Democrats propose "transaction tax" on financial transactions. (Poll)

Do you support the new "transaction tax", and if so, what would you do with the revenue?

  • No, I'll explain why in my post

    Votes: 18 64.3%
  • Yes, to pay for free community college & job training

    Votes: 3 10.7%
  • Yes, to pay for 1/2 of 4-year college and advanced degrees

    Votes: 0 0.0%
  • Yes, to pay into the general revenue fund to pay for SS & Medicare

    Votes: 2 7.1%
  • Yes, see my post for where I'd put the $80b/yr revenue

    Votes: 5 17.9%

  • Total voters
    28
we once again have Trumpsters pretending to be fiscally responsible and attacking others.
What trumpsters wanted was an end to the lockouts

but if you did that democrats would not have an excuse to continue your massive borrow and spend pork barrel policies

8 trillion in spending that wasn't paid for under Trump.
Why didn't Nancy do something......

It's not her thing. She has no desire to address the debt. Why do you think she does?
Cause that's her job......

Her job is to raise campaign donations. That's the only reason she has her position.

But again, how do you expect Nancy and the Dems to do what Trump and the Republicans refused to do? They don't run on the debt.
House sets the budget ..end of story but it's easier to play stupid word games.

Republicans had the House and Senate under Trump. They added debt. It still has to pass the Senate and the President still has to sign off on it. Trump signed off on $8 trillion in debt in 4 years.
Who have you voted for?

Last time Jorgenson. Before that Stein. Before that Vermin Supreme. Before that Bob Barr.

You are against spending and you voted for Stein? Lol, I think you just lost any credibility.
At least we know he isn't a Dimwinger.............he is a full-blown Socialist.

I'm the one that supports the government giving billions of taxpayers money to corporations? No, that's you.
Link to me supporting that?

You supported someone who wants to spend $120 TRILLION on environmental bullshit with no plan to pay for it. :laughing0301: :itsok:
 
I absolutely support this and I'm open to where we spend it.
Why am I not surprised that you support pure idiocy?

Paying for things is idiocy? Quite the opposite.
Again, it is NOT the paying-for thing but the things we are paying for.

Paying for things is great when there is a legitimate need for a thing.

So far, I've not seen much that would be considered "legitimate" in the Federal Budget.

I said I supported this tax and if it's used to address the debt, great. I'll vote for that.

Paying for our debt is a valid expense.
Paying for our debt is a valid expense, but not a legitimate use of additional taxation.

I oppose this tax because even if they proposed the taxes from this were to be put in a lock box and used ONLY for the debt, they would be lying.
 
I support the proposed transaction tax. It will hit the high-speed traders more than me or other "buy and hold" investors.

How much money do these high-speed traders currently make every year?
They make too much. They do about half of the stock trades, and do nothing but steal our 401k investments.

Too much.

Your precise grasp of this issue is very convincing.

They do about half of the stock trades

And what do they do when they trade? Can you explain it?

and do nothing but steal our 401k investments.

I'm not buying and selling the stocks in my 401k every day, how do they steal from me?
From the OP:
"This (transaction tax) makes financial markets fairer and possibly less volatile. As described by Michael Lewis in Flash Boys, high frequency traders (HFTs) can earn profits by front-running other trades by micro-seconds, an activity that raises costs for legitimate traders and provides no value to society. HFTs account for roughly half all stock trades and much of their business model would be threatened by the proposed transactions tax.

If you're still not convinced, read the OP links. The transaction tax is a very good thing.


As described by Michael Lewis in Flash Boys, high frequency traders (HFTs) can earn profits by front-running other trades by micro-seconds, an activity that raises costs for legitimate traders and provides no value to society.

That drama queen? He's funny!

