Middle class tax breaks?

[HenryBHough]

A fee on financial transactions simply means that every time you make a deposit to your savings some of the money will go to government. When you withdraw from your savings you will get the amount you asked for LESS a little bit that goes to government.

When you pay your credit card bill (a financial transaction) you'll find an added fee which goes to government. When you ask the ATM for $20 you'll still get a twenty but your account will be debited for $20 plus the government fee (tax).

So what's NOT to like about that?

 

[JoeNormal]

A fee on financial transactions simply means that every time you make a deposit to your savings some of the money will go to government. When you withdraw from your savings you will get the amount you asked for LESS a little bit that goes to government.

When you pay your credit card bill (a financial transaction) you'll find an added fee which goes to government. When you ask the ATM for $20 you'll still get a twenty but your account will be debited for $20 plus the government fee (tax).

So what's NOT to like about that?

If it's like the proposals I've heard in the past, the fee would be so negligible for ordinary transactions that it would be basically invisible. Where it would add up would be in the ultra-frequent microsecond transactions that have become a mainstay of Wall Street.

 

[HenryBHough]

When the income tax was imposed "everybody knew" it applied only to the very rich and cost only pennies each year.

Did anybody learn anything from that?

Appears some did. Perhaps 2-3 thousand may still be alive but the libs are counting on their numbers dwindling.....

 

[Jarhead]

Ya'lls a bunch of fucking idiots.
Worrying about a transaction fee that pays for a middle class tax cut. A fucking tax cut for people who will spend it and help the over all economy and not cost you idiots a dime......no wait.......you assholes are all big BIG time wall street traders making tens of millions a year and this is costing YOU. Right? That must, has to be the only reason why you would be against the idea of a tax cut paid for by multi millionaires.

Or are you all just Republicans and can't think for yourselves and someone told you this idea is bad BAD BAD? And you parrots, or is that ditto heads, said oh yea dis is bad idea. Rich people paying for middle class people's tax cuts is bad boss bad.

Wait......you alls good with the the tax cuts, you just want to blow up the deficit instead of paying for the cut. Right?
Kinda Bushize the tax cut.

Yo...don't you get it?

It does NOT take care of the middle class.....it is the middle class that will be paying those increased fees. Only those that do not have pensions, IRA's, securities portfolios, getting mortgages, etc are the ones who will get the credit without paying more in fees....and invariably, those are the ones who have no tax burden as it is...so a tax credit of 2K is simply 2K being mailed to them in the form of a check.

]The middle class will bear the burden of those fees offsetting their 2K tax credit.

Its a game.....made to fool people....like you.

Try to keep up.

 

[JoeNormal]

Ya'lls a bunch of fucking idiots.
Worrying about a transaction fee that pays for a middle class tax cut. A fucking tax cut for people who will spend it and help the over all economy and not cost you idiots a dime......no wait.......you assholes are all big BIG time wall street traders making tens of millions a year and this is costing YOU. Right? That must, has to be the only reason why you would be against the idea of a tax cut paid for by multi millionaires.

Or are you all just Republicans and can't think for yourselves and someone told you this idea is bad BAD BAD? And you parrots, or is that ditto heads, said oh yea dis is bad idea. Rich people paying for middle class people's tax cuts is bad boss bad.

Wait......you alls good with the the tax cuts, you just want to blow up the deficit instead of paying for the cut. Right?
Kinda Bushize the tax cut.

Yo...don't you get it?

It does NOT take care of the middle class.....it is the middle class that will be paying those increased fees. Only those that do not have pensions, IRA's, securities portfolios, getting mortgages, etc are the ones who will get the credit without paying more in fees....and invariably, those are the ones who have no tax burden as it is...so a tax credit of 2K is simply 2K being mailed to them in the form of a check.

]The middle class will bear the burden of those fees offsetting their 2K tax credit.

Its a game.....made to fool people....like you.

Try to keep up.

See post #22.

