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

[Tom Paine 1949]

The NY State “stock transfer” sales tax law, enforced since 1915, was increasingly neutered starting in the 1960s until the money collected was 100% “rebated“ in 1981. Before the rebates began it amounted to approximately 1/400 of the stock value — compared to an 8% general sales tax today.

Most likely-to-pass NY State proposals call for a return to less than the full old 1/4 of 1% tax rate. However the Sanders and Warren proposals for national “financial transfer” taxes often aim to produce far more funds by taxing far more financial products than in the past, and to tax more speculative large-scale short term trading at progressively higher rates, thus not only raising more income and tending to diminish wealth inequality over time, but also aiming to stabilize the system itself.

 

[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.

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

Understood.., but it is part of financial marketplace, often prone to fantasy, paranoia and momentary opinion and bubbles that rise and pop, in which speculation can and does play a major part, where true value is hard to place and government loosely regulates, like other parts of the financial market place. Remember the derivatives being freely traded by banks based on over guestimation of unknown asset value, as a house of cards ponzie scheme, until the last out were stuck with the check, couldn't pay because the dubious assets had become vastly overvalued, crashing banks, stocks and everything else? I do not play any more, and recognize historical reality that the biggest players usually find a way to make good money in the long run (and short term for that matter), no matter the occasional tax, or regulatory effort that impedes rise of market places and stocks in play. As I said, not my ox gored, so I will watch, smuggly knowing at my age I have sequestered enough real assets to get me over, not tied directly to the volatility daily or even quarterly trades, or any very minor taxes they incur. If you talk about a national increase in gas tax or sales tax more specific to me, I will probably show a less flippant attitude.

 

[Toddsterpatriot]

The NY State “stock transfer” sales tax law, enforced since 1915, was increasingly neutered starting in the 1960s until the money collected was 100% “rebated“ in 1981. Before the rebates began it amounted to approximately 1/400 of the stock value — compared to an 8% general sales tax today.

Most likely-to-pass NY State proposals call for a return to less than the full old 1/4 of 1% tax rate. However the Sanders and Warren proposals for national “financial transfer” taxes often aim to produce far more funds by taxing far more financial products than in the past, and to tax more speculative large-scale short term trading at progressively higher rates, thus not only raising more income and tending to diminish wealth inequality over time, but also aiming to stabilize the system itself.

The NY State “stock transfer” sales tax law,

The one that is imposed on all sales in New York State, no matter where you live?

but also aiming to stabilize the system itself.

Yes, taxing an activity away is very stabilizing.

 

[Toddsterpatriot]

Remember the derivatives being freely traded by banks based on over guestimation of unknown asset value, as a house of cards ponzie scheme, until the last out were stuck with the check, couldn't pay because the dubious assets had become vastly overvalued, crashing banks, stocks and everything else?

Which derivatives do you imagine you're describing? Any specifics?