Bernie Sanders and Barbara Lee want to tax Wall Street transactions. Corporate America’s lobbyists are fighting them tooth and nail

[bripat9643]

Those that indulge in Wall Street transactions, already pay taxes on income/profits. Enough taxing for the already bloated government.

I support the new transaction tax. It only hits the high-frequency traders, who steal our 401Ks by "front-running" trades.
If you buy and hold stocks, the way the stock market is supposed to work, by providing capital to companies, you won't even notice the tax.

A lot of small fry are into day trading...This would hit them hardest.

The huge brokerages can either absorb the costs or pass them along.

Even money that Batshit Bern and Lee are getting some Wall Street payola for this.

1. I like the transaction tax, it keeps the money that high-frequency traders would steal in our 401Ks.
2. Another tax I like is the "Remittance Tax" on money sent out of the USA. That would generate about $150b a year in new revenue.

Buying and selling is not stealing.

We "invest" in companies, to grow and hire more people. We hold stock months or years in our 401Ks.
High frequency traders use super-computers to buy and sell in thousandths of a second. Yes, that is stealing. It isn't fair to long-term investors.

Sorry, it's not stealing. Learn the definition of the term. For one thing, stealing is an involuntary transaction. All the trades made on wall street are strictly voluntary.

 

[Dadoalex]

How Wall Street Gets Its Way

Bernie Sanders and Barbara Lee want to tax Wall Street transactions. Corporate America's lobbyists are fighting them tooth and nail. A new report explains why the sector so rarely has to swallow its own political defeat.

jacobinmag.com

greed is grotesque!

Should be done.

Not just a revenue thing.
Slow down day trading and similar activities which will bring more stability to the markets
Force speculators into more stable investments again, adding stability
And, of course, there's the money.

It's purely a revenue grab dreamed up by a communist. It's no surprise that every idiot in the forum supports it.

2000, 2008, 2020

These reforms would have reduced the effect of these Republican led economic failures.

But since Tiny Brained "conservatives" can't remember history past tonight's Hannity it's not surprising you're ignorance of the events.

What are these dates/numbers supposed to signify? What reforms?

Another "conservative" who doesn't know anything they weren't told on OANN tonight,
Market collapses? Great Recession? Trump Recession?

Ring a bell? No, not the one that's always ringing.

This has been a proposal for almost 20 years as a means to reduce violent swings.
Didn't Trump explain all this?

 

[kyzr]

Those that indulge in Wall Street transactions, already pay taxes on income/profits. Enough taxing for the already bloated government.

I support the new transaction tax. It only hits the high-frequency traders, who steal our 401Ks by "front-running" trades.
If you buy and hold stocks, the way the stock market is supposed to work, by providing capital to companies, you won't even notice the tax.

A lot of small fry are into day trading...This would hit them hardest.

The huge brokerages can either absorb the costs or pass them along.

Even money that Batshit Bern and Lee are getting some Wall Street payola for this.

1. I like the transaction tax, it keeps the money that high-frequency traders would steal in our 401Ks.
2. Another tax I like is the "Remittance Tax" on money sent out of the USA. That would generate about $150b a year in new revenue.

You already said that.

What about the home grown day traders?....It is they upon whom this tax will most heavily fall.

Day traders do not buy and sell in the volumes that high frequency traders do. Day traders would barelyt notice the transaction tax.
Bernie's proposal is 0.005 on stock transactions. So on a $10,000 trade you'd pay $50. Meh. Get a ******* real job and don't day trade.

The Impact of a Financial Transaction Tax

What is a financial transaction tax? How do financial transaction taxes work? Learn more about the structure and impact of a financial transaction tax (FTT)

taxfoundation.org

A broad-based financial transaction tax (FTT) in the United States would be a substantial revenue source. For example, the Inclusive Prosperity Act proposed by Sen. Bernie Sanders (I-VT), with an FTT levied at 0.5 percent on stocks, 0.1 percent on bonds, and .005 percent on derivatives, has been estimated to raise between approximately $60B and $220B annually.

