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

Originally posted by bjax9er
why is taxing the only answer to democrat failures?

1%? You've got to be kidding.

reply to post by Kali74


I fail to see how this will accomplish anything but the delisting of every NYSE traded stock and the eventeal shutdown of NYSE itself.

Seriously, I don't get it?

Why on earth would ANYONE be doing any sort of financial trading in the US if a 1% was implemented? I have no financial background but I really can't imagine that the US wouldn't be entirely bypassed by the entire, global financial sector.

I can also not imagine that that would do the American economy any good at this point..

If I go to the hardware store and invest In building material, to make something of actual worth. I pay almost 10% sales tax on my building investment.

If I have to pay taxes on my investment, then so should those who be stocks, and especially derivatives. As a craftsman, I actually make something of worth, most wall street investments are nothing but bets made on an international gambling scheme.

If we shut all theseoney markets, we would all be better off.

I say cut income tax and sales tax back down to 2 or 3 percent, and tax all investor the same, whether they are investing in their homes or tools or actual making of something.

Originally posted by UnBreakable

Originally posted by bjax9er
why is taxing the only answer to democrat failures?

1%? You've got to be kidding.

edit on 23-3-2013 by UnBreakable because: (no reason given)

1% compared to what?

reply to post by DupontDeux


Shut down the whole stock exchange scam. It is nothing but a big casino.

The stock exchange adds nothing of value to the market. It is one big pyramid scheme. Let the stock market go to Hong Kong or where ever, they'll soon be broke and economically ruined just as the stock market has ruined the US economy.

Originally posted by poet1b

If I go to the hardware store and invest In building material, to make something of actual worth. I pay almost 10% sales tax on my building investment.

If I have to pay taxes on my investment, then so should those who be stocks, and especially derivatives. As a craftsman, I actually make something of worth, most wall street investments are nothing but bets made on an international gambling scheme.

If we shut all theseoney markets, we would all be better off.

I say cut income tax and sales tax back down to 2 or 3 percent, and tax all investor the same, whether they are investing in their homes or tools or actual making of something.

Remember in math class when you learned how to add? You can't add 1/x and 2/y. Why is that? It's because they don't have the same basis of comparision.

Why can you add 1/x and 2/x? Because you're comparing them to the same thing: x.

So put the tax rate in the numerator. 1%/ financial transaction. 5%/ sales tax. Do you understand why you can't compare these? So, what can you compare it to then? x%/ financial transaction. The correct way to think about it logically would be to compare it to other financial transactions. What's x% in other countries? 0%. So, how large is 1%? It's 1/0. Put that in a calculator. It's so big that it breaks your calculator. It's really, really big.

Originally posted by poet1b
reply to post by DupontDeux

 

Shut down the whole stock exchange scam. It is nothing but a big casino.

The stock exchange adds nothing of value to the market. It is one big pyramid scheme. Let the stock market go to Hong Kong or where ever, they'll soon be broke and economically ruined just as the stock market has ruined the US economy.

Ok, so if you move all transactions to other countries, what reason do other people have to buy dollars to clear financial transactions (hint: reserve currency)? What kind of ruin would that cause to the US economy? Would it hurt the value of your dollars at all? Would it make you wealthier or poorer?

If you eliminate stock exchanges and commodities exchanges, how do you propose to allocate scarce resources? Political favors? Nepotism? Angels that claim they really, really do care about your interests?

well there are obvious better ways to fix the American, economy, if this is the best idea the Government can muster up, then we are screwed, as far as taxing the NYSE, its not becoming at any percent, after the bail out it is obvious that being my conjecture or not, who runs this Country... Its not the people or the Politicians..

Nice dream babe, but it ain't happening...

The economy will be fixed when judgement is based off of intelligence and not money, then we will get the idea's for the people the solutions to the problems, until we allow intelligence into the discussion without monetary or positional discrimination it will be same ole bullcrap til the end.. The powers that be, have a stranglehold on the matter and its obvious they are in no hurry to bring EQUALITY, into the mix..

reply to post by Kali74


of course people are bitching about the proposal, rich people don't like helping anyone except theirselves. I agree with your idea on taxes wallstreet transaction. it will not work because that would be helping to fix things, they don't want things fixed bottom line. where would the media be, hollywood and politicians, tmz, twitter and all those other stupid things without whining our country is in deep debt.

to me most politicians and rich people are like a disease (granted a few earned their money and were not handed it and some are good or try to do good) they choke the life out of the poor, use, manipulate, force feed subliminal messages. gays get together to fight for their rights. do the poor no, why it's simple first no celebrity to stand up with them. plus so many of them got this 'feeling' (a.k.a. subliminal messages from rich and government) not to stand up but to shut up and take it.

This country is doomed to fail off it's own pety greed, it's really sad but it's my opinion. also a saying I use that applies to most people Stupid is a Chronic condition.

you have a good idea though

Unfortunately this post is buried on the 18th page but I will effectively debunk the absurdity behind a theoretical 1% tax on ALL trades.

The OP claims it will cover the budget deficit in one year! First of all, half the trades occurring are fully automated algorithms that trade at lightning fast speeds. They buy and sell all within the minute. A lot of these trades use millions of dollars to make less than .001% off a trade. It makes sense because millions and millions of these trades occur every single day and the pennies add up. This tax would completely eliminate this form of trading. Also, even a substantial algorithm that capitalizes on market inefficiencies with about a 1% return per trade would no longer be feasible.

