Our Economy Could Be In Surplus In Less Than A Year With A 1% Wall Street Sales Tax

It's a horrible idea.

Tell you why.

Everytime you give congress a budget, they spend 20% more.

If you were to pay off the National Debt, Congress would see it as a 120% raise in spending opportunities.

reply to post by Kali74


Such a tax proposal would stifle liquidity in the markets, I wouldn't recommend it - it would increase market volatility drastically and this would have a major impact not only on American markets but international markets as well. Europe is considering proposing similar solutions to their deficit problem and I think it will only lead to them being less competitive internationally, who would want to invest as a European entity when taxes as an American entity are lower?

On the other hand a 1% tax on corporate revenues I would consider plausibly efficient.

There are other ways to broaden the tax base outside of increasing the burden of uncle Sam on the speculative market place. A 30% capital gains tax is adequate.There are a million ways to raise tax revenues this is not a wise avenue to do it through.

reply to post by Malynn


This is absurd such a tax proposal would ruin the marketplace in ways you can't even imagine.

Be wise.

Why even bother arguing with the right wing shills on this site? They've been repeating the same talking points for years.

reply to post by Kali74


At a surplus with the entire stock market down 50% maybe, but then again the lost revenues from all the capital losses that would create would likely offset any increased tax revenues gained from the proposed tax increase.

Honestly I find your lack of knowledge pertaining to economics disturbing.

reply to post by Kali74

Interesting proposition OP, I am one that normally eschews capitalism, but it is getting out of hand. We cannot keep letting the middle class become poor. When wall street schemes become so complex that the average person cannot understand the mechanics something has to be done. I think you are on the right track.

Originally posted by macman
reply to post by Kali74

 

Bull Crap.

Show me a Fed Govt that is able to work within the confines of a Budget. Then maybe this is viable.
But, Govt has an urge and taste to continually grow and spend money. It will never be enough.

The answer is to TAX more people more??? Yep, nothing like penalizing people.

In the words of Neo69, MEH

You CANNOT budget for everything. You can add a contingency line to your budget that hopefully will grow year by year (if not raided by *******) that could cover unexpected expenses, but long term planning is not a US trait.

I see a problem with this. (well other than it's a tax, which is inherently bad) It gives the government the green light to massively expand itself into every corner of the globe. The whole reason the government has a "budget" (well did have.. ha ha.) is so that they live within their means. If they know they can take from the people whenever they want to complete their goal, not only will they constantly take year after year, but there will be no restraint on their size.

Giving the government more money to sustain its huge size or possibly make it bigger is the biggest mistake one could make.

The concept is ludicrous.

PM me if you want to know why, or do some of your own research.

Simple solutions are not obvious.

reply to post by elouina


Someone probably already pointed this out to you but...ALL sales tax is essentially "double taxation"

It's not like there's not already a huge precedence for taxing a transaction

For example - I already paid taxes on the money I used to buy my lunch today but that didn't stop them from charging me a hefty sales tax for the transaction did it?
On top of that they'll end up taxing that same transaction again when the restaurant reports the income from the sale
So...yeah...the whole double taxed line was crossed a long time ago...in truth, the reality of it is that same dollar is going to be at least triple taxed or quadruple taxed by the time it makes the rounds...

And don't even get me started on property tax...
Taxing me every year for the same place I paid them for last year...nothing really changed much, they just want more money because I still own the place.

A load of crookery crock if you ask me - but, hey - like they say, there's only 2 things guaranteed in life right?

reply to post by jacobe001

The police force also acts as a regulatory body keeping citizens in check, when carried out correctly to the wishes of society.

Until OWS wants to protest the evil corporations and Wall Street, then suddenly the police become evil operatives of the police state.

Either the .003% or the 1% will do for me, the most important thing is how to use the amount generated over the years efficiently.

Originally posted by WaterBottle
Why even bother arguing with the right wing shills on this site? They've been repeating the same talking points for years.

Resorting to name calling are we?

2nd

reply to post by ThirdEyeofHorus


Most anything in and of itself isn't good or bad. It's how a thing is implemented or regulated/non-regulated, is something implemented with liberty in mind or authority in mind. In our current paradigm, Police are necessary however, it's clear they are becoming less about protecting liberty and more about exerting and protecting authority.

Capitalism is the same, though I firmly believe what we are seeing today is not an unintended consequence. I think people know damn well what the end game is and simply choose to deny it. In Capitalism all Liberty is given to the owner, to make money however she pleases, the liberty of her employee isn't protected, the liberty of the consumer isn't protected, the liberty of neighbors (use of roads etc, expectation to not disease and pollute the surrounding environment/community). It's all well and good to say you can work elsewhere, consume elsewhere, reside elsewhere... but there comes a point, thanks to all the freedom given to the owner, when there's nowhere left to go. What then? This isn't all businesses of course but the largest ones, absolutely.

