CDZ Stock Sales Tax Already on the Books ... but Billions Voluntarily Returned to Wealthy

[Tom Paine 1949]

The time for a “national sales tax” on buying and selling of stocks is here. Better yet might be a carefully written “transfer tax“ on financial instruments, especially leveraged and speculative ones. Such proposals made by Bernie Sanders and Elizabeth Warren have been all-but-ignored by the “fake” media — liberal, conservative and right populist / Trumpian. Here that old progressive warhorse Ralph Nader calls on NY Governor Cuomo to simply not give back existing taxes collected on stock sales in New York State. With the Federal Reserve’s help the stock market has already recovered from its latest swoon. But more taxes, unemployment, growing inequality, cuts in services and deep recession will be the lot of working people in the next period.

Governor Cuomo: Avoid Budget Cuts by Not Rebating Stock Sales Tax to Wall Street!
by RALPH NADER

New York Governor Andrew Cuomo is basking in the popularity of his meticulous Covid-19 news briefings and simultaneously predicting a pandemic-driven $61 billion state deficit over four years. Astonishingly, the Governor electronically rebates an existing tiny stock transfer sales tax back to Wall Street. This stock transfer sales tax, bringing in an estimated 13 to 16 billion dollars a year, would reduce forthcoming budget cuts in health, education, transportation, and other safety nets.

No Governor in the country has the luxury of simply keeping very significant tax revenues that are already collected to avoid cutting necessities of life. Yet Governor Cuomo has supported these rebates for the past ten years, as have previous New York state Governors all the way back to 1981 when this early 20th-century tax stopped being retained in the state’s treasury. As much as a staggering $250 billion dollars has been immediately returned to the stockbrokers over that time period.

Bear in mind, a fraction of one percent of this tiny sales tax is paid by the investors buying stocks, bonds, and engaging in massive volumes of derivative speculation. Since the great bulk of trading is conducted by upper-income people and large companies, this sales tax, unlike the regressive 8 percent sales tax ordinary New Yorkers pay when they buy from stores, is progressive in its impact.

So why hasn’t the media taken this eminently timely and newsworthy story to the people? I’ve been explaining this surrender to Wall Street for years. Most recently, given its timeliness, calling up reporters and columnists of major press outlets, but to no avail... Everyday New York state rebates about $40 million to an upper-economic class, already further enriched by Trump’s 2017 tax bonanza.... Shameful!

Governor Cuomo: Avoid Budget Cuts by Not Rebating Stock Sales Tax to Wall Street! - CounterPunch.orgw

 

[excalibur]

The markets will leave NYC.

 

[Tom Paine 1949]

The markets will leave NYC.

The taxes can follow them. They are not going anywhere.

 

[Grumblenuts]

High time to call their bluff anyway.

 

[White 6]

The time for a “national sales tax” on buying and selling of stocks is here. Better yet might be a carefully written “transfer tax“ on financial instruments, especially leveraged and speculative ones. Such proposals made by Bernie Sanders and Elizabeth Warren have been all-but-ignored by the “fake” media — liberal, conservative and right populist / Trumpian. Here that old progressive warhorse Ralph Nader calls on NY Governor Cuomo to simply not give back existing taxes collected on stock sales in New York State. With the Federal Reserve’s help the stock market has already recovered from its latest swoon. But more taxes, unemployment, growing inequality, cuts in services and deep recession will be the lot of working people in the next period.

Governor Cuomo: Avoid Budget Cuts by Not Rebating Stock Sales Tax to Wall Street!
by RALPH NADER

New York Governor Andrew Cuomo is basking in the popularity of his meticulous Covid-19 news briefings and simultaneously predicting a pandemic-driven $61 billion state deficit over four years. Astonishingly, the Governor electronically rebates an existing tiny stock transfer sales tax back to Wall Street. This stock transfer sales tax, bringing in an estimated 13 to 16 billion dollars a year, would reduce forthcoming budget cuts in health, education, transportation, and other safety nets.