Ok, TSLA is trading at $711.15-Bid $711.19-Offer.
I try to buy 100 shares at $711.19.....how does an HFT swoop in and steal my money? Any idea?
When big investors buy any stocks that you have, the high-frequency traders steal some of the investment.
They provide no value to society. You're the drama queen whining about something you apparently know very little about.
They don't steal any of your investment.
Yes. They do. Theft of capital in thousandths of a second is how they make money.
 
we once again have Trumpsters pretending to be fiscally responsible and attacking others.
What trumpsters wanted was an end to the lockouts

but if you did that democrats would not have an excuse to continue your massive borrow and spend pork barrel policies

8 trillion in spending that wasn't paid for under Trump.
Why didn't Nancy do something......

It's not her thing. She has no desire to address the debt. Why do you think she does?
Cause that's her job......

Her job is to raise campaign donations. That's the only reason she has her position.

But again, how do you expect Nancy and the Dems to do what Trump and the Republicans refused to do? They don't run on the debt.
Sorry,,.,,,the GOP and Trump attempted numerous times to cut spending...blocked by the dems, and called every name under the book by their propagandist for doing so..."grandma killers," claiming htey wanted people to die of hunger etc.

The largest driver of debt, is the entitlement programs, such as medicare and medicaid...and the left blocks any attempt by the GOP to address it.

Please, stop. No one could have blocked his first two years and he could have vetoed anything. He supported things like billions in bail outs that led to the debt.

But thanks for proving my beliefs for me.
Of course they could....and did...it's called a Filibuster. For example...the Farm Bill....the GOP simply added work requirements for SNAP....the Dems blocked it, and literally threatened to shut down the entire Ag Department over it. The GOP was faced with shutting down the Dept of Ag, or caving to the extortion by the Dems.
What would be the downside of shutting down the Department of Agriculture?
A lot....the Department of Ag, runs for example the food inspection...which helps ensure that food produced and sold on the market meats some basic standards for consumption. In addition, the run, clean, and maintain the national forest, which are a great resource not just for leisure, but natural resources, such as timber....as well as enforce federal laws on those lands.
Yeah, because so many people were dropping dead before the Dept of AG was created. The idea that businesses are going to poison their customers is one of the dumbest ideas socialists have ever conceived.

They do a shitty job of maintaining the national forests. That's why we have all these huge fires constantly.

If the Dept of AG disappeared tomorrow, no one would even notice.
well actually yeah...people were dropping dead of pretty easily avoidable things.

People certainly would notice...it's been around independently, since Lincoln, and in some form since our founding.
ROFL! Before the Roosevelt administration it was mostly a boondoggle program for passing out swag to farmers.
well that could be said for a lot of Federal agencies. I am not quite sure how that proves your point
 
Little more than a gimmick. It will not stop institutionalized investors will find other financial products to invest in, move those transactions elsewhere or find a way around the tax. HFT is essentially irrelevant to those that are not part of the trading as long term health of an asset is not phased by short term fluctuations.

The government will not get a tiny fraction of what it says it will out of the tax, more regulation is not going to help the average guy's 401k in any way and the spending that the tax is supposed to go to will not only exceed the projected gains but will not change when the government reveals that they are making far less than projected.
I see your words, but need proof of what you say is true.
ALL money made by HFTs is stolen from investors.
 
I never thought that I'd ever be on the same side as Ilhan Omar, but here we are.
I support the proposed transaction tax. It will hit the high-speed traders more than me or other "buy and hold" investors.

The argument against it is that high-speed traders will just move off-shore to do their trades, fine.
They are nothing but leeches stealing our 401k investments.


"This (transaction tax) makes financial markets fairer and possibly less volatile. As described by Michael Lewis in Flash Boys, high frequency traders (HFTs) can earn profits by front-running other trades by micro-seconds, an activity that raises costs for legitimate traders and provides no value to society. HFTs account for roughly half all stock trades and much of their business model would be threatened by the proposed transactions tax.
Under current law, someone selling or buying $1,000 of stock pays just over two cents in transaction taxes. This existing fee raises over $1.5 billion per year. The proposal would add a tax of $1 to that transaction."
/——/ democRATs raising taxes. What could possibly go wrong?
1. Don't just look at the tax, but the entire picture. What benefit are high-frequency traders (HFTs) to the average 401K investor?
<zero, because the HFTs steal investment capital, that's how they make money>

2. By stopping HFTs from stealing, that benefits the average investor. So its not just a tax, it has some benefit.
/----/ You might consider that the hedge fund guys and market makers, who are very smart people, will find a way around that tax.
 
