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Yeah your gut is real reliable. LOL.Tell me how many transactions and their average dollar value are made with high frequency trading and I'll tell you if it would work out. My gut says it would.I gave you actual data...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.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.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.
$2000 per household
Income of 200K or less get the credit...that is 95% of the households.
There are approximately 118 million households in the US.
95% of that is about 112 million households.
So 112 million households will get 2000 a year tax credit...
That comes to about 225 Billion dollars.
How will that be made up by only 5% of the households?
Taxation involves taking money from people and giving them nothing in return under thread of penalty. If that isnt stealing I am not sure what is.You dont think stealing money from productive people and giving it to unproductive will reduce productivity and create incentives to work less?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......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.
It will do nothing for the economy.
In other words, those making less than $200,000 but who still have a considerable portfolio stand to break even, while others (who are also in the middle class) with lesser financial standings would benefit, just not as much. Basically, I think your definition of "middle class" differs from mine. I know people I would consider middle class who only have savings or CD accounts but make a respectable yearly income (if nowhere near $200,000).
So as far as I can tell, some people you're describing would break even, and many more people like I'm describing would benefit. So what's the issue?
"Stealing money." Heh. And I don't know what circles you run in, but I know plenty of people who make less than $200,000 who are plenty productive.
"Productive" here has an economic meaning. And since you are grossly ignorant you will not know what that is.
I'm trying to figure out why an average guy like you would suck the dicks of the Wall Street scum. Still have aspirations?I just answered my own question. High frequency trading isn't allowed in Hong Kong. Apparently, they have too much common sense for it to be legal there. In the mean time, it looks like all kinds of lawsuits are being leveled against firms that engage in it.There ya go. Let's drive all the players in the financial industry, which employes millions of people, overseas.Why don't they just move to Hong Kong already? They could drive a whole new market into the ground and we'd be better off without them.Where it would add up would be in the ultra-frequent microsecond transactions that have become a mainstay of Wall Street.
And then that part of the industry, with all the jobs and profits, would move to a country without the stupid tax, and they'd have to hike it on the little people, to make up for the shortfall.
Dont you complain about companies sending jobs overseas? Now you want to do the same. Hypocrite.
Face it, there's not another country on Earth that would want the kind of scum that infests Wall Street these days.
In the mean time, it looks like all kinds of lawsuits are being leveled against firms that engage in it.
Yeah, lots of stupid lawsuits out there, so what?
If it was for the middle class they would define it as Couples above the poverty line to 200,000 a year but what I see is another give away to the non tax paying crowd. They may be selling it as middle class support but if it was true "middle class" support the cost would be half what they are stating!!
Let me see if I understand the right wing thought process here. 1) There's a lot of money in being a thieving bastard. 2) We don't want to lose high paying jobs in this country. Therefore, we'd better bend over backwards to retain the thieving bastards.I'm trying to figure out why an average guy like you would suck the dicks of the Wall Street scum. Still have aspirations?I just answered my own question. High frequency trading isn't allowed in Hong Kong. Apparently, they have too much common sense for it to be legal there. In the mean time, it looks like all kinds of lawsuits are being leveled against firms that engage in it.There ya go. Let's drive all the players in the financial industry, which employes millions of people, overseas.Why don't they just move to Hong Kong already? They could drive a whole new market into the ground and we'd be better off without them.
Dont you complain about companies sending jobs overseas? Now you want to do the same. Hypocrite.
Face it, there's not another country on Earth that would want the kind of scum that infests Wall Street these days.
In the mean time, it looks like all kinds of lawsuits are being leveled against firms that engage in it.
Yeah, lots of stupid lawsuits out there, so what?
You poor girl. Don't cry.
Let me see if I understand the right wing thought process here. 1) There's a lot of money in being a thieving bastard. 2) We don't want to lose high paying jobs in this country. Therefore, we'd better bend over backwards to retain the thieving bastards.I'm trying to figure out why an average guy like you would suck the dicks of the Wall Street scum. Still have aspirations?I just answered my own question. High frequency trading isn't allowed in Hong Kong. Apparently, they have too much common sense for it to be legal there. In the mean time, it looks like all kinds of lawsuits are being leveled against firms that engage in it.There ya go. Let's drive all the players in the financial industry, which employes millions of people, overseas.
Dont you complain about companies sending jobs overseas? Now you want to do the same. Hypocrite.
Face it, there's not another country on Earth that would want the kind of scum that infests Wall Street these days.