 

[Jarhead]

A fee on financial transactions simply means that every time you make a deposit to your savings some of the money will go to government. When you withdraw from your savings you will get the amount you asked for LESS a little bit that goes to government.

When you pay your credit card bill (a financial transaction) you'll find an added fee which goes to government. When you ask the ATM for $20 you'll still get a twenty but your account will be debited for $20 plus the government fee (tax).

So what's NOT to like about that?

If it's like the proposals I've heard in the past, the fee would be so negligible for ordinary transactions that it would be basically invisible. Where it would add up would be in the ultra-frequent microsecond transactions that have become a mainstay of Wall Street.

excuse me...do the math.....it is proposed as a revenue neutral tax credit...so if they are giving every household of $1.00 income to $200,000 income a $2,000 tax credit....we are talking about a shitload of money from those fees. They will not be negligible.

 

[Jarhead]

Ya'lls a bunch of fucking idiots.
Worrying about a transaction fee that pays for a middle class tax cut. A fucking tax cut for people who will spend it and help the over all economy and not cost you idiots a dime......no wait.......you assholes are all big BIG time wall street traders making tens of millions a year and this is costing YOU. Right? That must, has to be the only reason why you would be against the idea of a tax cut paid for by multi millionaires.

Or are you all just Republicans and can't think for yourselves and someone told you this idea is bad BAD BAD? And you parrots, or is that ditto heads, said oh yea dis is bad idea. Rich people paying for middle class people's tax cuts is bad boss bad.

Wait......you alls good with the the tax cuts, you just want to blow up the deficit instead of paying for the cut. Right?
Kinda Bushize the tax cut.

Yo...don't you get it?

It does NOT take care of the middle class.....it is the middle class that will be paying those increased fees. Only those that do not have pensions, IRA's, securities portfolios, getting mortgages, etc are the ones who will get the credit without paying more in fees....and invariably, those are the ones who have no tax burden as it is...so a tax credit of 2K is simply 2K being mailed to them in the form of a check.

]The middle class will bear the burden of those fees offsetting their 2K tax credit.

Its a game.....made to fool people....like you.

Try to keep up.

See post #22.

See post 26

 

[JoeNormal]

A fee on financial transactions simply means that every time you make a deposit to your savings some of the money will go to government. When you withdraw from your savings you will get the amount you asked for LESS a little bit that goes to government.

When you pay your credit card bill (a financial transaction) you'll find an added fee which goes to government. When you ask the ATM for $20 you'll still get a twenty but your account will be debited for $20 plus the government fee (tax).

So what's NOT to like about that?

If it's like the proposals I've heard in the past, the fee would be so negligible for ordinary transactions that it would be basically invisible. Where it would add up would be in the ultra-frequent microsecond transactions that have become a mainstay of Wall Street.

excuse me...do the math.....it is proposed as a revenue neutral tax credit...so if they are giving every household of $1.00 income to $200,000 income a $2,000 tax credit....we are talking about a shitload of money from those fees. They will not be negligible.

Do you have any idea of the frequency and magnitude of the high frequency trading on Wall Street? That's also a shitload of money. I've been waiting to see something like this for a long time.

 

[Jarhead]

By the way.....making 200K or less is the bottom 95% of American households. There are about 118,000,000 households in the US...so 95% is 112,000,000....

Now...multiply that by 2,000

224,000,000,000

So those negligible fees amounts to 224 billion dollars.

 

[Jarhead]

A fee on financial transactions simply means that every time you make a deposit to your savings some of the money will go to government. When you withdraw from your savings you will get the amount you asked for LESS a little bit that goes to government.

When you pay your credit card bill (a financial transaction) you'll find an added fee which goes to government. When you ask the ATM for $20 you'll still get a twenty but your account will be debited for $20 plus the government fee (tax).

So what's NOT to like about that?