1. Most of us are "investors", we invest in companies to hire and expand for a long-term capital gain.
2. HFTs steal the investment by "front-running". I already gave you links explaining front-running.
3. HFTs use "high-frequency trading" to steal money from investors. They are financial are leeches, QED.
4. As explained, HFTs steal from large trades of TSLA, duh. Not every trade. All the money they make is stolen from investors.
5. You can't explain any societal benefits that HFTs have, as compared to long-term investors. All HFTs do is steal investment capital intended for companies to grow the US economy.

HFTs steal the investment by "front-running". I already gave you links explaining front-running.

If you hear that Vanguard is about to enter an order to buy 100,000 shares of Tesla and you enter a buy order first, that's front-running and illegal.

How is an HFT, without that pre-knowledge, going to front-run that order?

HFTs use "high-frequency trading" to steal money from investors.

You can't show how they steal from my order, why would we believe your claim here?

You can't explain any societal benefits that HFTs have,

I can't explain any social benefit you provide, that doesn't mean you should be outlawed.

All HFTs do is steal investment capital intended for companies to grow the US economy.

You just can't show how.
Willful ignorance won't get you any points with me. I'm retired and can post all day and all night.
1. HFTs exist to steal money, its all computerized, no one "hears" anything.
The transaction tax will make it harder for them to steal other people's investments.
2. They don't steal from every order, idiot. If they didn't steal money they wouldn't exist. They make no products.
3. I provided a service. Most companies make products or provide services. HFTs exist to steal investments.
4. I showed you how HFTs steal many times, its called "front-running". You can't tell me what product or service HFTs provide, because all they do to make money is steal it from other people.
 
we once again have Trumpsters pretending to be fiscally responsible and attacking others.
What trumpsters wanted was an end to the lockouts

but if you did that democrats would not have an excuse to continue your massive borrow and spend pork barrel policies

8 trillion in spending that wasn't paid for under Trump.
Why didn't Nancy do something......

It's not her thing. She has no desire to address the debt. Why do you think she does?
Cause that's her job......

Her job is to raise campaign donations. That's the only reason she has her position.

But again, how do you expect Nancy and the Dems to do what Trump and the Republicans refused to do? They don't run on the debt.
Sorry,,.,,,the GOP and Trump attempted numerous times to cut spending...blocked by the dems, and called every name under the book by their propagandist for doing so..."grandma killers," claiming htey wanted people to die of hunger etc.

The largest driver of debt, is the entitlement programs, such as medicare and medicaid...and the left blocks any attempt by the GOP to address it.

Please, stop. No one could have blocked his first two years and he could have vetoed anything. He supported things like billions in bail outs that led to the debt.

But thanks for proving my beliefs for me.
Of course they could....and did...it's called a Filibuster. For example...the Farm Bill....the GOP simply added work requirements for SNAP....the Dems blocked it, and literally threatened to shut down the entire Ag Department over it. The GOP was faced with shutting down the Dept of Ag, or caving to the extortion by the Dems.

Shut it down. That's what is being suggested by major cuts anyway. What better way to cut the budget?
Shutting down an entire agency that has been around for over 100 years would have lasting and drastic consequences.

There are laws that are necessary for a society to run, and we need a Govt, an Executive Branch to enforce those laws....and in case of the Dept of Ag, one enforcing laws involving food safety for example.

You can certainly cut the budget, cut spending, without completely destroying the primary functions of Govt. The Dept of Ag is a small percentage of the budget, while it's true the largest part of it's budget is an entitlement program...that needs drastic reform
 
we once again have Trumpsters pretending to be fiscally responsible and attacking others.
What trumpsters wanted was an end to the lockouts

but if you did that democrats would not have an excuse to continue your massive borrow and spend pork barrel policies

8 trillion in spending that wasn't paid for under Trump.
Why didn't Nancy do something......