No Governor in the country has the luxury of simply keeping very significant tax revenues that are already collected to avoid cutting necessities of life. Yet Governor Cuomo has supported these rebates for the past ten years, as have previous New York state Governors all the way back to 1981 when this early 20th-century tax stopped being retained in the state’s treasury. As much as a staggering $250 billion dollars has been immediately returned to the stockbrokers over that time period.

Bear in mind, a fraction of one percent of this tiny sales tax is paid by the investors buying stocks, bonds, and engaging in massive volumes of derivative speculation. Since the great bulk of trading is conducted by upper-income people and large companies, this sales tax, unlike the regressive 8 percent sales tax ordinary New Yorkers pay when they buy from stores, is progressive in its impact.

So why hasn’t the media taken this eminently timely and newsworthy story to the people? I’ve been explaining this surrender to Wall Street for years. Most recently, given its timeliness, calling up reporters and columnists of major press outlets, but to no avail... Everyday New York state rebates about $40 million to an upper-economic class, already further enriched by Trump’s 2017 tax bonanza.... Shameful!

Governor Cuomo: Avoid Budget Cuts by Not Rebating Stock Sales Tax to Wall Street! - CounterPunch.orgw

I have no problem with a National sales tax on sales of stock. The bread and butter of the masses mostly has a sales tax, as well a the fuel in my gas tank.

 

[Tom Paine 1949]

I have no problem with a National sales tax on sales of stock. The bread and butter of the masses mostly has a sales tax.

Right. New York charges a regressive 8% sales tax on most goods (not food) purchased by working people with their hard earned cash. “Coupon clippers” who never do a days hard work buy stocks and highly leveraged financial instruments, expect average annual increases of 10% over time (maybe 7-8% after inflation), and pay no sales tax whatever.

 

[White 6]

I have no problem with a National sales tax on sales of stock. The bread and butter of the masses mostly has a sales tax.

Right. New York charges a regressive 8% sales tax on most goods (not food) purchased by working people with their hard earned cash. “Coupon clippers” who never do a days hard work buy stocks and highly leveraged financial instruments, expect average annual increases of 10% over time (maybe 7-8% after inflation), and pay no sales tax whatever.

Sweet deal.

 

[Mac-7]

The markets will leave NYC.

The taxes can follow them. They are not going anywhere.

Anything to avoid cutting government

No matter how much government raises taxes it will never be enough

 

[Toddsterpatriot]

The time for a “national sales tax” on buying and selling of stocks is here. Better yet might be a carefully written “transfer tax“ on financial instruments, especially leveraged and speculative ones. Such proposals made by Bernie Sanders and Elizabeth Warren have been all-but-ignored by the “fake” media — liberal, conservative and right populist / Trumpian. Here that old progressive warhorse Ralph Nader calls on NY Governor Cuomo to simply not give back existing taxes collected on stock sales in New York State. With the Federal Reserve’s help the stock market has already recovered from its latest swoon. But more taxes, unemployment, growing inequality, cuts in services and deep recession will be the lot of working people in the next period.

Governor Cuomo: Avoid Budget Cuts by Not Rebating Stock Sales Tax to Wall Street!
by RALPH NADER

New York Governor Andrew Cuomo is basking in the popularity of his meticulous Covid-19 news briefings and simultaneously predicting a pandemic-driven $61 billion state deficit over four years. Astonishingly, the Governor electronically rebates an existing tiny stock transfer sales tax back to Wall Street. This stock transfer sales tax, bringing in an estimated 13 to 16 billion dollars a year, would reduce forthcoming budget cuts in health, education, transportation, and other safety nets.

No Governor in the country has the luxury of simply keeping very significant tax revenues that are already collected to avoid cutting necessities of life. Yet Governor Cuomo has supported these rebates for the past ten years, as have previous New York state Governors all the way back to 1981 when this early 20th-century tax stopped being retained in the state’s treasury. As much as a staggering $250 billion dollars has been immediately returned to the stockbrokers over that time period.