In the mean time, it looks like all kinds of lawsuits are being leveled against firms that engage in it.
Yeah, lots of stupid lawsuits out there, so what?
You poor girl. Don't cry.
There's a lot of money in being a lobbyist too. Shall we bend over backwards to keep them as well?
See, the basic issue here is you dont understand the function of the financial industry in this country. To you, they're all "thieving bastards" who sit around and think of ways to screw people. That is 180degrees from the truth. And while there are some thieves and unethical people please show me the business that is free of such folks.Let me see if I understand the right wing thought process here. 1) There's a lot of money in being a thieving bastard. 2) We don't want to lose high paying jobs in this country. Therefore, we'd better bend over backwards to retain the thieving bastards.I'm trying to figure out why an average guy like you would suck the dicks of the Wall Street scum. Still have aspirations?I just answered my own question. High frequency trading isn't allowed in Hong Kong. Apparently, they have too much common sense for it to be legal there. In the mean time, it looks like all kinds of lawsuits are being leveled against firms that engage in it.There ya go. Let's drive all the players in the financial industry, which employes millions of people, overseas.
Dont you complain about companies sending jobs overseas? Now you want to do the same. Hypocrite.
Face it, there's not another country on Earth that would want the kind of scum that infests Wall Street these days.
In the mean time, it looks like all kinds of lawsuits are being leveled against firms that engage in it.
Yeah, lots of stupid lawsuits out there, so what?
You poor girl. Don't cry.
There's a lot of money in being a lobbyist too. Shall we bend over backwards to keep them as well?
Ok. I pay 35% Income tax, a Family member With 50% more Income than me only pay 20% Income tax due to deductions. It all makes one hell of a mess that requires a huge bureaucracy to administer and here you get to the root of the problem. We will never see a flat tax or elimination of income tax in favor of just a consumption tax because the special interest of the huge unions that depend on chaos in order to have jobs are dependent on the tax code to be as complex as possible just as Lawyers vote democrat because they depend on the Law to be as complex as possible.
Sounds like a good idea. We want a larger middle class, right?
OK I wont argue. I'll just point out you aer completely and utterly wrong.Nothing this country does is ever for the middle class. The system is set up AGAINST the middle class. The rich walk away with everything and there may very well be a plan to ensure that the middle class is kept at bay as it threatens the elitist 1 percent. Class warfare is only going to grow in the next months... and rightfully so. To argue against any of this indicates anti worker anti middle class anti American.
Granted, I don't have an extremely high opinion of Wall Street types but this discussion started with high frequency trading which is the raison d'être for the transaction tax. Would you care to try and defend that?See, the basic issue here is you dont understand the function of the financial industry in this country. To you, they're all "thieving bastards" who sit around and think of ways to screw people. That is 180degrees from the truth. And while there are some thieves and unethical people please show me the business that is free of such folks.Let me see if I understand the right wing thought process here. 1) There's a lot of money in being a thieving bastard. 2) We don't want to lose high paying jobs in this country. Therefore, we'd better bend over backwards to retain the thieving bastards.I'm trying to figure out why an average guy like you would suck the dicks of the Wall Street scum. Still have aspirations?I just answered my own question. High frequency trading isn't allowed in Hong Kong. Apparently, they have too much common sense for it to be legal there. In the mean time, it looks like all kinds of lawsuits are being leveled against firms that engage in it.
Face it, there's not another country on Earth that would want the kind of scum that infests Wall Street these days.
In the mean time, it looks like all kinds of lawsuits are being leveled against firms that engage in it.
Yeah, lots of stupid lawsuits out there, so what?
You poor girl. Don't cry.
There's a lot of money in being a lobbyist too. Shall we bend over backwards to keep them as well?
If you actually understand what people on Wall St do you wouldnt have that attitude. Of course if you understood that you'd probably be a Republican.
Nothing this country does is ever for the middle class. The system is set up AGAINST the middle class. The rich walk away with everything and there may very well be a plan to ensure that the middle class is kept at bay as it threatens the elitist 1 percent. Class warfare is only going to grow in the next months... and rightfully so. To argue against any of this indicates anti worker anti middle class anti American.
Sounds like a good idea. We want a larger middle class, right?
Yes, eliminating good paying jobs is a great way to expand the middle class. LOL!
I thought you were talking about hedge fund managers- at least you should be.Sounds like a good idea. We want a larger middle class, right?
Yes, eliminating good paying jobs is a great way to expand the middle class. LOL!
