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Instead of cutting the federal deficit, put more money into the pockets of average working families by expanding the Earned Income Tax Credit to include people earning up to $50,000 per year and reduce their income taxes to $0.
Exempt the first $20,000 from payroll taxes.
Pay 10% on incomes between $50,000 - $90,000/year.
Pay 20% on incomes between $90,000 - $120,000/year.
Pay 30% on incomes between $120,000 - $250,000/year
Make up the missing money by increasing the taxes on those responsible for causing our Great Recession:
"Make up the revenues by increasing taxes on incomes between $250,000 to $500,000 to 40 percent; between $500,000 and $5 million, to 50 percent; between $5 million and $15 million, to 60 percent; and anything over $15 million, to 70 percent.
"And raise the ceiling on the portion of income subject to payroll taxes to $500,000.
"It’s called progressive taxation."
Robert Reich
Instead of cutting the federal deficit, put more money into the pockets of average working families by expanding the Earned Income Tax Credit to include people earning up to $50,000 per year and reduce their income taxes to $0.
Exempt the first $20,000 from payroll taxes.
Pay 10% on incomes between $50,000 - $90,000/year.
Pay 20% on incomes between $90,000 - $120,000/year.
Pay 30% on incomes between $120,000 - $250,000/year
Make up the missing money by increasing the taxes on those responsible for causing our Great Recession:
"Make up the revenues by increasing taxes on incomes between $250,000 to $500,000 to 40 percent; between $500,000 and $5 million, to 50 percent; between $5 million and $15 million, to 60 percent; and anything over $15 million, to 70 percent.
"And raise the ceiling on the portion of income subject to payroll taxes to $500,000.
"Its called progressive taxation."
Robert Reich
Robin Hood mentality, take from the evil rich and give to the
poor downtrodden?
So why would anyone WANT to make more money, above $250,000?
No incentive for me.
I'll stay poor and let the OTHER rich guy pay my way to entitlements,
give a aways, and freebies.
You want fair?
Abolish the IRS first. Reduce the tax code to one page, flat
tax, done.
Is your daily lead intake high enough to believe the US economy is still lousy because government's too big?If the richest 1% of Americans have increased their share of national income by 2% during the greatest economic downturn since the Great Depression, it is NOT because of "equal treatment by government."Not equality in outcome, you fucking idiot... equal treatment by government.... something you leftist winger tards love to spout, but not practice
Go play in traffic
Who gives a shit?? It is a free society (except less so because of the policies supported by your ilk)...
But you, and your ilk, call for equal treatment by government ONLY when it suits you, and you fully support unequal treatment, when it suits you.... I.E. selective equal treatment...
Go up your daily intake of lead by about .357... right thru the palate... you'll do the world a favor and increase the average IQ in your neighborhood
Taxes on food and clothing didn't bring about the Great Recession. Irresponsible use of derivatives did.Ummm...Because the derivatives aren't subject to a state sales tax?
Maybe if you were outraged enough over taxes on food clothing enough, to the point that you'd work to get those taxes repealed......
More so than Social Security or Medicare?Why Not Speculators?Yes...Let's tax politicians and bureaucrats at a rate of 90%.
"July 16 (Bloomberg) -- Why is Congress running away from a financial transactions tax?
"The intensifying struggle on Capitol Hill over revenue, spending and deficits, coupled with the widely felt, reckless behavior of Wall Street, would seem to provide an ideal atmosphere to debate a major source of new income that also helps to restrict rampant speculation.
"A bill to impose such a tax, introduced by Democrat Representatives Peter DeFazio and Peter Welch, is going nowhere.
"Apart from sporadic mentions at various Congressional hearings on the financial meltdown, this levy, with antecedents back to Abraham Lincoln and the Civil War, is a taboo subject."
Because speculators weren't the primary cause of the Financial Crisis.
"In contrast to the more widely discussed value-added tax, which is opposed by most Republicans and Democrats in Congress, the financial transactions tax is simpler to administer, involves a far smaller number of taxpayers, and unlike the recessive, complex VAT, can raise large sums of revenue.It's a dumb idea. The absolute worst taxes are taxes on savings, and this is a tax on savings.