It's not her thing. She has no desire to address the debt. Why do you think she does?
Cause that's her job......

Her job is to raise campaign donations. That's the only reason she has her position.

But again, how do you expect Nancy and the Dems to do what Trump and the Republicans refused to do? They don't run on the debt.
Sorry,,.,,,the GOP and Trump attempted numerous times to cut spending...blocked by the dems, and called every name under the book by their propagandist for doing so..."grandma killers," claiming htey wanted people to die of hunger etc.

The largest driver of debt, is the entitlement programs, such as medicare and medicaid...and the left blocks any attempt by the GOP to address it.

Please, stop. No one could have blocked his first two years and he could have vetoed anything. He supported things like billions in bail outs that led to the debt.

But thanks for proving my beliefs for me.
Of course they could....and did...it's called a Filibuster. For example...the Farm Bill....the GOP simply added work requirements for SNAP....the Dems blocked it, and literally threatened to shut down the entire Ag Department over it. The GOP was faced with shutting down the Dept of Ag, or caving to the extortion by the Dems.
What would be the downside of shutting down the Department of Agriculture?
A lot....the Department of Ag, runs for example the food inspection...which helps ensure that food produced and sold on the market meats some basic standards for consumption. In addition, the run, clean, and maintain the national forest, which are a great resource not just for leisure, but natural resources, such as timber....as well as enforce federal laws on those lands.
So, how is any that a Federal responsibility and not the responsibility of the States?
because food is traded via interstate commerce ....which is the responsiblity of the Federal Govt via the US Constitution
 
we once again have Trumpsters pretending to be fiscally responsible and attacking others.
What trumpsters wanted was an end to the lockouts

but if you did that democrats would not have an excuse to continue your massive borrow and spend pork barrel policies

8 trillion in spending that wasn't paid for under Trump.
Why didn't Nancy do something......

It's not her thing. She has no desire to address the debt. Why do you think she does?
Cause that's her job......

Her job is to raise campaign donations. That's the only reason she has her position.

But again, how do you expect Nancy and the Dems to do what Trump and the Republicans refused to do? They don't run on the debt.
Sorry,,.,,,the GOP and Trump attempted numerous times to cut spending...blocked by the dems, and called every name under the book by their propagandist for doing so..."grandma killers," claiming htey wanted people to die of hunger etc.

The largest driver of debt, is the entitlement programs, such as medicare and medicaid...and the left blocks any attempt by the GOP to address it.

Please, stop. No one could have blocked his first two years and he could have vetoed anything. He supported things like billions in bail outs that led to the debt.

But thanks for proving my beliefs for me.
Of course they could....and did...it's called a Filibuster. For example...the Farm Bill....the GOP simply added work requirements for SNAP....the Dems blocked it, and literally threatened to shut down the entire Ag Department over it. The GOP was faced with shutting down the Dept of Ag, or caving to the extortion by the Dems.
What would be the downside of shutting down the Department of Agriculture?
I dont think any single person - and certainly not me. - can answer that question

It does some good along with the not so good

and unquestionably wastes billions of dollars each year

But every country in the work that I know od subsidizes its farmers in some way

and the reason is simple - national food security
I'm not sure ss and medicare are scammed. People are increasingly getting categorized as "disabled" before they are eligible for ss and even early ss benefits. But those disability benefits don't come from the 'trust funds." They are general revenue.

Some people have to take early ss benefits at 62 because they lose other income. But the monthly benefits are reduced, so actuarily speaking it's a wash for the ss system. After a person taking early benefits reaches full retirement age, they can make as much as they can, without any further reduction in monthly benefits. (My wife had to do this, so we did the "homework.")

The medicare and ss trust funds simply have a shortfall because all the boomers are aging and we voted ourselves a tax cut most of us didn't care about when we elected W.