If it's like the proposals I've heard in the past, the fee would be so negligible for ordinary transactions that it would be basically invisible. Where it would add up would be in the ultra-frequent microsecond transactions that have become a mainstay of Wall Street.

excuse me...do the math.....it is proposed as a revenue neutral tax credit...so if they are giving every household of $1.00 income to $200,000 income a $2,000 tax credit....we are talking about a shitload of money from those fees. They will not be negligible.

Do you have any idea of the frequency and magnitude of the high frequency trading on Wall Street? That's also a shitload of money. I've been waiting to see something like this for a long time.

And who do you think they are trading for?
Pensions, IRA's, Stock portfolios.....

The middle class will be paying for it...so will the upper class.....but the middle class will be paying for it as well.

And that 2,000 will be offset for most of them.

It is another entitlement for the lower class....and I have no issue with that.....but don't call it a tax break for the middle class.

 

[JoeNormal]

By the way.....making 200K or less is the bottom 95% of American households. There are about 118,000,000 households in the US...so 95% is 112,000,000....

Now...multiply that by 2,000

224,000,000,000

So those negligible fees amounts to 224 billion dollars.

Wall Street probably funnels an order of magnitude more than that out of our financial system. The transaction fee I saw was something like 0.00004 cents per dollar transacted. How much do you think the average American would end up paying in fees? As for Wall Street, it's a scam of almost inconceivable size. The high frequency transactions only generate a fraction of a cent per dollar but they happen so often that it becomes huge. The transaction tax doesn't have to be big to generate a lot of money.

 

[Jarhead]

the truth is, the democratic party is trying to grab the middle class vote for 2016...I get it......so what they are doing is making is it seem that the they are giving the middle class....income earners of 100-200K, a tax credit...along with the lower income households....but the truth is, in the end the middle class will have no more disposable income than they did before the tax credit....its a game for votes

 

[Paperman299]

"Our economy is still struggling to create jobs -- and the last thing we need is a new trillion-dollar tax hike added to the current broken tax code," said Michael Steel, spokesman for House Speaker John Boehner.

Rep. Chris Van Hollen, D-Md., unveiled the tax plan on Monday at the Center for American Progress.

His plan would give a tax credit of roughly $2,000 per year to middle-class families, reportedly defined as couples making under $200,000. According to The Washington Post, the windfall would add up to roughly $1.2 trillion over the next decade.

However, to pay for the plan, Van Hollen wants to charge a fee on financial transactions, and curtail tax breaks for other top earners, effectively transferring wealth from Wall Street and beyond to everyone else. '
Dems pitch controversial plan to tax Wall Street to pay for new middle-class credit Fox News

Steel's comments are bewilderingly deceptive.

First, this does no harm to the economy. In fact, it helps it - those with the money to spend trading stocks will continue to trade regardless, and the under-$200,000 earners are very likely to spend that $2,000.

Second, Steel just saying "one trillion dollars" with his pinky to his mouth and no context is pretty alarmist. This is $1 trillion, but over ten years. Plus, the only reason the number is that high is because that's how much money diverting the tiniest fraction of Wall Street trading will bring in.

Third, it's not a tax hike. It's a tax cut. One paid for in one of the least disruptive ways possible.

Lastly, any representative of Boehner complaining about the broken tax code is a joke. If Boehner wants tax reform, it's in his power to make it happen, and has been for a while now. Honestly, this idea does more to address tax code issues than Boehner has, since it promises to stop some tax breaks.

 

[JoeNormal]

A fee on financial transactions simply means that every time you make a deposit to your savings some of the money will go to government. When you withdraw from your savings you will get the amount you asked for LESS a little bit that goes to government.

When you pay your credit card bill (a financial transaction) you'll find an added fee which goes to government. When you ask the ATM for $20 you'll still get a twenty but your account will be debited for $20 plus the government fee (tax).

So what's NOT to like about that?