Margins are razor-thin in trading. It costs about a penny to trade a share. All the costs will be passed onto the savers. Intermediaries won't pay a thing.
Wall Street Produces InequityWhat product does Wall street produce?
Once the stock is sold by a corporation then all the money from there on out is just made by stock trades which produce nothing except more money for more stock trades.
So mostly Wall Street just produces more money to trade more stock and no real product.
Only those taxpayers with incomes over $5 million/$15 million per year would face the 50% and 60% tax bite. That number of taxpayers is statistically insignificant. Especially when compared to the number of taxpayers in foreclosure and on unemployment.I'm having a hard time swallowing this. How could any honest person actually lobby an idea that would take 50, 60 percent away from someone who has taken a risk ie business, after that person has saved up money, laid every thing on the line, taken a chance, and then is penalized severely by a government that takes that same money and spends frivolously. It's incomprehensible.
And very little has changed about gauging systemic financial risks.Yeah we saw how much risk the finiancial industry takes....
Do you prefer a Dooh Nibor (Robin Hood backwards) mentality?Instead of cutting the federal deficit, put more money into the pockets of average working families by expanding the Earned Income Tax Credit to include people earning up to $50,000 per year and reduce their income taxes to $0.
Exempt the first $20,000 from payroll taxes.
Pay 10% on incomes between $50,000 - $90,000/year.
Pay 20% on incomes between $90,000 - $120,000/year.
Pay 30% on incomes between $120,000 - $250,000/year
Make up the missing money by increasing the taxes on those responsible for causing our Great Recession:
"Make up the revenues by increasing taxes on incomes between $250,000 to $500,000 to 40 percent; between $500,000 and $5 million, to 50 percent; between $5 million and $15 million, to 60 percent; and anything over $15 million, to 70 percent.
"And raise the ceiling on the portion of income subject to payroll taxes to $500,000.
"It’s called progressive taxation."
Robert Reich
Robin Hood mentality, take from the evil rich and give to the
poor downtrodden?
So why would anyone WANT to make more money, above $250,000?
No incentive for me.
I'll stay poor and let the OTHER rich guy pay my way to entitlements,
give a aways, and freebies.
You want fair?
Abolish the IRS first. Reduce the tax code to one page, flat
tax, done.
"In contrast to the more widely discussed value-added tax, which is opposed by most Republicans and Democrats in Congress, the financial transactions tax is simpler to administer, involves a far smaller number of taxpayers, and unlike the recessive, complex VAT, can raise large sums of revenue.It's a dumb idea. The absolute worst taxes are taxes on savings, and this is a tax on savings.
Margins are razor-thin in trading. It costs about a penny to trade a share. All the costs will be passed onto the savers. Intermediaries won't pay a thing.
"The U.K. has had a tax on stock trades for decades, mostly collected by brokers.
"The cost of collecting the tax, which is about 0.05 percent of the revenue stream, is one 10th the cost of collecting the income tax, which is 0.7 percent.
"Japan is one of several other countries with financial transaction taxes.
"$353 Billion
"Recently, economists Dean Baker and Robert Pollin estimated that the impost could raise $353 billion annually in the U.S., based on 2008 trading volumes.
"This figure was based on a tax of 0.5 percent on stock trading; 0.01 on bonds for each year to maturity; and a 0.01 percent on trades in swaps for each year of maturity.
"If there is a 25 percent reduction in trading volume, the revenue would be $265 billion annually."
Financial Transaction Tax
In January, 1984, Sweden introduced a 0.5% tax on the purchase or sale of an equity security. Hence a round trip (purchase and sale) transaction resulted in a 1% tax. In July, 1986, the rate was doubled, and in January, 1989, a considerably lower tax of 0.002% on fixed-income securities was introduced for a security with a maturity of 90 days or less. On a bond with a maturity of five years or more, the tax was 0.003%. Analyst Marion G. Wrobel prepared a paper for Canadian Government in July, 2006, examining the international experience with financial transaction taxes, and paying particular attention to the Swedish experience.