I would say that medicare could be considered a scam because it's set up as "use as much as you can possibly consume" once you buy the supplemental insurance ... which is NOT cheap. But the program is set up for people who are too old, sick and never were capable of making cost/value decisions.
 
I never thought that I'd ever be on the same side as Ilhan Omar, but here we are.
I support the proposed transaction tax. It will hit the high-speed traders more than me or other "buy and hold" investors.

The argument against it is that high-speed traders will just move off-shore to do their trades, fine.
They are nothing but leeches stealing our 401k investments.


"This (transaction tax) makes financial markets fairer and possibly less volatile. As described by Michael Lewis in Flash Boys, high frequency traders (HFTs) can earn profits by front-running other trades by micro-seconds, an activity that raises costs for legitimate traders and provides no value to society. HFTs account for roughly half all stock trades and much of their business model would be threatened by the proposed transactions tax.
Under current law, someone selling or buying $1,000 of stock pays just over two cents in transaction taxes. This existing fee raises over $1.5 billion per year. The proposal would add a tax of $1 to that transaction."
/——/ democRATs raising taxes. What could possibly go wrong?
1. Don't just look at the tax, but the entire picture. What benefit are high-frequency traders (HFTs) to the average 401K investor?
<zero, because the HFTs steal investment capital, that's how they make money>

2. By stopping HFTs from stealing, that benefits the average investor. So its not just a tax, it has some benefit.
/----/ You might consider that the hedge fund guys and market makers, who are very smart people, will find a way around that tax.
I'm sure that the big money boys will buy their loopholes. However, if the Law predicts most of them, like moving transaction overseas, it could be more effective. IMHO the US should be able to slam "tax havens" if they try to short-circuit the tax. The EU has one, so if it can be coordinated it might be more effective.

 
1. Most of us are "investors", we invest in companies to hire and expand for a long-term capital gain.
2. HFTs steal the investment by "front-running". I already gave you links explaining front-running.
3. HFTs use "high-frequency trading" to steal money from investors. They are financial are leeches, QED.
4. As explained, HFTs steal from large trades of TSLA, duh. Not every trade. All the money they make is stolen from investors.
5. You can't explain any societal benefits that HFTs have, as compared to long-term investors. All HFTs do is steal investment capital intended for companies to grow the US economy.

HFTs steal the investment by "front-running". I already gave you links explaining front-running.

If you hear that Vanguard is about to enter an order to buy 100,000 shares of Tesla and you enter a buy order first, that's front-running and illegal.

How is an HFT, without that pre-knowledge, going to front-run that order?

HFTs use "high-frequency trading" to steal money from investors.

You can't show how they steal from my order, why would we believe your claim here?

You can't explain any societal benefits that HFTs have,

I can't explain any social benefit you provide, that doesn't mean you should be outlawed.

All HFTs do is steal investment capital intended for companies to grow the US economy.

You just can't show how.
Willful ignorance won't get you any points with me. I'm retired and can post all day and all night.
1. HFTs exist to steal money, its all computerized, no one "hears" anything.
The transaction tax will make it harder for them to steal other people's investments.
2. They don't steal from every order, idiot. If they didn't steal money they wouldn't exist. They make no products.
3. I provided a service. Most companies make products or provide services. HFTs exist to steal investments.
4. I showed you how HFTs steal many times, its called "front-running". You can't tell me what product or service HFTs provide, because all they do to make money is steal it from other people.

I showed you how HFTs steal many times, its called "front-running".

How does an HFT steal by front-running? Spell it out.

They don't steal from every order,

Show that they steal from any order.

You can't tell me what product or service HFTs provide

They provide liquidity. You don't have to like it.

1619022843891.png


High Frequency Trading in the US - Market Size | IBISWorld
 
I never thought that I'd ever be on the same side as Ilhan Omar, but here we are.
I support the proposed transaction tax. It will hit the high-speed traders more than me or other "buy and hold" investors.

The argument against it is that high-speed traders will just move off-shore to do their trades, fine.
They are nothing but leeches stealing our 401k investments.


