Thom Hartmann Suggests STET Tax on Stock Transactions

Discussion in 'Stock Market' started by pal_of_poor, Sep 2, 2009.

  1. pal_of_poor
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    pal_of_poor VIP Member

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    Thom's Blog
    The AFL-CIO, and some of the Democrats, would like to assess a small tax - about a tenth of a percent - on every stock transaction. It's a good start but not enough. If we were to instate a .25 percent STET (tax) on every stock, swap, derivative, or other trade today, it would produce -- in its first year -- around $150 billion in revenue. Wall Street would be generating the money to fund its own bailout. After Hoover's 1931 bailout of the banks failed, FDR did a cold reboot of the entire system, putting into place strong rules to prevent speculative abuse. And he doubled the STET tax, both producing revenue that more than funded the Securities and Exchange Commission and further prevented a repeat of the speculative bubble of the 1920s that led directly to the Republican Great Depression. So let's go back to what works.

    In strange news...
    Protests from conservative "teabaggers" turned out to heckle Congresswoman Susan Davis (D-San Diego) during a town hall meeting. There were signs with racist overtones but they must have been surprised when they were countered by a newly-formed group called "Billionaires for Wealthcare." Dressed in formal attire, members pulled up in a limousine to greet other protesters, thanking them for "standing with billionaires" to oppose real healthcare reform. Don't you just love political theater?
     
  2. Paulie
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    Paulie Platinum Member

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    What a stupid idea.

    Let's punish those who are willing to take the risk of capitalizing the marketplace with their hard earned dollars, in what's already such a dire economic time.

    The government wants to GIVE people money for getting themselves into large amounts of debt to buy a house they may or may not need, but wants to TAKE your money for investing in US business.

    What a fucking joke.
     
  3. Oddball
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    Oddball BANNED Supporting Member

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    Thom who??
     
  4. Polk
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    Polk Classic

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    Sounds like a new take on the Tobin tax concept.
     
  5. Toro
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    Toro Diamond Member

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    This is such a stupid idea.

    I'd consider leaving this country if they did.
     
  6. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    I'm sure we could raise money with an abortion tax.
     
  7. Paulie
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    Paulie Platinum Member

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    They already take enough in capital gains taxes as it is.

    Since enterprise is what fuels this country and is what made it as wealthy as it has become, why in the world would anyone support taking from those willing to risk their money to invest in it?

    I can almost understand taxing consumption, but investment? How about we all just sit on our money and hoard it for the rest of our lives while we watch US enterprise slowly crumble around us? I bet if all investors did that, taxes on investment would magically disappear rather quickly.
     
  8. Oddball
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    Oddball BANNED Supporting Member

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    Now you know why Thom Hartmann is on Airhead America.....The home of insane Fabian socialists with even more insane ideas.
     
  9. Paulie
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    Paulie Platinum Member

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    Who??
     
  10. Oddball
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    Oddball BANNED Supporting Member

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    I 'fess.....hadda look him up. :)
     

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