White House claims borrowing 16 trillion over the next 10 years is fiscally responsible

[kyzr]

Add new 0.2% financial transaction tax +$150b (this tax works in the EU)

Which countries does it work in? How much does it raise? Link?

Read the wiki article below first.

Financial Transactions Taxes Around the World

Types Of Financial Transaction Taxes Financial Transaction Tax (FTT) – A tax on buying and selling a stock, bond, or other financial contract like options and derivatives (Klien 2020). Securities Transaction Tax (STT) – A tax levied at the time of purchase and sale of securities listed on stock...

cepr.net

https://www.bnymellon.com/content/dam/bnymellon/documents/pdf/emea/global-view-of-financial-transaction-taxes.pdf.coredownload.pdf

Financial transaction tax - Wikipedia

en.wikipedia.org

 

[kyzr]

Nice, that should spike inflation even further.

The dollar will collapse, and with it the Federal Budget. (SS, Medicare, Welfare, Medicaid, Defense, everything...)

As the Joint Chiefs told us, the Federal Debt is the biggest threat facing the US and Congress and the Presidents ignore it.

 

[kyzr]

Borrow from Whom????
CLOWN WORLD
Ancient Rome weeps....

Exactly right. The Fed will need to print mo' money, until the dollar collapses.
Powell said the current path is "unsustainable" but apparently no one in DC knows what the **** that means.

p.s. Clown World HQ is in DC.

 

[Toddsterpatriot]

Read the wiki article below first.

Financial Transactions Taxes Around the World

Types Of Financial Transaction Taxes Financial Transaction Tax (FTT) – A tax on buying and selling a stock, bond, or other financial contract like options and derivatives (Klien 2020). Securities Transaction Tax (STT) – A tax levied at the time of purchase and sale of securities listed on stock...

cepr.net

https://www.bnymellon.com/content/dam/bnymellon/documents/pdf/emea/global-view-of-financial-transaction-taxes.pdf.coredownload.pdf

Financial transaction tax - Wikipedia

en.wikipedia.org

Thanks for the links. Looking at the CEPR article, it mostly shows EU countries with no FTT.
So which ones does it actually work for and how much do they actually raise?

 

[kyzr]

Thanks for the links. Looking at the CEPR article, it mostly shows EU countries with no FTT.
So which ones does it actually work for and how much do they actually raise?

1. From the wiki article, France gets 0.3% on financial transactions

France​

On 1 August 2012, France introduced a financial transaction tax in French tax regulation pursuant to Article 5 of the French Amended Finance Bill of 14 March 2012. Two other taxes applicable to financial transactions were also introduced, including a tax on high-frequency trading, (Article 235 ter ZD bis of the FTC); and a tax on naked sovereign credit default swaps (Article 235 ter ZD ter of the FTC). The FTT levies a 0.2% tax on stock purchases of French publicly traded companies with a market value over €1 billion. The scheme does not include debt securities, except convertible and exchangeable bonds, which are included but benefit from a dedicated exemption to the FTT.[49] According to French president Francois Hollande the tax will generate €170 million in additional revenue for 2012 and another €500 million in 2013.[50] France is the first European country to impose a transaction tax on share purchases.[51] From 2 January 2017 settlement date the rate increased to 0.3%.[52]


2. According to the Federal Reserve the US gets about $5T a year in financial transactions,so a 3% FTT would raise $150b a year

https://www.federalreserve.gov/releases/z1/20230908/z1.pdf

see page 9, I'm estimating $5T annually as a reasonable number of US financial transaction value. That could be seriously undervalued based on multiple buys & sells in a year.
Bottom line: adjust the rate to get the desired income.

 

[Nostra]

Every President thinks as long as the big collapse doesn’t happen under me... I’m safe

The White House claims borrowing $16 trillion over the next decade is fiscally responsible

If you can't even get close to balancing the budget when unemployment is low, tax revenues are near record highs, and the economy is booming, when can you do it?

reason.com

I thought we needed to spend so much because of the pandemic, which has been over for years.

Over $7 TRILLION?