The revenues from taxes were disappointing; for example, revenues from the tax on fixed-income securities were initially expected to amount to 1,500 million Swedish kroner per year. They did not amount to more than 80 million Swedish kroner in any year and the average was closer to 50 million.[30] In addition, as taxable trading volumes fell, so did revenues from capital gains taxes, entirely offsetting revenues from the equity transactions tax that had grown to 4,000 million Swedish kroner by 1988.
Aunt Em and Toto?And who bailed out Wall Street?
What are these economists smoking?"In contrast to the more widely discussed value-added tax, which is opposed by most Republicans and Democrats in Congress, the financial transactions tax is simpler to administer, involves a far smaller number of taxpayers, and unlike the recessive, complex VAT, can raise large sums of revenue.It's a dumb idea. The absolute worst taxes are taxes on savings, and this is a tax on savings.
Margins are razor-thin in trading. It costs about a penny to trade a share. All the costs will be passed onto the savers. Intermediaries won't pay a thing.
"The U.K. has had a tax on stock trades for decades, mostly collected by brokers.
"The cost of collecting the tax, which is about 0.05 percent of the revenue stream, is one 10th the cost of collecting the income tax, which is 0.7 percent.
"Japan is one of several other countries with financial transaction taxes.
"$353 Billion
"Recently, economists Dean Baker and Robert Pollin estimated that the impost could raise $353 billion annually in the U.S., based on 2008 trading volumes.
"This figure was based on a tax of 0.5 percent on stock trading; 0.01 on bonds for each year to maturity; and a 0.01 percent on trades in swaps for each year of maturity.
"If there is a 25 percent reduction in trading volume, the revenue would be $265 billion annually."
Financial Transaction Tax
Nader and the economists are smoking dope if they think it will bring in $300 billion in tax revenues. Total profits for all the financial companies in America are expected to be half that this year. The combined profits of capital markets firms, banks and diversified financial services companies are expected to be $100 billion. Yet, somehow these clueless economists expect to raise $300 billion!
In January, 1984, Sweden introduced a 0.5% tax on the purchase or sale of an equity security. Hence a round trip (purchase and sale) transaction resulted in a 1% tax. In July, 1986, the rate was doubled, and in January, 1989, a considerably lower tax of 0.002% on fixed-income securities was introduced for a security with a maturity of 90 days or less. On a bond with a maturity of five years or more, the tax was 0.003%. Analyst Marion G. Wrobel prepared a paper for Canadian Government in July, 2006, examining the international experience with financial transaction taxes, and paying particular attention to the Swedish experience.
The revenues from taxes were disappointing; for example, revenues from the tax on fixed-income securities were initially expected to amount to 1,500 million Swedish kroner per year. They did not amount to more than 80 million Swedish kroner in any year and the average was closer to 50 million.[30] In addition, as taxable trading volumes fell, so did revenues from capital gains taxes, entirely offsetting revenues from the equity transactions tax that had grown to 4,000 million Swedish kroner by 1988.
Financial transaction tax - Wikipedia, the free encyclopedia
It is soooooooo easy to avoid this tax. Just move your trading offshore. I'm sure the Toronto Stock Exchange would just love it if the US implemented a financial transaction tax. It would be just another in a long line of dumb fiscal mistakes this country has made.
What are these economists smoking?
"In 2009, more than 200 economists from universities, colleges and research centers in our country issued an open letter in support of financial transaction taxes.
"There is also the serious matter of equity.
"When people, who pay 6 percent to 8 percent in sales taxes on necessities every day, learn that there is zero sales tax on daily purchases of billions of shares, bonds and derivatives, they understandably get upset.
"It doesn’t matter whether they are conservatives or liberals, or whether it is during normal years on Wall Street or the recent massive collapse and bailout."
Do you find it credible that the richest 1% of Americans have increased their share of national income by about two percent over the last two years? (~37%-~39%)
Financial Transaction Tax