If it's like the proposals I've heard in the past, the fee would be so negligible for ordinary transactions that it would be basically invisible. Where it would add up would be in the ultra-frequent microsecond transactions that have become a mainstay of Wall Street.

excuse me...do the math.....it is proposed as a revenue neutral tax credit...so if they are giving every household of $1.00 income to $200,000 income a $2,000 tax credit....we are talking about a shitload of money from those fees. They will not be negligible.

Do you have any idea of the frequency and magnitude of the high frequency trading on Wall Street? That's also a shitload of money. I've been waiting to see something like this for a long time.

And who do you think they are trading for?
Pensions, IRA's, Stock portfolios.....

The middle class will be paying for it...so will the upper class.....but the middle class will be paying for it as well.

And that 2,000 will be offset for most of them.

It is another entitlement for the lower class....and I have no issue with that.....but don't call it a tax break for the middle class.

Personally, I don't care whether they give tax breaks or apply the revenue toward decreasing the deficit. But high frequency trading is creating instability and upward redistribution and needs to be discouraged. It's basically money for nothing anyway.

 

[Jarhead]

By the way.....making 200K or less is the bottom 95% of American households. There are about 118,000,000 households in the US...so 95% is 112,000,000....

Now...multiply that by 2,000

224,000,000,000

So those negligible fees amounts to 224 billion dollars.

Wall Street probably funnels an order of magnitude more than that out of our financial system. The transaction fee I saw was something like 0.00004 cents per dollar transacted. How much do you think the average American would end up paying in fees? As for Wall Street, it's a scam of almost inconceivable size. The high frequency transactions only generate a fraction of a cent per dollar but they happen so often that it becomes huge. The transaction tax doesn't have to be big to generate a lot of money.

Joe....we are talking about a quarter trillion dollars....225 billion dollars. It does not matter how small the fee is per transaction....anyone with a pension, IRA or stock portfolio will be contributing to that 225 billion dollars.....and contrary to what many think, a guy with a moderate portfolio has his securities traded as often as a guy with a larger portfolio....sure, the rich take on more of the burden......but we are talking about a quarter trillion dollars. I guarantee you that households of 100K to 200K will, at best, break even....the rich will likely pay 4K or more with no credit, and the poor will get 2K with no burden. Just do the math.

 

[Jarhead]

"Our economy is still struggling to create jobs -- and the last thing we need is a new trillion-dollar tax hike added to the current broken tax code," said Michael Steel, spokesman for House Speaker John Boehner.

Rep. Chris Van Hollen, D-Md., unveiled the tax plan on Monday at the Center for American Progress.

His plan would give a tax credit of roughly $2,000 per year to middle-class families, reportedly defined as couples making under $200,000. According to The Washington Post, the windfall would add up to roughly $1.2 trillion over the next decade.

However, to pay for the plan, Van Hollen wants to charge a fee on financial transactions, and curtail tax breaks for other top earners, effectively transferring wealth from Wall Street and beyond to everyone else. '
Dems pitch controversial plan to tax Wall Street to pay for new middle-class credit Fox News

Steel's comments are bewilderingly deceptive.

First, this does no harm to the economy. In fact, it helps it - those with the money to spend trading stocks will continue to trade regardless, and the under-$200,000 earners are very likely to spend that $2,000.

Second, Steel just saying "one trillion dollars" with his pinky to his mouth and no context is pretty alarmist. This is $1 trillion, but over ten years. Plus, the only reason the number is that high is because that's how much money diverting the tiniest fraction of Wall Street trading will bring in.

Third, it's not a tax hike. It's a tax cut. One paid for in one of the least disruptive ways possible.

Lastly, any representative of Boehner complaining about the broken tax code is a joke. If Boehner wants tax reform, it's in his power to make it happen, and has been for a while now. Honestly, this idea does more to address tax code issues than Boehner has, since it promises to stop some tax breaks.

Pay attention. A family with 100K to 200K income will be paying those increased fees as their retirement funds are traded....not the brokers...it is a tax. It is automatically and legally passed on to the owner of the stocks....so those making 100K to 200K will NOT have more money to spend....they will have the exact same disposable income.Yes, the poor will have more income, but what do you think many will do with it? Save it for they know their jobs are dispensable......
It will do nothing for the economy.

