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

reply to post by WaterBottle


False, I would be upset with any tax that affects the poor since they already receive entitlements, taxation makes no sense.

Also, I'm developing an algorithm for automated daytrading and this proposal would effectively kill it.

reply to post by ThirdEyeofHorus

I'm thinking the average Joe day trader's wouldn't be on board.

And your thinking is....WRONG!
I just had a conversation (offline) with someone who dabbles in the markets (very small potatoes), and he said, "Yeah, that seems like a good idea!" We went on to discuss whether it would be on buying and selling and capital gains....or only limited to buying and capital gains.

(@Kali -
have you delineated in your idea which transactions, specifically, would be hit with the 1%? (Big Woop)
I have the impression you're talking about every transaction, whether buying, selling, or capital gains. Is that correct?)

BACK AT THIRDEYE: I hardly think 'day traders' and Average Joes would complain that their dividend (and this is a real-life example from the person to whom I was talking) of, say, a whole $1.04 from a penny stock or whatever gets hit by a 1-whole-penny "tax.". (Big Woop). Yeah, if a CEO cashes out, say, 43million in stock options, he pays 430,000 WHICH HE'LL NEVER MISS.

There are already fees and so forth involved in trading, so people playing the markets are already spending their hard-earned (or sketchily, hinkily earned) money anyway. Honestly, no one who is "Average Joe Trading" is going to care about a penny on a dollar as opposed to those profiteering from fees and 'management' of their funds.

Hell, most people let a penny fall on the street rather than pocket it!

And do you (ThirdEye) realize HOW MUCH FOOD can be purchased by a family in Ethiopia with a few pennies?
I know this from a person working here from Ethiopia - spent a few hours talking with him when we were coworkers.
You really don't know what you're talking about.

reply to post by bgold1212


And it's obvious that some people want to rant on about how amazing the kings clothes, while some of us see the truth.

The King is naked.

Shut the whole thing down. We would all be better off.

Current government spending does nothing for me, in fact just the opposite. Most gov spending these days goes against my best interests.

The whole pyramid stock market scheme is nothing but a bunch of special interest groups getting getting fat welfare checks for rubbing all the right cheeks.

reply to post by poet1b


You appear to be a stereotypical naysayer, ignorantly blaming something your simple mind cannot grasp without any research or critical thinking as to what the problem actually is.

I tell you what boggles my mind, with the United states Government, they can pass budget for hundreds of billions of dallars to keep the government running I assure you that bill the senate passed last week will pass all thru the pipeline, yet WE DO NOT HAVE 900+ billion dollars.. How the hell can we do this again?

Its all a travesty and one hell of a dichotomy, the American, people have to follow the economic rules of capitalism, all the while our Government spends billions of dollars they obviously just print, and then in the end will blame the people for it, and make us pay some how for it.... I dunno about you folks but when I am Trillions of dollars in Debt, I have no money..

Yet of course the msm is in on it, no one asks hard questions, its all an illusion, the part that will cook your noodle, is the government will be spending money it is not suppose to have, forever, because its all an illusion, it obviously does not have to follow the same rules as us, and will just abuse us monetarily or some other way and use an excuse towards the deficit to justify it..



This should piss the American, people off, yet its obvious as recent history teaches us, we are either as a majority, to stupid, to lazy, or to illiterate to grasp what is being done to us..

This wall street sales tax bullcrap is just a stunt, that is gaining traction I guess, to be fed to the remainder of semi intelligent citizens of the Union, nothing else because almost all of us with a brain, knows its bullcrap...

Yes folks it is god damn time to wake the hell up and start asking questions... As a matter a fact its about to late..

to hell with the typos too, you know what I mean...

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.

Why does it stay at 1/x + 2/y.... why doesn't it become 3/(x+y)? It's not because of syntax. It's a 'unit'. You use 'units' to 'compare'.

They don't pay on the share transaction because it's not the 'same'. Unrelated -- but they do, however, already pay on profits.

reply to post by poet1b


Finally some credence to your reply. I agree government spending is too high. It is crowding out personal investment and allocating resources in a manner significantly less efficient. With that being said, this thread isn't about government spending. In fact, it is about providing more government revenue for them to spend MORE.