 

[Nostra]

The collapse is coming. Nikki Haley had the best Budget ideas. We really do need an ACCOUNTANT in the WH.

Republicans need to get the Budget back to a $4.xT ASAP.

Biden's 2024 Budget ~is $7.30T withe a $2.0T deficit
Biden's 2023 Budget was $6.13T with a $1.7T deficit
Biden's 2022 Budget was $6.27T with a $1.4T deficit
Biden's 2021 Budget was $6.82T with a $2.8T deficit
Trump's 2020 Budget was $6.55T with a $3.1T deficit
Trump's 2019 Budget was $6.55T with a $3.1T deficit
Trump's 2018 Budget was $4.10T with a $0.8T deficit
Trump's 2017 Budget was $4.00T with a $0.5T deficit

Looks like Tater lied all those times he claimed he cut the debt.

 

[SassyIrishLass]

The US can't pay back the 31 trillion it owes

 

[CrusaderFrank]

Every President thinks as long as the big collapse doesn’t happen under me... I’m safe

The White House claims borrowing $16 trillion over the next decade is fiscally responsible

If you can't even get close to balancing the budget when unemployment is low, tax revenues are near record highs, and the economy is booming, when can you do it?

reason.com

Put Congress and POTUS in top loss position and you will end the deficit tonight

They have been history’s greatest abusers of “private gains, public losses” and that needs to stop

 

[Toddsterpatriot]

1. From the wiki article, France gets 0.3% on financial transactions

France​

On 1 August 2012, France introduced a financial transaction tax in French tax regulation pursuant to Article 5 of the French Amended Finance Bill of 14 March 2012. Two other taxes applicable to financial transactions were also introduced, including a tax on high-frequency trading, (Article 235 ter ZD bis of the FTC); and a tax on naked sovereign credit default swaps (Article 235 ter ZD ter of the FTC). The FTT levies a 0.2% tax on stock purchases of French publicly traded companies with a market value over €1 billion. The scheme does not include debt securities, except convertible and exchangeable bonds, which are included but benefit from a dedicated exemption to the FTT.[49] According to French president Francois Hollande the tax will generate €170 million in additional revenue for 2012 and another €500 million in 2013.[50] France is the first European country to impose a transaction tax on share purchases.[51] From 2 January 2017 settlement date the rate increased to 0.3%.[52]


2. According to the Federal Reserve the US gets about $5T a year in financial transactions,so a 3% FTT would raise $150b a year

https://www.federalreserve.gov/releases/z1/20230908/z1.pdf

see page 9, I'm estimating $5T annually as a reasonable number of US financial transaction value. That could be seriously undervalued based on multiple buys & sells in a year.
Bottom line: adjust the rate to get the desired income.

Thanks for the link.

On 1 August 2012, France introduced a financial transaction tax in French tax regulation pursuant to Article 5 of the French Amended Finance Bill of 14 March 2012. Two other taxes applicable to financial transactions were also introduced, including a tax on high-frequency trading, (Article 235 ter ZD bis of the FTC); and a tax on naked sovereign credit default swaps (Article 235 ter ZD ter of the FTC). The FTT levies a 0.2% tax on stock purchases of French publicly traded companies with a market value over €1 billion. The scheme does not include debt securities, except convertible and exchangeable bonds, which are included but benefit from a dedicated exemption to the FTT.[49] According to French president Francois Hollande the tax will generate €170 million in additional revenue for 2012 and another €500 million in 2013.[50]

Those are projections. Estimates. Hopes. Any actual numbers for revenue collected?

https://www.federalreserve.gov/releases/z1/20230908/z1.pdf

see page 9,
2. According to the Federal Reserve the US gets about $5T a year in financial transactions,so a 3% FTT would raise $150b a year

I don't see what you're claiming.

If you think people wouldn't react negatively to a 3% tax of every transaction, you
don't understand how these transactions work. 99.9% of those transactions would immediately move to another country or simply cease. It would end up reducing tax receipts.

 

[task0778]

Looks like Tater lied all those times he claimed he cut the debt.

He originally wanted to spend $8 trillion, so he cut it down to $7 trillion and tells everybody he cut the debt by a trillion dollars.