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

[bripat9643]

22% of the budget isn't exactly small

Some of it could and should be cut but certainly not all of it

There is no need for the government to pay farmers to grow any particular crop. There is no need for government price fixing of agricultural goods either

Farmers face a lot of problems

Flooding, drought, pestilence, disease.

A small farmer particularly is in a vulnerable position

When conditions are favorable he makes a good crop.

But so does everyone else and prices fall

in lean years prices go back up but he has little or nothing to sell

All businesses have difficulties. Most of them go bankrupt within 7 years. Why should farmers get any special consideration?

 

[bripat9643]

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

True, it could be said for almost all of them. What's your point?

My point is that we don't need the Dept of Ag, so why should anyone care if its budget doesn't get approved?

I disagree with your point, because we need someone to enforce laws regarding food safety, and someone to manage national forest land.

Sell off the national forests, and we don't need the government to police food safety. It does a very poor job of it.

 

[bripat9643]

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.

Since when is buying and selling quickly theft?

If you aren't selling a product or service, what else would you call it?

You are buying something then selling something why does it have to be a product you produce or a service you supply?

Technically a stock is a piece of ownership in a corporation so you are buying and selling a piece of the corporation.

The purpose of buying a stock is to raise capital for a corporation to expand and hire people. That's why the IRS has a lower tax rate for long-term investments. When HFTs buy/sell stocks in micro-seconds, that does nothing but steal someone's investment, its money that should be used for growing the corporation.

That ain't stealing by any reasonable definition.

 

[Mac-7]

Why should farmers get any special consideration?

food security

we don't want to face starvation

 

[Mac-7]

He knows exactly what he will get for his crops if he plants what the government tells him to.

that only applies if we have the government program that you want to cut..

Otherwise the farmer is at risk in ways that I pointed out

 

[bripat9643]

The debate over the merits of high frequency trading is similar to the debate about the role of investors and speculators. Capital markets exist because of the needs of investors, but they also attract speculators. Speculators can be a good thing, they can add liquidity to the market making it easier and cheaper to trade, and they can move prices to their correct value more rapidly. However speculators can also destabilise markets. High frequency traders (HFTs) are analogous to speculators on steroids. Computerised systems are set up to trade with astonishing speed for quick profits. Such activity generates a lot of orders that don’t all turn into trades. HFTs are sometimes suggested to be preying on other market participants. However, they may also add to market liquidity, reduce the spread between the prices of orders to buy and sell (the bid ask spread), and may assist the movement of prices to their correct values. These are generally considered to be desirable outcomes for market quality.

One distinctive feature of HFTs is that the information advantage they seek is no longer fundamental information about the value of the company. HFTs use information in the pattern of orders and trades of other market participants to predict where prices are moving in the near future. Trading is a zero sum game and if HFTs are profiting, then someone else must be losing out. That someone is likely to be retail and institutional investors.

"Speculator" is just a pejorative used to refer to investors the government doesn't like.

 

[bendog]

I've never seen the benefit to markets that HFT provides that isn't already available. I don't see lack of liquidity, or funds seeking investments, is insufficient.

HFT isn't illegal. But if there is a specific use for tax revenue that would benefit society as a whole (such as funding the ss and medicare trusts) HFT would be the first place I've seen identified that we could "tap."

 

[bripat9643]

Why should farmers get any special consideration?

food security

we don't want to face starvation

How do crop subsidies produce "food security?"

 

[struth]

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

True, it could be said for almost all of them. What's your point?

My point is that we don't need the Dept of Ag, so why should anyone care if its budget doesn't get approved?

I disagree with your point, because we need someone to enforce laws regarding food safety, and someone to manage national forest land.

I am
Sell off the national forests, and we don't need the government to police food safety. It does a very poor job of it.

I suppose we can sell of the national forest...I do think the Govt owns way to much...

We don't need laws regarding food safety? I have to disagree. I don't want to risk getting sick off food I expect to be safe at the grocery store. I want to buy a beef from Montana and some lobster from Maine and make sure there are some basic safety standards before it gets to my plate.

They certainly aren't perfect, but nothing is 100 percent, and it's better then 0 percent

 

[Mac-7]

How do crop subsidies produce "food security?"

they increase the amount of food grown

 

[struth]

He knows exactly what he will get for his crops if he plants what the government tells him to.

that only applies if we have the government program that you want to cut..

Otherwise the farmer is at risk in ways that I pointed out

another good point...not many people would be willing to put thousands of their own dollars into growing plants, at the risk of losing it all due to a hurricane, storm etc simply wiping it out...crop insurance is very important, and the Dept of Ag is necessary to ensure that it exist.

 

[kyzr]

It will hit the high-speed traders more than me or other "buy and hold" investors.

Why, pray tell, would you promote another tax on yourself. It doesn't exempt your retirement transactions. Haul back all foreign aid and take care of issues in this country if you feel charitable. No more taxes.

Remember the 2010 "flash crash"? That was (high-frequency trading) HFTs.
The transaction tax wouldn't hit me significantly, I don't trade much. I'm a "buy and hold" investor.
IMHO the net benefits of this tax, stopping HFTs from stealing our investments would be a net gain.

So as long as it is your neighbor that the government is screwing, it is OK--just as long as they leave me alone. LOL, soon your neighbor won't be enough and then it is you. Wake Up.

If my neighbor is stealing from my 401K, then I want the government to stop him.
The only ones getting screwed now are the 401Ks, the HFTs are stealing in thousandths of a second, and its "legal"? WTF?

 

[kyzr]

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.

Since when is buying and selling quickly theft?

If you aren't selling a product or service, what else would you call it?

You are buying something then selling something why does it have to be a product you produce or a service you supply?