I think this would probably be the answer to a lot of problems, but hey who wants to find the answers, certainly not our government.

The fact is that this probably could eliminate all other taxes and by doing so give people a much better incentive to work, hire, and put capital back into the system.

The income tax should end because it essentially turns an employee into a slave in direct proportion to his tax bracket, i.e., you have a 35% tax rate, 35% of your time is slave labor to pay money to the government.

Fact is the Roman Empire really collapsed because of an income tax imposed on the people, where before taxes were paid by taxing luxuries, such as spices, jewelry and such.

A tax on wall street transactions would be a tax on luxuries, because to earn enough to invest is a luxury that not everyone has. This is such a great idea I can't get over it. If you have a problem with a 1% transaction fee take your income of which you will not be taxed and start another business, or find something that won't be taxed to invest in.

Can anyone explain why they would not like to do this other than pure greed? Instead of the $1,000,000 the wall street banker takes home he will take home $990,000? But then not have to pay income taxes that would take 40%.

Once again I am baffled by the system we have created and the ease in which it could be fixed but those who essentially run the show are too worthless to do something intelligent. Great.

AWA

Originally posted by wildtimes
reply to post by ThirdEyeofHorus

 

I'm thinking the average Joe day trader's wouldn't be on board.

And your thinking is....WRONG!
I just had a conversation (offline) with someone who dabbles in the markets (very small potatoes), and he said, "Yeah, that seems like a good idea!" We went on to discuss whether it would be on buying and selling and capital gains....or only limited to buying and capital gains.

@Kali -
have you delineated in your idea which transactions, specifically, would be hit with the 1%? (Big Woop)
I have the impression you're talking about every transaction, whether buying, selling, or capital gains. Is that correct?

I hardly think 'day traders' and Average Joes would complain that their dividend (and this is a real-life example from the person to whom I was talking) of, say, a whole $1.04 from a penny stock or whatever gets hit by a 1 whole penny "tax.". (Big Woop).

There are already fees and so forth involved in trading, so people playing the markets are already spending their hard-earned (or sketchily, hinkily earned) money anyway. Honestly, no one who is "Average Joe Trading" is going to care about a penny on a dollar as opposed to those profiteering from fees and 'management' of their funds.

Hell, most people let a penny fall on the street rather than pocket it!

I just had a conversation with someone who has common sense.

Raising taxes hurts the U.S. economy.

Sending more money to Washington DC is always a BAD idea.

Originally posted by poet1b
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.

Yes, making everyone poorer would be absolutely fantastic for everyone..

reply to post by TauCetixeta


This doesn't even merit a reply - you've no idea who you're talking to, or who I was talking to.
We're both extremely sensible - so boo-ya, troll.

Originally posted by bgold1212
reply to post by poet1b

 

Finally some credence to your reply. I agree government spending is too high. It is crowding out personal investment and allocating resources in a manner significantly less efficient. With that being said, this thread isn't about government spending. In fact, it is about providing more government revenue for them to spend MORE.

Ladies & Gentlemen: We Have a Winner !

Bingo!

All of the progressive smoke just disappeared. Now we can all see the truth.

Originally posted by wildtimes
reply to post by ThirdEyeofHorus

 

I'm thinking the average Joe day trader's wouldn't be on board.

And your thinking is....WRONG!
I just had a conversation (offline) with someone who dabbles in the markets (very small potatoes), and he said, "Yeah, that seems like a good idea!" We went on to discuss whether it would be on buying and selling and capital gains....or only limited to buying and capital gains.

Hahahaha. Yeah, small potatoes. If he had the skill to grow those small potatoes into big potatoes, he would know what he's talking about.

Say a hedge fund produces 10%/ year. That is AMAZING. 1% on the buy and sell, each. So, 2%/ trade. They make let's say 10-20 trades a year. What happens to their profits? Average profit/ trade can be like .05%... That's why you tax capital gains/ profits. The margin of error is so small in professional/ competitive investing that anything that acts as wheels in the gears destroys the entire system.

Are supporters of this tax even thinking? You're using random guys as experts?

reply to post by AwakeWeAre


I also hate the income tax. There should be a flat tax on spending. A consumption tax if you will.

reply to post by bgold1212

Also, I'm developing an algorithm for automated daytrading and this proposal would effectively kill it.

