Shared responsibility / Sacrifice

Discussion in 'Politics' started by WI2VA, Mar 3, 2011.

  1. WI2VA

    WI2VA Rookie

    Mar 3, 2011
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    Don’t tax you, don’t tax me. Tax the man behind the tree. Well folks guess who is hiding behind that tree? Wall Street! And they are hoping you will not notice them. But with the advent of gutting and slashing things that all Americans depend on, the concept of “Shared Responsibility” seems to get a bit more traction. Now let me get this straight. Wall Street screwed up, and their banking buddies too, and we all saved their behinds because they were too big to let fail. So isn’t it time for Wall Street to step up and come to the American People “hat in hand” to say that they would be willing to pay attention, and not structure securities that might crash the economy again, and then bet against it? We would all think so, Right?? Well folks, it’s not happening. They’re back at it, and Lobbying to reverse the laws & regulations to make sure they can continue to hide behind that tree, and not be noticed by you and me. A little history here.

    The United States had a transaction tax from 1914 to 1966. The Revenue Act of 1914 levied a 0.2 percent tax on all sales or transfers of stock. In 1932, Congress more than doubled the tax to help overcome the budgetary challenges during the Great Depression. It was phased out in 1966 and has not been seriously considered as a revenue source until now.
    I think you could call it a small sales tax and I guess it wasn’t the end of the world from 1914 to 1966, but actually the markets growth has been quite good after the end of the Depression. A shared responsibility fee or tax of .4% like we used to have would generate about 100 to 150 Billion per year. Yes folks per year…!!

    There are some people who will say that this would cause Wall Street to cut Bonuses. I can hear the collective outpouring of sympathy from many of you, but I don’t think we need to start a fund raiser for these guys. But remember we are dealing with the best “rule benders” money can buy, and if there is a loop-hole that a few billion can slip through, they will figure it out. So I think the best thing to do with implementation of this type of Shared Sacrifice is to make sure all investment transactions are subject to this expense; flash trading, derivatives, options, commodities, shorts, puts, calls, munis, mutual funds over $6K, ETFs, currency trades, limited partnerships, futures, and the Credit default swaps. Also we must close the door to off shore accounts so that all is transparent, and taxed, for the good of all the American People.

    As our Local, State, and National economies suffer due to the recession caused by Wall Street hyper-speculation our problems are being blamed on the pay scales of elementary school teachers, snow plow drivers, and public hospital nurses. I for one feel that we should reactivate the Revenue Act of 1914, grab the penance due the American People from Wall Street, cover a larger portion of Medicaid to the states, and then pay down the 10 year war debt whose interest is killing us. I think that when the debt is paid off through Shared Responsibility/Sacrific we should give Wall street a break, maybe then drop the fee to half, but if they figure out a way to pay it off quicker, better for them.

    This may take some work to get passed in a Congress and Senate that gives the impression of being bought and paid for by Wall Street & the Banks. This debt problem is everybody’s responsibility, and it should be everybody’s Sacrifice. America we need you now, our kid’s need you now, if we all pull together there is nothing we cannot do.

    Please copy and send this message to the Congress, Senate, the President, the newspapers across the country, friends, neighbors, and relatives. This will work… we cannot be afraid to bring to justice those who are truly responsible for the economic disaster that has been laid on us all.

    Tim Lienau
    Menomonie, WI

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