Reduce the debt one transaction at a time

[rightwinger]

Spitzer

Here is the idea: A tax of less than half a percent on every $100 of stock sales or sales of other financial instruments including bonds, derivatives, and options. The tax could raise anywhere from $170 billion to $350 billion per year depending how it was applied. Extend that over 10 years, and we are raising almost what the White House and Republicans agree needs to be raised in order to accomplish the objectives of a grand bargain.

But there is an added benefit here: Trading in the equity and debt markets has gone wild over the past few years. High-speed trading and speculation have overtaken the economically legitimate reasons for our desire to have highly liquid markets: the capacity to raise capital and then allocate it efficiently among sectors and companies. The trading that has emerged over the past few years is not serving that purpose—it is a casino enterprise driven by hidden pools and computer algorithms that do not seek to hold capital for longer than an instant.

We are all used to paying a sales tax when we buy things—almost 9 percent here in New York City. The application of this concept to the financial sector could solve our need for revenue, bring some sanity back into the financial sector, and give us a way to raise the revenue we need to run the government in a fiscally responsible way. Maybe this is the old idea that we need folks in D.C. to pay attention to again.

 

[LogikAndReazon]

Every solution to every problem for these redistributionist marxist hacks is another tax...........

Their greed for the unearned is staggeringly pathetic

 

[WillowTree]

Increase the tax by ten percent on those 200 dollar nikes and let the poor pay their fair share whydon'tchya?

 

[TakeAStepBack]

This is the beginning of our federal governments desperation for more revenue. The protectionist policies will build and build until there is nothing left to take except to auction off people's property to our creditors. There is nothing they are not willing to take from teh private sector to quench their thirst for anoother round of spending and it will never change.

 

[TakeAStepBack]

Every solution to every problem for these redistributionist marxist hacks is another tax...........

Their greed for the unearned is staggeringly pathetic

In the end, they will get it all. Because they have the self imposed authority to coerce or use violence to get what they deem is theirs. Just another ring in the tree of circular history.

The sad part is, half of the public is onboard for it. Not realizing that eventually, they will come for what you have too. No matter how meager it may be.

 

[CrusaderFrank]

Tax every Obamaphone too

 

[rightwinger]

It reminds me of Herman Cains 9-9-9 plan

only cleaner

 

[rightwinger]

Increase the tax by ten percent on those 200 dollar nikes and let the poor pay their fair share whydon'tchya?

Good analogy

If I pay $200 for a pair of Nikes I pay a 9% sales tax in New York

Why don't you pay a sales tax for $200 worth of stock?

 

[ba1614]

1/2% on every hundred, then 3.8% on net investment income through obummercare starting Jan 1.

Poor America

 

[Freemason9]

Every solution to every problem for these redistributionist marxist hacks is another tax...........

Their greed for the unearned is staggeringly pathetic

In the end, they will get it all. Because they have the self imposed authority to coerce or use violence to get what they deem is theirs. Just another ring in the tree of circular history.

The sad part is, half of the public is onboard for it. Not realizing that eventually, they will come for what you have too. No matter how meager it may be.

If you are REALLY concerned about the level of authority the government will use to "coerce or use violence" to gain complete control, then you should absolutely support drastic reductions in military spending, "intelligence agency" budgets, and police forces.

Because you seem to fear a police state--and the only way to eliminate a police state is to defund it.

Which is why the right wing seems so schizo . . . they want a giant military and oppressive police forces and incredible prison sentences, and then they cry about losing freedoms. DUH

 

[Soggy in NOLA]

Utter fucking nonsense... never do these progressive Socialists EVER consider spending less... except on the military.

They take $1 and spend $3.. then they need $2 so they can spend $4.

 

[Freemason9]

Utter fucking nonsense... never do these progressive Socialists EVER consider spending less... except on the military.

They take $1 and spend $3.. then they need $2 so they can spend $4.