And this is exactly why such a tax should be introduced.

To wipe out the parasites.

By the way, most poor get no entitlements. In fact the way the system is currently set up, the banks hit the poor with a special private sector tax through interest rates.

This is another reason why we should kick the wall street fat cats out of the country.

The bottom 50% of income earners are primarily students, retirees, the disabled, and don't forget military recruits.

reply to post by poet1b


I wonder how did the world ever make it without Wall Street for hundreds of years.
There were no business in existence prior to wall street.
Sarcastically speaking of course.


It is the other way around.
Wall street cannot exist without business but business can exist without wall street.

All those people in the past that saved and started thier own business can do it without wall street.

The only thing wall street knows how to do is inflate bubbles and make things morecostly so that they get a cut.

reply to post by RedDragon


He does have the skill, and is a mathematical genius and IT specialist. He's been studying this stuff for decades. He chooses to buy with cash, rather than "credit", and is EXTREMELY meticulous with his finances. He has a few thousand dollars in the markets, and pays attention to it - he buys when they're low, and occasionally sells when they're high.
He knows the formulas, and has worked in the industry as an IT guy (doing algorithms and so forth, making sure Sarbanes-Oxley (sox) is integrated into the programs that BANKS USE) he worked for State Street, and DataStorm, and H&R Block - for YEARS, so your insult pales in comparison to his expertise and thoughtful strategies.
Another boo-ya.

Originally posted by poet1b
reply to post by bgold1212

 

Also, I'm developing an algorithm for automated daytrading and this proposal would effectively kill it.

And this is exactly why such a tax should be introduced.

To wipe out the parasites.

He's a parasite for buying stocks from people at the price they want to sell at, and selling stocks to people at the price they want to buy at?

If that's parasitism, I can only guess that you want the system to sell to people at prices they don't like, and buy from people at lower prices that they want? Yeah, that makes serious sense!

By the way, most poor get no entitlements. In fact the way the system is currently set up, the banks hit the poor with a special private sector tax through interest rates.

Please, elaborate..

This is another reason why we should kick the wall street fat cats out of the country.

The bottom 50% of income earners are primarily students, retirees, the disabled, and don't forget military recruits.

And this tax would annihilate the portfolios used to give student loans, retirees 401Ks, etc. That's what you want? You're so compassionate.

Originally posted by poet1b
reply to post by bgold1212

 

Also, I'm developing an algorithm for automated daytrading and this proposal would effectively kill it.

And this is exactly why such a tax should be introduced.

To wipe out the parasites.

By the way, most poor get no entitlements. In fact the way the system is currently set up, the banks hit the poor with a special private sector tax through interest rates.

This is another reason why we should kick the wall street fat cats out of the country.

The bottom 50% of income earners are primarily students, retirees, the disabled, and don't forget military recruits.

edit on 23-3-2013 by poet1b because: Tipo

The bottom 50% also pay about 2% of income tax. Most don't pay any. The progressive tax scheme helps the poor in this country. There is disinformation about income disparity in America constantly increasing but when measuring well-being, surveys measuring luxury goods (I.E. air conditioners, microwaves, dishwashers, flatscreen TV's) the poor have never lived better.

Originally posted by wildtimes
reply to post by RedDragon

 

He does have the skill, and is a mathematical genius and IT specialist. He's been studying this stuff for decades. He chooses to buy with cash, rather than "credit", and is EXTREMELY meticulous with his finances. He has a few thousand dollars in the markets, and pays attention to it - he buys when they're low, and occasionally sells when they're high.
He knows the formulas, and has worked in the industry as an IT guy (doing algorithms and so forth, making sure Sarbanes-Oxley (sox) is integrated into the programs that BANKS USE) he worked for State Street, and DataStorm, and H&R Block - for YEARS, so your insult pales in comparison to his expertise and thoughtful strategies.
Another boo-ya.

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

If he's such a genius and has been studying for decades, why is he trading small potatoes?

You do realize that trading profits compound like compounding interest ,and that if he's actually good, he'll see millions of dollars in just a few years? Thousands after decades makes no sense whatsoever.