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After the federal government put up hundreds of billions of dollars to bail out Wall Street, the largest labor union in America wants those firms to return the favor.
The AFL-CIO reportedly is promoting a proposal to tax every single stock transaction, and it's gained some support among Democrats.
According to The Hill, the tiny tax would be about a tenth of a percent -- but it could mean a lot of money for companies, like Goldman Sachs, that are making billions and conducting a high volume of trades.
Union policy director Thea Lee told the newspaper that the tax could raise betw
Democrats and labor officials would also like to take a bite out of Goldman’s profits. Liberals are angry the company, which immersed itself in the frenzy of speculation leading to last year’s financial collapse, is now making huge profits after accepting (and repaying) $10 billion in government aid. Goldman employees are on track to earn an average of more than $700,000 this year.
There is also a growing realization among Obama administration officials and lawmakers that tax increases may be necessary to curb the ballooning federal deficit.
The idea of taxing financial transactions has gained some support on Capitol Hill and among senior government officials in London, a major foreign financial center.
1 billion shares on the tape as of 10:00 Central on the NYSE and who's responsible for over 1/4 of it? This is outrageous folks. Three zombies, one of which has no equity value and two more that exist only because the government has guaranteed, collectively, half a trillion dollars of what may be worthless assets.
COMPANIES DON'T PAY TAXES, CUSTOMERS DO BY HAVING THE PRICE OF EVERYTHING RAISED TO MAINTAIN THE PROFIT MARGIN!!! IT'S A DOG AND PONY SHOW TO MAKE IT LOOK LIKE THE BUREAUCRATS ARE DOING SOMETHING!!!
Originally posted by jam321
As far as the idea, I'm not sure what to think. On one side, it is taking money away from companies. However, ultimately we all know that the consumers end up paying the tab.
Goldman Sachs doesn't have any consumers. They don't produce anything.