, protesters have voiced their support for a "meaningful" tax being placed on Wall Street trading.

    Specific solutions to economic inequality are not in short supply. What's been missing for years has been the political will to implement them.

    "Occupy Wall Street has just reminded a large majority of the American people that our economy was destroyed by gambling on Wall Street. And that the people who destroyed our economy have been amply rewarded and not prosecuted," DeFazio told HuffPost.

    The tax would raise $352 billion between January 2013 and December 2021. It faces stiff opposition from congressional Republicans, nearly all of whom have taken a pledge not to support new taxes, as well as ambivalence from some Democrats who rely on Wall Street cash to fund their campaigns.



    This is not needed. Investers are already charged a Capital Gains tax and a dividend tax. This is absurd and thankfully it will never get passed.



    Isn't it correct that these investers 'industry', is increasing profits while most have been going down across the nation? I hardly think if they're making more as a result of legislation and policies that they bought through congress for their industry, that they will suffer by paying this tax.

    I seem to recall one of their defenses for being bailed out was that "we're all in this together", well now that we've bailed them out and they are making money while most are not doing well, that this group can help the rest of us dig our country out of the mess they helped create.


    Our heroes of Wall Street are all too happy to take OUR money when they need to be bailed out, but when the country asks for a tiny fraction of it back in a time of need, the answer is NO. They don't help others. It's all about them, and their relentless, bottomless, ugly GREED.


    Are you really that naive to believe that it is Wall Street that would be the ones paying for these taxes?


    It's not naivete at work. It's the zeitgeist. The American people are sick of the crooks on Wall Street getting bailed out. That's why more people moved to credit union last month than in all of 2011 combined. That's why BofA is backing off it's debit card fee and Wells is setting up a super-rich super-bank. It's now abundantly clear to even those who don't follow the financial press that Wall Street exists to serve itself, not the American economy and certainly not the American people.
  • KissTheSky

    Posts: 1981

    Nov 08, 2011 2:02 AM GMT
    q1w2e3 saidhttp://www.ctj.org/corporatetaxdodgers/CorporateTaxDodgersReport.pdf
    taxsubsidieschart.jpg


    Well, say what you want, but I for one am happy that my tax dollars are being used to give millions to the fossil fuels industry.
    They've really fallen on hard times recently and I've heard they're barely scraping by. icon_rolleyes.gif
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    Nov 08, 2011 2:09 AM GMT
    Christian73 said
    riddler78 said
    KissTheSky said
    realifedad said
    CHRISTOPHER34 said
    Christian73 saidSadly, it would take decades for Wall Street to pay back the trillions it has gotten in bailouts, but it would be a start.

    Ryan GrimWASHINGTON -- A minuscule tax on financial transactions proposed by congressional Democrats would raise more than $350 billion over the next nine years, according to an analysis by the Joint Tax Committee, a nonpartisan congressional scorekeeping panel.

    The analysis was sent Monday to the offices of Sen. Tom Harkin (D-Iowa) and Rep. Peter DeFazio (D-Ore.), the lawmakers who proposed the tax, and provided to The Huffington Post.

    The Wall Street Trading and Speculators Tax Act would impose a tax of 0.03 percent on financial transactions, meaning that longterm investors would barely notice it, but traders who move rapidly in and out of positions would feel its sting and, the authors hope, reduce the volume of their speculation in response.

    The European Union is pressing forward with a financial transaction tax, though it is encountering some resistance from the United Kingdom, the financial center of Europe.

    In order to be effective, the tax would need to be implemented in most major industrial countries where trading is done.

    Some believe that the global nature of the Occupy Wall Street movement will boost the chances of the transaction tax being signed into law. While the movement has been criticized for lacking specific demands, protesters have voiced their support for a "meaningful" tax being placed on Wall Street trading.

    Specific solutions to economic inequality are not in short supply. What's been missing for years has been the political will to implement them.

    "Occupy Wall Street has just reminded a large majority of the American people that our economy was destroyed by gambling on Wall Street. And that the people who destroyed our economy have been amply rewarded and not prosecuted," DeFazio told HuffPost.

    The tax would raise $352 billion between January 2013 and December 2021. It faces stiff opposition from congressional Republicans, nearly all of whom have taken a pledge not to support new taxes, as well as ambivalence from some Democrats who rely on Wall Street cash to fund their campaigns.



    This is not needed. Investers are already charged a Capital Gains tax and a dividend tax. This is absurd and thankfully it will never get passed.



    Isn't it correct that these investers 'industry', is increasing profits while most have been going down across the nation? I hardly think if they're making more as a result of legislation and policies that they bought through congress for their industry, that they will suffer by paying this tax.

    I seem to recall one of their defenses for being bailed out was that "we're all in this together", well now that we've bailed them out and they are making money while most are not doing well, that this group can help the rest of us dig our country out of the mess they helped create.


    Our heroes of Wall Street are all too happy to take OUR money when they need to be bailed out, but when the country asks for a tiny fraction of it back in a time of need, the answer is NO. They don't help others. It's all about them, and their relentless, bottomless, ugly GREED.


    Are you really that naive to believe that it is Wall Street that would be the ones paying for these taxes?


    It's not naivete at work. It's the zeitgeist. The American people are sick of the crooks on Wall Street getting bailed out. That's why more people moved to credit union last month than in all of 2011 combined. That's why BofA is backing off it's debit card fee and Wells is setting up a super-rich super-bank. It's now abundantly clear to even those who don't follow the financial press that Wall Street exists to serve itself, not the American economy and certainly not the American people.


    Once again you show how absurdly ignorant you are when it comes to the effects of policy. That Bank of America and others attempted to add the debit fees was not only a reflection of making it illegal for them to charge at the transaction level (because of lobbying by those like Walmart), was actually pretty transparent. You don't think they will now find other ways to hide fees and recoup costs? Are you um that simple?