 

[Winston]

How Wall Street Gets Its Way

Bernie Sanders and Barbara Lee want to tax Wall Street transactions. Corporate America's lobbyists are fighting them tooth and nail. A new report explains why the sector so rarely has to swallow its own political defeat.

jacobinmag.com

greed is grotesque!

Idiocy is more groteasque. How does anyone, asidie from greedy government employees, benefit by taxing transactions?

To answer your question, damn near everyone benefits. The stock market is a huge arena for speculators, and that is a problem. Speculation has driven up the price of everything from gasoline to bread. For instance, to trade futures, like oil and especially grain, one had to be able to take delivery, or deliver, the actual commodity they were trading. For instance, I have always been able to trade grain futures, I can deliver the product, or I can take delivery of the product and store it in my silos. But now, well anyone and everyone can trade those grain futures. If I want to hedge my crop I have to deal with them yahoos, who are merely speculating and have no capability of accepting, or delivering, on the contracts they buy. A simple estimate, oil futures speculation accounts for at least 25% of the price of gasoline. A transaction tax would at least mitigate the damage caused by pure speculation. And that speculation does absolutely nothing for the economy, if anything, it results in a misallocation of resources, which dampens economic growth and stifles innovation.

Wrong. Speculation, as you call it, is how the value of stuck is determined. The faster the price moves to the equilibrium value, the better. This tax will only slow that process down.

Speculation does not drive up prices. All it does is drive the price to the equilibrium point.

Everyone has always been able to trade grain futures if they want. You're spewing bullshit by claiming they can't. You just don't like having to compete with other traders in the market. Sorry if I couldn't give a shit. Your claim about speculation adding to the price of gasoline is obvious horseshit. What is it based on other than your biases?

Speculation does exactly the opposite of what you claim. Whenever someone comes out against speculation, they always spew the same bullshit reasons.

You are about the biggest dumbass on this board, and that is saying something. Yes, speculation drives up prices,

How does oil speculation raise gas prices?

Before most people were even aware there was an economic crisis, investment managers looked for lucrative investments. What they settled on was oil futures, and those futures brought speculation.

money.howstuffworks.com

Speculation Drives Up Food Prices Worldwide

The practice of betting on food prices as if it was gold or silver along with the use of some food staples for the production of fuels have helped plunge millions into hunger. by Edward Miller Glob…

realagenda.wordpress.com

Goldman Sachs even warned about oil speculation, attributed 20% of the cost of oil on speculation.

speculation drives up prices - Bing

Intelligent search from Bing makes it easier to quickly find what you’re looking for and rewards you.

www.bing.com

So sit down and shut up and let the adults talk here.

 

[kyzr]

Those that indulge in Wall Street transactions, already pay taxes on income/profits. Enough taxing for the already bloated government.

I support the new transaction tax. It only hits the high-frequency traders, who steal our 401Ks by "front-running" trades.
If you buy and hold stocks, the way the stock market is supposed to work, by providing capital to companies, you won't even notice the tax.

A lot of small fry are into day trading...This would hit them hardest.

The huge brokerages can either absorb the costs or pass them along.

Even money that Batshit Bern and Lee are getting some Wall Street payola for this.

1. I like the transaction tax, it keeps the money that high-frequency traders would steal in our 401Ks.
2. Another tax I like is the "Remittance Tax" on money sent out of the USA. That would generate about $150b a year in new revenue.

Buying and selling is not stealing.

We "invest" in companies, to grow and hire more people. We hold stock months or years in our 401Ks.
High frequency traders use super-computers to buy and sell in thousandths of a second. Yes, that is stealing. It isn't fair to long-term investors.

Sorry, it's not stealing. Learn the definition of the term. For one thing, stealing is an involuntary transaction. All the trades made on wall street are strictly voluntary.