Originally posted by ThirdEyeofHorus
reply to post by jacobe001

 

The police force also acts as a regulatory body keeping citizens in check, when carried out correctly to the wishes of society.

Until OWS wants to protest the evil corporations and Wall Street, then suddenly the police become evil operatives of the police state.

Well, there is that thing again, where the police were bought to do the Bankster's Bidding.
They certainly were not serving the common American when they are bought.No less by our own government that the banksters own:



blogs.computerworld.com...
FBI acted as secret police for banks against OWS 'anarchists' & 'terrorists'

This production, which we believe is just the tip of the iceberg, is a window into the nationwide scope of the FBI’s surveillance, monitoring, and reporting on peaceful protestors organizing with the Occupy movement. These documents show that the FBI and the Department of Homeland Security are treating protests against the corporate and banking structure of America as potential criminal and terrorist activity. These documents also show these federal agencies functioning as a de facto intelligence arm of Wall Street and Corporate America.

Revealed: how the FBI coordinated the crackdown on Occupy
www.guardian.co.uk...

The Partnership for Civil Justice Fund, in a groundbreaking scoop that should once more shame major US media outlets (why are nonprofits now some of the only entities in America left breaking major civil liberties news?), filed this request. The document – reproduced here in an easily searchable format – shows a terrifying network of coordinated DHS, FBI, police, regional fusion center, and private-sector activity so completely merged into one another that the monstrous whole is, in fact, one entity: in some cases, bearing a single name, the Domestic Security Alliance Council. And it reveals this merged entity to have one centrally planned, locally executed mission. The documents, in short, show the cops and DHS working for and with banks to target, arrest, and politically disable peaceful American citizens.

Originally posted by Kali74
It's all well and good to say you can work elsewhere, consume elsewhere, reside elsewhere... but there comes a point, thanks to all the freedom given to the owner, when there's nowhere left to go. What then? This isn't all businesses of course but the largest ones, absolutely.

Well said Kali.
They act like you have a choice and yet slowly take away your freedoms and liberty of choice by creating policies to enrich themselves at our expense.

I would advise any foreign citizens and countries to oppose any actions suggested by our bought and paid for politicians in this country, especially not under the pretenses of "democracy and freedom".

The only democracy you will be getting is the ones that have sold out to them over you.
The only freedom of choice you will be getting is with the trade nations that they can profit from.

Run as far and as fast as you can!

The only thing they want to liberate you from is your productivity, resources, and have control over you!

Someone had to shut up OWS. They were on the verge of exposing to the masses the effect of a pure fiat system. In 1971 when we decoupled the dollar from gold, our money was then backed by essentially nothing but a promise to replace a dollar with another dollar. The stock market is no indicator as to how good our economy is doing, the DOW is like a bad friend that keeps lying to you over and over. If everything was good and getting better, why is big ben still printing money like mad? Why are interest rates still close to zero? When interest rates rise the banks are going to collapse, they can't balance it. These people were exposing the big lie the banking system is and they had to be silenced it's not surprising at all. Governments should also never insure bank deposits. It's why banks make reckless loans. Eventually the banks will need to be bailed out again causing more inflation. Eventually interest rates will have to go up, the fed has procrastinated far too long with that one.

Even if occupy didn't have the correct solutions, they were still running a big risk by attracting attention in the first place to the banking screw ups. Eventually when it crashes, everyone will know it because it's going to affect us all. The government is an enabler no matter where you look and the bigger they grow, the worse off things will be. We worked for what we have and they're no different than an out of control sixteen year old with daddys credit card. They can't pull a cyprus whenever they feel like it.

reply to post by Kali74


No way should we permit government to extort one more red cent from us. Why would anybody want them to tax us more? That only gives more money, and therefore more power to the enemy; government. It doesn't matter where they get the money. They will use it against you. They will employ additional government agents to send against you. More government programs to use against you, and your family. Don't let them do it. And besides, it doesn't matter how much money they take. They will never have a surplus, will never balance the budget, and never pay off the debt. No more taxes of any kind!

Originally posted by CommanderCraCra
reply to post by wildtimes

 

I trust you realize inheritance tax is only applicable on estate worth over 5.25 million.

Either he's in the 1%, else you're complaining for no good reason.

Who cares how much he is worth? The problem is double taxation, it's criminal on the government's part.

An estate worth over 5 million doesn't mean someone is rich, maybe they have a 10,000 acre farm and generate a modest living off the livestock and land. Regardless, rich or not, it should not be taxed again since the income to buy it was taxed in the first place.

On topic, I'd agree to a 1% wall street tax is personal income tax was abolished; and with earnings like the OP suggested then there is no reason why that couldn't happen.