Pelosi wants to tax the world

[Toro]

and make taxes on securities "global"

CNSNews.com - Pelosi Endorses ‘Global’ Tax on Stocks, Bonds, and other Financial Transactions

House Speaker Nancy Pelosi (D-Calif.) endorsed the idea of a “global” tax on stock trades and other financial transactions, saying the estimated $150 billion in annual revenue from such a tax could be used to help fund more stimulus spending


What do we do tonight brain? welll...........Let's tax the world......
Pinky (of pinky and the brain) was smarter than this idiot that the bay area elected.
What does that say about them?

It's pretty stupid.

I can trade anywhere. I'll just shift my trading to Europe, Canada, Australia, UK, etc.

I doubt it will pass though.

 

[Toro]

Here is why it is bad.

• Higher transaction costs will not prevent bubbles. A bubble occurred in housing, a very illiquid market with very high transaction costs.
• “Wall Street” will not be paying the tax. Wall Street is an intermediary. Trading margins are thin. It will be paid by investors and savers.
• Stock investors did not cause the problem. The problems were in the mortgage markets and derivatives markets. Why not put a 0.25% tax on all home transactions or mortgage applications?
• Small investors will pay because they invest in mutual funds and pension funds, which will pay the tax.
• Less trading usually makes markets less efficient, which leads to lower prices and lower levels of wealth.
• You will devastate the online brokerage business, which will be forced to jack up commissions for small investors.
• You will drive trading offshore. How does that help the American economy?
• Tax on capital and savings is enormously harmful.

 

[ba1614]

Ideas like this is why California is in the shitter. Give her and her ilk enough time and we'll never recover, if we haven't passed that point already.

 

[namvet]

today Calif tomorrow the world​

 

[Harry Dresden]

Ideas like this is why California is in the shitter. Give her and her ilk enough time and we'll never recover, if we haven't passed that point already.

no its Arnolds fault.....

 

[oreo]

jesus these people are stupid.

end the wars, remove all the crap that is currently called "defense spending" that has 0 to do with defense, end the entitlement programs, pay back the debt, then you have no need for 95% of the taxes.

Ohh yeah, quite simple.. As in anyone who thinks that can be done.

easily done in time.... the wars first.

phasing out of entitlement programs over a generation or two also wouldn't be that difficult.

Your kidding right? The Americans that voted for Obama--believed that they were going to get free health care paid for by someone else. "That's an entitlement program." He promised them everything from A to Z--along with a promise that he would reduce taxes on those making less than 250K---another gimme something for nuthin.
It turns out that the majority of Americans want entitlements that are paid for by someone else. Hey that's not going to go away.

 

[Immanuel]

Also, the bill states that the money from this tax CAN NOT go in to the general budget to be spent willy nilly and that 1/2 of the money collected from this tax is to be used ro reduce the deficit....the other half to create middle class jobs. (yes, this is debatable)

Haven't we heard that before from both Democrats and Republicans?

Immie

good afternoon immie,
I haven't seen it in ANY LEGISLATION that has passed the senate and the house, so no, I haven't seen it before....and more than likely this bill will not pass muster either.

there have been lock box proposals, but none have ever been voted on or passed a vote in the yea category for both the house and senate.

care

I meant Social Security in particular. I believe SS was set up as a different fund. The operative word there is "was".

Immie

 

[Toro]

Proponents of a transactions tax misunderstand the way markets work. The bubble in home prices in the United States was not caused by the rapid buying and selling of individual family homes. The financial crisis was primarily a liquidity crisis and a credit crunch, and the major problem with collateralized mortgage-backed bonds was that they declined significantly in value and became illiquid. A transactions tax that would have reduced trading and made repurchase agreements more costly, could have made the problem even worse.

Moreover, "Wall Street" would not foot the bill for the presumed $150 billion tax. In fact, the tax would simply be added to the cost of doing business, burdening all investors, including 401(k) plans, IRAs and mutual funds. ...

Transactions costs have declined significantly over the past 10 years, thanks to the many structural changes in equity markets, including trading in decimals instead of eighths, the proliferation of scores of trading venues that function as exchanges, and an explosion of high-frequency trading. Vanguard has estimated that total transactions costs on an average trade have fallen by more than 50%, resulting in approximately $1 billion of annual savings to its investors. When magnified across the whole investment industry, investors have probably saved tens of billions of dollars in transactions costs.

Transactions taxes would make most current high-frequency trades unprofitable since they depend on the thinnest of profit margins. Trading volume would collapse, and there would be a dramatic shortfall in the tax dollars actually collected by the government. Market liquidity would decline, bid-offer spreads would widen, and all investors would pay significantly higher costs on their trades.

Burton G. Malkiel and George U. Sauter: A Transaction Tax Would Hurt All Investors - WSJ.com

 

[Care4all]

Proponents of a transactions tax misunderstand the way markets work. The bubble in home prices in the United States was not caused by the rapid buying and selling of individual family homes. The financial crisis was primarily a liquidity crisis and a credit crunch, and the major problem with collateralized mortgage-backed bonds was that they declined significantly in value and became illiquid. A transactions tax that would have reduced trading and made repurchase agreements more costly, could have made the problem even worse.

Moreover, "Wall Street" would not foot the bill for the presumed $150 billion tax. In fact, the tax would simply be added to the cost of doing business, burdening all investors, including 401(k) plans, IRAs and mutual funds. ...

Transactions costs have declined significantly over the past 10 years, thanks to the many structural changes in equity markets, including trading in decimals instead of eighths, the proliferation of scores of trading venues that function as exchanges, and an explosion of high-frequency trading. Vanguard has estimated that total transactions costs on an average trade have fallen by more than 50%, resulting in approximately $1 billion of annual savings to its investors. When magnified across the whole investment industry, investors have probably saved tens of billions of dollars in transactions costs.

Transactions taxes would make most current high-frequency trades unprofitable since they depend on the thinnest of profit margins. Trading volume would collapse, and there would be a dramatic shortfall in the tax dollars actually collected by the government. Market liquidity would decline, bid-offer spreads would widen, and all investors would pay significantly higher costs on their trades.

Burton G. Malkiel and George U. Sauter: A Transaction Tax Would Hurt All Investors - WSJ.com

fyi

retirement accounts, 401k's are excluded from the tax, your article is wrong on that....from the actual bill:

`(b) Exception for Retirement Accounts, etc- No tax shall be imposed under subsection (a) with respect to any stock contract, futures contract, swaps contract, credit default swap, or options contract which is held in any plan, account, or arrangement described in section 220, 223, 401(a), 403(a), 403(b), 408, 408A, 529, or 530.

`(c) Exception for Interests in Mutual Funds- No tax shall be imposed under subsection (a) with respect to the purchase or sale of any interest in a regulated investment company (as defined in section 851) or of any derivative of such an interest.

 

[The Rabbi]

It is a global economy.

We have no authority or power to tax GLOBALLY. Further slap tariffs on our trading partners and guess what? They return the favor.

That's the beauty of it: Tax people who cannot vote you out of office. It's a politician's wet dream!

 

[Truthmatters]

it took you a couple of years OP

 

[DiamondDave]

Idiot hyper-partisan twat troll digs up a 3 year old thread?? Bitch must have secretly got married to Mr. Shithead