You see? There's the problem. You guys whine about oppressive govenment, and then you want to give the "defense" agencies blank checks.

That's inviting a police state.

 

[DiamondDave]

Just CUT THE FUCKING SPENDING... slash entitlements... audit the DoD to stop paying defaulted contracts, reduce waste... get rid of redundant agencies.. etc...

Jeez... stop with the want for more and more taxes for more and more spending

 

[WillowTree]

Increase the tax by ten percent on those 200 dollar nikes and let the poor pay their fair share whydon'tchya?

Good analogy

If I pay $200 for a pair of Nikes I pay a 9% sales tax in New York

Why don't you pay a sales tax for $200 worth of stock?

cause I don't dew stocks.

 

[TakeAStepBack]

Every solution to every problem for these redistributionist marxist hacks is another tax...........

Their greed for the unearned is staggeringly pathetic

In the end, they will get it all. Because they have the self imposed authority to coerce or use violence to get what they deem is theirs. Just another ring in the tree of circular history.

The sad part is, half of the public is onboard for it. Not realizing that eventually, they will come for what you have too. No matter how meager it may be.

If you are REALLY concerned about the level of authority the government will use to "coerce or use violence" to gain complete control, then you should absolutely support drastic reductions in military spending, "intelligence agency" budgets, and police forces.

Because you seem to fear a police state--and the only way to eliminate a police state is to defund it.

Which is why the right wing seems so schizo . . . they want a giant military and oppressive police forces and incredible prison sentences, and then they cry about losing freedoms. DUH

I do support huge defense spending cuts. Police is state/county organized. Except in NYC, where teh polic force is essentially militarized through federal duckets.

I also support huge welfare cuts. Like all of them. Every program. SS, medicare, medicaid, corporate welfare of any kind, foreign aid, etc..etc..etc..

I don't fear anything either. I'm just pointing out that we're heading down the same road other failures in history have taken.

 

[Soggy in NOLA]

Utter fucking nonsense... never do these progressive Socialists EVER consider spending less... except on the military.

They take $1 and spend $3.. then they need $2 so they can spend $4.

You see? There's the problem. You guys whine about oppressive govenment, and then you want to give the "defense" agencies blank checks.

That's inviting a police state.

That is NOT what I said.... I can at least acknowledge there is waste in the defense budget as well as everywhere else. The libs see waste only in the defense budget. The mere mention of reforming entitlements and other wasteful/needless programs sends them into apoplectic shock.

 

[rightwinger]

Increase the tax by ten percent on those 200 dollar nikes and let the poor pay their fair share whydon'tchya?

Good analogy

If I pay $200 for a pair of Nikes I pay a 9% sales tax in New York

Why don't you pay a sales tax for $200 worth of stock?

cause I don't dew stocks.

In buying stocks you are buying part of a company. Same as with commodities

If the kid buying $200 Nikes pays $18 in tax what is wrong with the guy buying $200 in stock paying a $1 sales tax?

 

[CrusaderFrank]

When Progs first proposed the unAmerican tax on personal income, it also was temporary and small

 

[ba1614]

Just CUT THE FUCKING SPENDING... slash entitlements... audit the DoD to stop paying defaulted contracts, reduce waste... get rid of redundant agencies.. etc...

Jeez... stop with the want for more and more taxes for more and more spending

That doesn't play as well with the entitlement crowd who want others to pay more of their share for them though.

 

[martybegan]

Good analogy

If I pay $200 for a pair of Nikes I pay a 9% sales tax in New York

Why don't you pay a sales tax for $200 worth of stock?

cause I don't dew stocks.

In buying stocks you are buying part of a company. Same as with commodities

If the kid buying $200 Nikes pays $18 in tax what is wrong with the guy buying $200 in stock paying a $1 sales tax?

The $18 tax does not reduce the intrinsic value of the sneakers. A tax on a transaction of financial instruments does. Also think of it as the sneakers being taxed every time they are put on, not just when bought.