Technically a stock is a piece of ownership in a corporation so you are buying and selling a piece of the corporation.

The purpose of buying a stock is to raise capital for a corporation to expand and hire people. That's why the IRS has a lower tax rate for long-term investments. When HFTs buy/sell stocks in micro-seconds, that does nothing but steal someone's investment, its money that should be used for growing the corporation.

It makes no difference.

And like you just said people who turn over stocks quickly already pay a higher tax rate so why the need for the extra tax?

Why the need for HFTs? All they do is steal other people's investment.

 

[kyzr]

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.

Since when is buying and selling quickly theft?

If you aren't selling a product or service, what else would you call it?

You are buying something then selling something why does it have to be a product you produce or a service you supply?

Technically a stock is a piece of ownership in a corporation so you are buying and selling a piece of the corporation.

The purpose of buying a stock is to raise capital for a corporation to expand and hire people. That's why the IRS has a lower tax rate for long-term investments. When HFTs buy/sell stocks in micro-seconds, that does nothing but steal someone's investment, its money that should be used for growing the corporation.

That ain't stealing by any reasonable definition.

What product or service do they provide? (its stealing)

 

[Mac-7]

I think the ag programs are abused just like all other government spending.

RFD-TV has shows featuring antique tractors.

They regularly visit private farmers with fleets 20-100 of fully restored old tractors in huge warehouses that I know did not come from honest ass busting on the farm

thats way too much money for a struggling farmer to save.

but we can't just blindly cancel the Dept of Ag.

That would be insane

 

[struth]

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.

Since when is buying and selling quickly theft?

If you aren't selling a product or service, what else would you call it?

You are buying something then selling something why does it have to be a product you produce or a service you supply?

Technically a stock is a piece of ownership in a corporation so you are buying and selling a piece of the corporation.

The purpose of buying a stock is to raise capital for a corporation to expand and hire people. That's why the IRS has a lower tax rate for long-term investments. When HFTs buy/sell stocks in micro-seconds, that does nothing but steal someone's investment, its money that should be used for growing the corporation.

That ain't stealing by any reasonable definition.

What product or service do they provide? (its stealing)

who are they stealing from and how?

The main benefit they provide is that they improve the markets liquidity...but there is also fair criticism in that they really do push out the smaller broker firms out, and they they take away a lot of the human decision making in favor of algorisitisms and computer models.

 

[pknopp]

All these taxes start to add up

Not on ordinary Americans.

On the wealthy some yea...nut they ain't exactly hurting. You prefer debt?

What are you blabbering about now? I said reduce spending but that makes you loons wet yourselves

Now cease annoying me with your nonsense

Yea...Republicans are always talking about reducing spending...and then they do the exact opposite.

And we certainly can't afford to do that now.

STFU bitch

Don't blame me you stuck your beak into something when you were wrong, Lush
Now run along and annoy someone else

I'm blaming you for talking out your ass as usual ( the myth/lie/fantasy that you favor spending cuts)

Care to talk about the massive debt your Orange hero incurred? I doubt it loudmouth

Biden's going to shatter what Trump added.

Your first mistake is you're once again fcking clueless and I really don't have time to listen to your BS, Lush.

Run along now

Anything you fail to condemn with your guy will only get worse with the next.

Trump was never and isn't "my guy", there's your first mistake.

What's so damn hard to grasp cutting spending? You leftists shit yourself at the very mention of it

Nobody is cutting spending.

 

[bendog]

It will hit the high-speed traders more than me or other "buy and hold" investors.

Why, pray tell, would you promote another tax on yourself. It doesn't exempt your retirement transactions. Haul back all foreign aid and take care of issues in this country if you feel charitable. No more taxes.

Remember the 2010 "flash crash"? That was (high-frequency trading) HFTs.
The transaction tax wouldn't hit me significantly, I don't trade much. I'm a "buy and hold" investor.
IMHO the net benefits of this tax, stopping HFTs from stealing our investments would be a net gain.

So as long as it is your neighbor that the government is screwing, it is OK--just as long as they leave me alone. LOL, soon your neighbor won't be enough and then it is you. Wake Up.

If my neighbor is stealing from my 401K, then I want the government to stop him.
The only ones getting screwed now are the 401Ks, the HFTs are stealing in thousandths of a second, and its "legal"? WTF?

yeah that's it. People misconstrue what HFT is. My hopefully future son in law will buy, and then sell, a particular stock within weeks, but the decision is based on macro trends. That's not HFT. Conversely HFT lessens the gains in my retirement package, which is institutional investing. I'm not sure it's stealing, but it's not providing any useful market reward for companies making profit and punishing those that don't.

 

[there4eyeM]

Some people want their precious possessions kept safe for them free of charge.

 

[Dragonlady]

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.

Senate Democrats reintroduce bill to create financial transaction tax

A group of Democratic senators on Thursday reintroduced legislation to create a financial transaction tax, arguing that such a tax would help to reduce economic inequality.The bill would establish …

thehill.com

Congress wants to tax stock trades. Investors shouldn't fret. | Brookings

Aaron Klein makes the case for a financial transaction tax.

www.brookings.edu

"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."

Hyper capitalism destabilizes markets.

All these taxes start to add up

Our debt isn't?

So stop the pork in bill, reduce spending

I'd hate to see a democrat's personal budget

LOL, debt went up $8 trillion under Trump. You expect Democrats to do what Trump would not? They are at least addressing one side.

BiDum is going to shatter that

Probably so. You expect him to do what the Republicans and Trump wouldn't?

The asshole ran on no new taxes on middle class....you loons bought it

I knew you'd be pissing your pants over this one. I think economic parasites like you, who contribute nothing to the economy, but live off the work of others, are no better than welfare cheats. Being lazy and shiftless are almost prerequisites for the trade.