"This (transaction tax) makes financial markets fairer and possibly less volatile. As described by Michael Lewis in Flash Boys, high frequency traders (HFTs) can earn profits by front-running other trades by micro-seconds, an activity that raises costs for legitimate traders and provides no value to society. HFTs account for roughly half all stock trades and much of their business model would be threatened by the proposed transactions tax.
Under current law, someone selling or buying $1,000 of stock pays just over two cents in transaction taxes. This existing fee raises over $1.5 billion per year. The proposal would add a tax of $1 to that transaction."
Not me.

If you want more money going to a state that fuels race hatred, wars abroad, abortion and genocide, teaching children in schools that sexual deviancy is normal, count me out!
 
She actually stood up for her beliefs. Even if I disagree with someone I respect that far more than those who lie to you.
She was accused of colluding with the russians during the 2016 campaign

you must hate her

Lol......she was. It was as much of a joke as the rest. I've been clear that the whole "Russia" thing was a joke.
 
1. Most of us are "investors", we invest in companies to hire and expand for a long-term capital gain.
2. HFTs steal the investment by "front-running". I already gave you links explaining front-running.
3. HFTs use "high-frequency trading" to steal money from investors. They are financial are leeches, QED.
4. As explained, HFTs steal from large trades of TSLA, duh. Not every trade. All the money they make is stolen from investors.
5. You can't explain any societal benefits that HFTs have, as compared to long-term investors. All HFTs do is steal investment capital intended for companies to grow the US economy.

HFTs steal the investment by "front-running". I already gave you links explaining front-running.

If you hear that Vanguard is about to enter an order to buy 100,000 shares of Tesla and you enter a buy order first, that's front-running and illegal.

How is an HFT, without that pre-knowledge, going to front-run that order?

HFTs use "high-frequency trading" to steal money from investors.

You can't show how they steal from my order, why would we believe your claim here?

You can't explain any societal benefits that HFTs have,

I can't explain any social benefit you provide, that doesn't mean you should be outlawed.

All HFTs do is steal investment capital intended for companies to grow the US economy.

You just can't show how.
Willful ignorance won't get you any points with me. I'm retired and can post all day and all night.
1. HFTs exist to steal money, its all computerized, no one "hears" anything.
The transaction tax will make it harder for them to steal other people's investments.
2. They don't steal from every order, idiot. If they didn't steal money they wouldn't exist. They make no products.
3. I provided a service. Most companies make products or provide services. HFTs exist to steal investments.
4. I showed you how HFTs steal many times, its called "front-running". You can't tell me what product or service HFTs provide, because all they do to make money is steal it from other people.

I showed you how HFTs steal many times, its called "front-running".

How does an HFT steal by front-running? Spell it out.

They don't steal from every order,

Show that they steal from any order.

You can't tell me what product or service HFTs provide

They provide liquidity. You don't have to like it.

High Frequency Trading in the US - Market Size | IBISWorld
1. Read up on HFT, its computerized theft.
2. If they don't steal money what product do they produce? hint: no product or service, they just steal.
3. HFTs don't provide liquidity, they provide volatility, like the 2010 "flash crash".

Critiques of HFT
HFT is controversial and has been met with some harsh criticism. It has replaced a number of broker-dealers and uses mathematical models and algorithms to make decisions, taking human decision and interaction out of the equation. Decisions happen in milliseconds, and this could result in big market moves without reason. As an example, on May 6, 2010, the Dow Jones Industrial Average (DJIA) suffered its largest intraday point drop ever, declining 1,000 points and dropping 10% in just 20 minutes before rising again. A government investigation blamed a massive order that triggered a sell-off for the crash.3

An additional critique of HFT is it allows large companies to profit at the expense of the "little guys," or the institutional and retail investors. Another major complaint about HFT is the liquidity provided by HFT is "ghost liquidity," meaning it provides liquidity that is available to the market one second and gone the next, preventing traders from actually being able to trade this liquidity.

 

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