OK. So the transaction tax is not stealing either. I hope it passes. Deal with it.

 

[Oddball]

Those that indulge in Wall Street transactions, already pay taxes on income/profits. Enough taxing for the already bloated government.

I support the new transaction tax. It only hits the high-frequency traders, who steal our 401Ks by "front-running" trades.
If you buy and hold stocks, the way the stock market is supposed to work, by providing capital to companies, you won't even notice the tax.

A lot of small fry are into day trading...This would hit them hardest.

The huge brokerages can either absorb the costs or pass them along.

Even money that Batshit Bern and Lee are getting some Wall Street payola for this.

1. I like the transaction tax, it keeps the money that high-frequency traders would steal in our 401Ks.
2. Another tax I like is the "Remittance Tax" on money sent out of the USA. That would generate about $150b a year in new revenue.

You already said that.

What about the home grown day traders?....It is they upon whom this tax will most heavily fall.

Day traders do not buy and sell in the volumes that high frequency traders do. Day traders would barelyt notice the transaction tax.
Bernie's proposal is 0.005 on stock transactions. So on a $10,000 trade you'd pay $50. Meh. Get a ******* real job and don't day trade.

The Impact of a Financial Transaction Tax

What is a financial transaction tax? How do financial transaction taxes work? Learn more about the structure and impact of a financial transaction tax (FTT)

taxfoundation.org

A broad-based financial transaction tax (FTT) in the United States would be a substantial revenue source. For example, the Inclusive Prosperity Act proposed by Sen. Bernie Sanders (I-VT), with an FTT levied at 0.5 percent on stocks, 0.1 percent on bonds, and .005 percent on derivatives, has been estimated to raise between approximately $60B and $220B annually.

Day traders would barely notice the transaction tax.

That's always the story of the people pimping for new taxes.....ONLY THE RICH WILL PAY!

Not buying it.

 

[whitehall]

In a just world the independent media would examine the history of Wall Street transactions by the politicians who propose bills to tax them. The problem is that most investigative reporters are still on the Trump beat and Sanders is off limits so we will never know.

 

[themirrorthief]

Wall Street transactions aren't just for the elite. They affect you and me. The ironic thing is that hypocrite socialist Bernie is pretty wealthy thanks to Wall Street transactions and he probably has a little army of tax lawyers protecting his own investments. The media won't be interested though.

you cant destroy a nation unless you punish success....reward crap and you become crap

 

[pknopp]

Go Bernie!!

 

[pknopp]

Wall Street transactions aren't just for the elite. They affect you and me. The ironic thing is that hypocrite socialist Bernie is pretty wealthy thanks to Wall Street transactions and he probably has a little army of tax lawyers protecting his own investments. The media won't be interested though.

you cant destroy a nation unless you punish success....reward crap and you become crap

How does one define the government pumping trillions of dollars into something as a success? Didn't it really ramp up over failures?

 

[DudleySmith]

Wall Street gamblers should pay the same tax rates as any other gambling income is taxed, and there is nothing wrong with a sales tax on stock sales either. The faux 'free market' cultists will whine and snivel, but who cares. Foreign buyers now make up a majority of stock gamblers anyway. And lol at the new fad for SPACs. The credulous can now gamble on utter nonsense.

No speculators turned down the $3 trillion in bailouts the Feds laid on the criminals who bankrupted the system over a real estate bubble we're still paying for, after all, and none have offered to pay the govt. back either.

 

[kyzr]

Xiden's lie is that no one making less than $400,000/yr would pay a penny in new taxes.
When we gas up our vehicles we are paying Putin's *****'s new tax on energy, and it will only increase...

 

[basquebromance]

Crazy Bernie, crazy old man is he
would have died in office & replaced by AOC

 

[basquebromance]

Bernie is almost a non-politician. he lives in his own little world, on his own trip