 

[JoeNormal]

By the way.....making 200K or less is the bottom 95% of American households. There are about 118,000,000 households in the US...so 95% is 112,000,000....

Now...multiply that by 2,000

224,000,000,000

So those negligible fees amounts to 224 billion dollars.

Wall Street probably funnels an order of magnitude more than that out of our financial system. The transaction fee I saw was something like 0.00004 cents per dollar transacted. How much do you think the average American would end up paying in fees? As for Wall Street, it's a scam of almost inconceivable size. The high frequency transactions only generate a fraction of a cent per dollar but they happen so often that it becomes huge. The transaction tax doesn't have to be big to generate a lot of money.

Joe....we are talking about a quarter trillion dollars....225 billion dollars. It does not matter how small the fee is per transaction....anyone with a pension, IRA or stock portfolio will be contributing to that 225 billion dollars.....and contrary to what many think, a guy with a moderate portfolio has his securities traded as often as a guy with a larger portfolio....sure, the rich take on more of the burden......but we are talking about a quarter trillion dollars. I guarantee you that households of 100K to 200K will, at best, break even....the rich will likely pay 4K or more with no credit, and the poor will get 2K with no burden. Just do the math.

If you have some actual data we can use, I'll crunch the numbers. Otherwise, I'm going with my theory that there's too much liquidity already and that bubbles have become a convenient way on Wall Street for making a ton of artificial money and that they both need to be discouraged.

 

[HereWeGoAgain]

Two thousand bucks?
Gee thanks obammy!!! That'll pay my electric bill for almost two whole months!!!
You wanna make me happy? Stop taxing the shit out of my capital gains you communist prick.

 

[Jarhead]

"Our economy is still struggling to create jobs -- and the last thing we need is a new trillion-dollar tax hike added to the current broken tax code," said Michael Steel, spokesman for House Speaker John Boehner.

Rep. Chris Van Hollen, D-Md., unveiled the tax plan on Monday at the Center for American Progress.

His plan would give a tax credit of roughly $2,000 per year to middle-class families, reportedly defined as couples making under $200,000. According to The Washington Post, the windfall would add up to roughly $1.2 trillion over the next decade.

However, to pay for the plan, Van Hollen wants to charge a fee on financial transactions, and curtail tax breaks for other top earners, effectively transferring wealth from Wall Street and beyond to everyone else. '
Dems pitch controversial plan to tax Wall Street to pay for new middle-class credit Fox News

Steel's comments are bewilderingly deceptive.

First, this does no harm to the economy. In fact, it helps it - those with the money to spend trading stocks will continue to trade regardless, and the under-$200,000 earners are very likely to spend that $2,000.

Second, Steel just saying "one trillion dollars" with his pinky to his mouth and no context is pretty alarmist. This is $1 trillion, but over ten years. Plus, the only reason the number is that high is because that's how much money diverting the tiniest fraction of Wall Street trading will bring in.

Third, it's not a tax hike. It's a tax cut. One paid for in one of the least disruptive ways possible.

Lastly, any representative of Boehner complaining about the broken tax code is a joke. If Boehner wants tax reform, it's in his power to make it happen, and has been for a while now. Honestly, this idea does more to address tax code issues than Boehner has, since it promises to stop some tax breaks.

we get it. You don't like Steele and you don't like Boehner.
But as opposed to simply saying they are wrong, try to understand what they are saying.
It IS a tax hike coupled with a give a way......and I am OK with that....but it is tax/income neutral to the middle class. They should stop insulting the middle class intelligence and tell them the truth....don't call it a tax credit to the middle class.

 

[suplex3000]

Wall Street traders are the productive ones? What do they produce?

hmm
they produce stool, urine, methane, warm (doubt), lobbyists, senators, national debt, people's anger, drug addicts
they are good guys but just a little bit strange