Bear in mind, a fraction of one percent of this tiny sales tax is paid by the investors buying stocks, bonds, and engaging in massive volumes of derivative speculation. Since the great bulk of trading is conducted by upper-income people and large companies, this sales tax, unlike the regressive 8 percent sales tax ordinary New Yorkers pay when they buy from stores, is progressive in its impact.

So why hasn’t the media taken this eminently timely and newsworthy story to the people? I’ve been explaining this surrender to Wall Street for years. Most recently, given its timeliness, calling up reporters and columnists of major press outlets, but to no avail... Everyday New York state rebates about $40 million to an upper-economic class, already further enriched by Trump’s 2017 tax bonanza.... Shameful!

Governor Cuomo: Avoid Budget Cuts by Not Rebating Stock Sales Tax to Wall Street! - CounterPunch.orgw

Ralph Nader calls on NY Governor Cuomo to simply not give back existing taxes collected on stock sales in New York State.

How much would be lost if the sales moved to the Chicago Stock Exchange, for instance?

 

[Toddsterpatriot]

The markets will leave NYC.

The taxes can follow them. They are not going anywhere.

The taxes can follow them.

New York taxes can't follow them to Chicago, for instance.

 

[Tom Paine 1949]

First of all, these stock sales taxes are paid by the purchaser of the shares regardless of where the seller lives. The location of the (electronic) exchange has nothing to do with it. This is a nonsense criticism. The politicians I mentioned also advocate national transaction taxes to claw back from global elites money hidden even in tax havens all over the world. The problem in the U.S. is solely one of politics and political will.

As we have seen, we live in an era when unlimited money and credit creation by capitalist central banks (Modern Monetary Theory) is becoming the norm to backstop runaway asset values and bail out failing but politically connected “crony capitalists.” The electronic taxing of asset trading is simply a better, more efficient and more democratic way to collect taxes and re-establish a balanced self-financed real economy.

 

[Grumblenuts]

As we have seen, we live in an era when unlimited money and credit creation by capitalist central banks (Modern Monetary Theory) is becoming the norm to backstop runaway asset values and bail out failing but politically connected “crony capitalists.”

So that's a good thing, right? No runaway asset values and no Toddsters allowed to fail?

 

[miketx]

I have no problem with a National sales tax on sales of stock. The bread and butter of the masses mostly has a sales tax.

Right. New York charges a regressive 8% sales tax on most goods (not food) purchased by working people with their hard earned cash. “Coupon clippers” who never do a days hard work buy stocks and highly leveraged financial instruments, expect average annual increases of 10% over time (maybe 7-8% after inflation), and pay no sales tax whatever.

Talking out your ass is fun, huh?

 

[progressive hunter]

I have no problem with a National sales tax on sales of stock. The bread and butter of the masses mostly has a sales tax.

Right. New York charges a regressive 8% sales tax on most goods (not food) purchased by working people with their hard earned cash. “Coupon clippers” who never do a days hard work buy stocks and highly leveraged financial instruments, expect average annual increases of 10% over time (maybe 7-8% after inflation), and pay no sales tax whatever.

are you forgetting that the money used to buy stocks has already been taxed at least 2 times,,,possibly more???

 

[Toddsterpatriot]

First of all, these stock sales taxes are paid by the purchaser of the shares regardless of where the seller lives. The location of the (electronic) exchange has nothing to do with it. This is a nonsense criticism. The politicians I mentioned also advocate national transaction taxes to claw back from global elites money hidden even in tax havens all over the world. The problem in the U.S. is solely one of politics and political will.

