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Thread: Mark Ruffalo and Tom Morello launch Robin Hood tax plan to outlaw Wall Street excess

  1. #61
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    Re: Mark Ruffalo and Tom Morello launch Robin Hood tax plan to outlaw Wall Street exc

    ahhh.. the Financial Transaction Tax.... good thing it's DOA.

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    Re: Mark Ruffalo and Tom Morello launch Robin Hood tax plan to outlaw Wall Street exc

    Quote Originally Posted by VanceMack View Post
    ANY tax...oh the humanity. See...it never really matters...as long as it doesnt impact you. Now...y'all ever want to get serious with the actual problems and solutions? Hell...Im betting I would promote the most sweeping reforms and highest taxes of anyone on this board. The difference is, you advocate idiotic **** 'just because' and I dont believe you do stupid ****...EVER...and certainly not with regard to taxes.

    Like I said...you ever want to get serious about this? Oh...we can talk tax increases. And budget cuts.
    it will impact him( provided he invests money) ... and it won't impact those who it's aimed at...
    leftists have yet to understand the term "tax incidence" or understand the effects of taxation.

    it's been attempted here in the US before, on a national and state level.... it failed to meet any of it's stated goals in every case... in every case, it had the opposite effect of what it's proponents said.


    the primary goals of the tax are the same as it's ever been... to curb volatility in the market due to speculation, to realize a net gain in revenue for government coffers, and to take out frustration on financial institutions.
    however, empirical studies have shown that the imposition of a FTT increases market volatility due to speculators, a decline in market liquidity, and no net revenue gains... and those whom are meant to be punished?.. yeah, they aren't.... the little guy get's it, the end consumer ( see "tax incidence").

    the Robin Hood tax is aptly named... like it's namesake, it's based on a myth.

  3. #63
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    Re: Mark Ruffalo and Tom Morello launch Robin Hood tax plan to outlaw Wall Street exc

    Quote Originally Posted by TheDemSocialist View Post
    I think Ikari statement is more honest to the truth and reality....
    Actually, his statement isn't. He sidesteps the cause and focuses on the results.
    TANSTAAFL

    “An armed society is a polite society.”
    ― Robert A. Heinlein, Beyond This Horizon

  4. #64
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    Re: Mark Ruffalo and Tom Morello launch Robin Hood tax plan to outlaw Wall Street exc

    Quote Originally Posted by Ikari View Post
    Nothing in that post referred to increasing taxes. I was talking proper government regulation of the system. Though the tax being discussed in the thread has been one proposed in the past as a way to create a low pass filter for the system and alleviate problems associated with micro-transactions.
    yeah, but it doesn't work.
    the folks whom it is aimed at( savvy high volume traders) have a readily available and completely legal way to pass it on to the consumer.... simply adjust the bid-ask spread to account for the tax, and bam.. the tax is passed on.( it's the easiest and most widely implemented tax incidence tranference strategy out there)
    with a low low rate ( <1%) consumers won't barely notice it on individual transactions, so they won't pitch too much of a bitch... at first.

    that savvy trader guy?.. yeah, he keeps on truckin'.. business as usual... with government sanctioned justification for widening the bid-ask spread at his disposal, he'll do even more business as usual.
    the poor schmoe with the pension fund?.. the low brow investors and savers?...they take the hit... they eventually feel it, and they slow down.
    when they slow down( they are a very sizable portion of the market), market volume drops, when market volume drops, liquidity drops, when liquidity drops, tax revenues drop.... and so it goes...
    it's a tried and tested tax policy, it's failed every time.


    now, let's pretend that somehow they devise a clever plan to counter the tax incidence thingy( we'll call it " magic" for this exercise)... the savvy trader just can't figure a way to pass it on... he can't get around it.
    what's a savvy trader to do?.... well.. easy... move on to fertile grounds.... hong kong, tokyo...wherever he can trade and not take the hit.
    savvy traders make a ton of money for their consumers( pension funds anyone?), less than savvy traders don't.... so we in effect, push the good ones out, and keep the bad ones..... great idea!

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