Would you support a 1% tax on all financial transactions on Wall Street?
I would, but then I'm not real happy watching people run up the cost of products for no increase in value.
What would it do to the day traders? The option buyers/sellers? Those buying in lots of a billion dollars, such as trying to "buy" an entire company?
What would it do the the entire concept of Wall Street as it is today? While I might like the idea, I also fear that our economy could not stand to see it done.
How about stop talking taxation and start talking regulation.
In the end the only ones to suffer for the deregulation is the ordinary Joe.
No. !% is way off the mark. .003% might be reasonable, or say something like1 cent per transaction.
Speaking as someone who does actually have some skin in the game, I think the penny per transaction idea is splendid.
There is entirely too much speculation, and the crazy computerized trades that are happening over increments of a second are not based on real-world value or assets at all; it's just a game of pea-and-walnut-shells being carried on at a massive scale.
The penny per transaction tax would not hurt ordinary 401Ks, grandma's retirement funds, mutual funds or ordinary people investing. It wouldn't be a significant tax burden even on those who play the game in a small way with actively managed funds. It would only add up to a real amount from those who toss around millions of dollars every day. And it would pay off a good chunk of the deficit.
Of course, the GOP will never go for that, because the Ryan plan fielded just a week or so ago still had NEW tax breaks for the wealthiest and for Wall Street traders, but you never know.
I wouldn't mind. Heck, I would be content to pay the same tax on capital gains that people pay on their income -- that seems more equitable to me!
Now a penny per transaction, whether it's for a $10 stock or a million shares of that stock, might work.
I read the OP as 1% of the value of the transaction.
Right, Greekgeek, a 1 cent charge per stock transaction would cover some of the cost of policing things like the phantom derivatives that crashed the market and caused the Great Recession.
I just posed the 1% as an arbitrary figure. This is more about the concept of taxing a huge economic activity-- a sales tax on stock transactions if you will.
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