As we have seen, we live in an era when unlimited money and credit creation by capitalist central banks (Modern Monetary Theory) is becoming the norm to backstop runaway asset values and bail out failing but politically connected “crony capitalists.” The electronic taxing of asset trading is simply a better, more efficient and more democratic way to collect taxes and re-establish a balanced self-financed real economy.

First of all, these stock sales taxes are paid by the purchaser of the shares regardless of where the seller lives.

Link?

The politicians I mentioned also advocate national transaction taxes to claw back from global elites money hidden even in tax havens all over the world.

Yeah, lots of idiots advocating all sorts of stupid things.

As we have seen, we live in an era when unlimited money and credit creation by capitalist central banks (Modern Monetary Theory)

AOC, and some other morons, would like MMT, but no one does it yet.

The electronic taxing of asset trading is simply a better, more efficient and more democratic way to collect taxes

It would be efficient, but not at collecting large amounts of revenue for government.

 

[Tom Paine 1949]

Talking out your ass is fun, huh?

Please note this is a “Clean Debate Zone” discussion.

 

[White 6]

I have no problem with a National sales tax on sales of stock. The bread and butter of the masses mostly has a sales tax.

Right. New York charges a regressive 8% sales tax on most goods (not food) purchased by working people with their hard earned cash. “Coupon clippers” who never do a days hard work buy stocks and highly leveraged financial instruments, expect average annual increases of 10% over time (maybe 7-8% after inflation), and pay no sales tax whatever.

are you forgetting that the money used to buy stocks has already been taxed at least 2 times,,,possibly more???

Did you forget that the money to buy my food and fuel is also taxed before I get to the pump, grocery or restaurant? What else is new?

 

[progressive hunter]

I have no problem with a National sales tax on sales of stock. The bread and butter of the masses mostly has a sales tax.

Right. New York charges a regressive 8% sales tax on most goods (not food) purchased by working people with their hard earned cash. “Coupon clippers” who never do a days hard work buy stocks and highly leveraged financial instruments, expect average annual increases of 10% over time (maybe 7-8% after inflation), and pay no sales tax whatever.

are you forgetting that the money used to buy stocks has already been taxed at least 2 times,,,possibly more???

Did you forget that the money to buy my food and fuel is also taxed before I get to the pump, grocery or restaurant? What else is new?

no I didnt forget it,,in fact that was part of my point,,,

 

[White 6]

I have no problem with a National sales tax on sales of stock. The bread and butter of the masses mostly has a sales tax.

Right. New York charges a regressive 8% sales tax on most goods (not food) purchased by working people with their hard earned cash. “Coupon clippers” who never do a days hard work buy stocks and highly leveraged financial instruments, expect average annual increases of 10% over time (maybe 7-8% after inflation), and pay no sales tax whatever.

are you forgetting that the money used to buy stocks has already been taxed at least 2 times,,,possibly more???

Did you forget that the money to buy my food and fuel is also taxed before I get to the pump, grocery or restaurant? What else is new?

no I didnt forget it,,in fact that was part of my point,,,

Understand. May sound shitty and I guess it is, but at my present investment level and regularity it wouldn't be my ox being gored.

 

[progressive hunter]

I have no problem with a National sales tax on sales of stock. The bread and butter of the masses mostly has a sales tax.

Right. New York charges a regressive 8% sales tax on most goods (not food) purchased by working people with their hard earned cash. “Coupon clippers” who never do a days hard work buy stocks and highly leveraged financial instruments, expect average annual increases of 10% over time (maybe 7-8% after inflation), and pay no sales tax whatever.

are you forgetting that the money used to buy stocks has already been taxed at least 2 times,,,possibly more???

Did you forget that the money to buy my food and fuel is also taxed before I get to the pump, grocery or restaurant? What else is new?

no I didnt forget it,,in fact that was part of my point,,,

Understand. May sound shitty and I guess it is, but at my present investment level and regularity it wouldn't be my ox being gored.

understood,,,my point is how many times can you tax the same money until theres nothing left of its value,,,