In short, trading would become completely inefficient and slow to an almost nonexistent halt. 1% might not appear to be much, but in finance it is a massive number.

Originally posted by poet1b
reply to post by DupontDeux

 

Shut down the whole stock exchange scam. It is nothing but a big casino.

The stock exchange adds nothing of value to the market. It is one big pyramid scheme. Let the stock market go to Hong Kong or where ever, they'll soon be broke and economically ruined just as the stock market has ruined the US economy.

Well, at least you're honest.

Do you have a poster hanging on your wall that says

"Resist Capitalism 100 %" ?

Originally posted by Bicent76
well there are obvious better ways to fix the American, economy, if this is the best idea the Government can muster up, then we are screwed, as far as taxing the NYSE, its not becoming at any percent, after the bail out it is obvious that being my conjecture or not, who runs this Country... Its not the people or the Politicians..

Nice dream babe, but it ain't happening...

The economy will be fixed when judgement is based off of intelligence and not money, then we will get the idea's for the people the solutions to the problems, until we allow intelligence into the discussion without monetary or positional discrimination it will be same ole bullcrap til the end.. The powers that be, have a stranglehold on the matter and its obvious they are in no hurry to bring EQUALITY, into the mix..

edit on 23-3-2013 by Bicent76 because: (no reason given)

True, this bizarre idea will never happen. The progressives are just daydreaming.

reply to post by poet1b

Shut down the whole stock exchange scam. It is nothing but a big casino.

The stock exchange adds nothing of value to the market. It is one big pyramid scheme. Let the stock market go to Hong Kong or where ever, they'll soon be broke and economically ruined just as the stock market has ruined the US economy.

You are wrong.
Banks would not give Apply money to produce their first computer. The stock market did.
Microsoft same.
etc.etc.etc.

Selling shares gives the company money to expand.
Without it there would be NO large companies.

Originally posted by samkent
reply to post by poet1b

 

Shut down the whole stock exchange scam. It is nothing but a big casino.

The stock exchange adds nothing of value to the market. It is one big pyramid scheme. Let the stock market go to Hong Kong or where ever, they'll soon be broke and economically ruined just as the stock market has ruined the US economy.

You are wrong.
Banks would not give Apply money to produce their first computer. The stock market did.
Microsoft same.
etc.etc.etc.

Selling shares gives the company money to expand.
Without it there would be NO large companies.

Exactly, it's clear that most people don't understand capital allocation which these "bets" use to allow for the growth and expansion of firms/businesses.

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.

Are you being serious? Go watch decade old Alex Jones documentaries. Conspiracy theorists have been dissing cops for years.......

Or go listen to some rap made in the 1980's about how evil the cops are.

Cops=evil is nothing new.

I'm glad non-conspiracy theorists are finally realizing how cops do nothing but enforce the status quo.

reply to post by RedDragon

Remember in math class when you learned how to add? You can't add 1/x and 2/y. Why is that? It's because they don't have the same basis of comparision.

Why can you add 1/x and 2/x? Because you're comparing them to the same thing: x.

Um, Yes you can add 1/x and 2/y, it is expressed as 1/x + 2/y. It is called syntax.

What I see is that I am getting scammed. I have to pay 10% tax on my investments, using my money that was taxed when I get paid for my work, while market investors get a free ride. I have to make back the cost of the hammer and the tax paid on top of the cost, before I make a profit, so why shouldn't some one who buys a share of Apple stock not have to do the same?

Learn to look beyond the smoke and mirrors.

Originally posted by poet1b
reply to post by RedDragon

 

Remember in math class when you learned how to add? You can't add 1/x and 2/y. Why is that? It's because they don't have the same basis of comparision.

Why can you add 1/x and 2/x? Because you're comparing them to the same thing: x.

Um, Yes you can add 1/x and 2/y, it is expressed as 1/x + 2/y. It is called syntax.

What I see is that I am getting scammed. I have to pay 10% tax on my investments, using my money that was taxed when I get paid for my work, while market investors get a free ride. I have to make back the cost of the hammer and the tax paid on top of the cost, before I make a profit, so why shouldn't some one who buys a share of Apple stock not have to do the same?

Learn to look beyond the smoke and mirrors.

Ever heard of capital gains tax? No? What about personal income tax? Oh that's right you've heard of that one because it affects you.

Weird how people get upset if a tax affects their capitalist wallstreet overlords.

They wouldn't be upset if the tax affected poor people on foodstamps.

Originally posted by WaterBottle
Weird how people get upset if a tax affects their capitalist wallstreet overlords.

They wouldn't be upset if the tax affected poor people on foodstamps.

New idea!

Freeze Taxes where they are.

Reduce spending with Sequester 2.0.

Stop writing $$$ Billion checks to Egypt.

Shutdown the EPA for just 1 year and see if the world comes to an end.

reply to post by bgold1212


Ending the US dollar as the world reserve currency would be a great thing for US workers and small businesses. Maybe we can get back to conducting honest business again.

If you eliminate stock exchanges and commodities exchanges, how do you propose to allocate scarce resources? Political favors? Nepotism? Angels that claim they really, really do care about your interests?

Good riddence I say. All of these things are all part and parcel of the whole corporate scam.