jump to last post 1-3 of 3 discussions (9 posts)

TAX ON FINANCIAL TRANSACTIONS

  1. steveamy profile image60
    steveamyposted 4 years ago

    Would you support a 1% tax on all financial transactions on Wall Street?

    1. wilderness profile image98
      wildernessposted 4 years agoin reply to this

      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.

    2. Silverspeeder profile image60
      Silverspeederposted 4 years agoin reply to this

      How about stop talking taxation and start talking regulation.
      In the end the only ones to suffer for the deregulation is the ordinary Joe.

  2. Dr Billy Kidd profile image93
    Dr Billy Kiddposted 4 years ago

    No. !% is way off the mark. .003% might be reasonable, or say something like1 cent per transaction.

    1. Greekgeek profile image95
      Greekgeekposted 4 years agoin reply to this

      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!

      1. wilderness profile image98
        wildernessposted 4 years agoin reply to this

        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.

      2. Dr Billy Kidd profile image93
        Dr Billy Kiddposted 4 years agoin reply to this

        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.

  3. steveamy profile image60
    steveamyposted 4 years ago

    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.

    1. steveamy profile image60
      steveamyposted 4 years agoin reply to this

      How about one cent/share traded ?

 
working