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Thread: Democrats push $150B stock tax on Wall Street

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    Democrats push $150B stock tax on Wall Street

    This may well be the most embarrassing example of populist garbage that I've ever seen:

    A House bill still being drafted aims to raise $150 billion each year to pay for new jobs.

    Under a bill being drafted by Democratic Reps. Peter DeFazio (Ore.) and Ed Perlmutter (Colo.), the sale and purchase of financial instruments such as stocks, options, derivatives and futures would face a 0.25 percent tax.

    The bill, a copy of which was obtained by The Hill, is titled the “Let Wall Street Pay for the Restoration of Main Street Act of 2009.”

    Half of the $150 billion in tax revenue would go toward reducing the deficit, while the other half would be deposited in a “Job Creation Reserve” to support new jobs.
    ...

    The stock tax measure specifies that tax revenue would need to support jobs that pay at least the median wage in the United States, promotes manufacturing jobs and prohibits any recipient of the $700 billion financial bailout from directly benefiting from the job reserve fund.

    The bill aims to exempt retirement accounts from the impact of the tax.

    A group of consumer watchdog organizations and labor unions sent DeFazio a letter this week supporting the tax bill.

    “Your bill would put Wall Street to work for the public good, by placing a modest securities transaction tax on trades of stocks, options and swaps. A tax on these trades has little impact on the average investor or pension fund because they hold their investments for the long term, but it does disincentivize Wall Street gambling and high-volume short-term speculative trading,” the organizations wrote.

    The groups include: Americans for Financial Reform, Public Citizen, the Service Employees International Union (SEIU) and the AFL-CIO, among others.
    Democrats push $150B stock tax on Wall Street - TheHill.com

    Some Democrats like to paint Republicans as slack-jawed yokels whose political philosophy can be summed up as "AMERICA **** YEA!," but this is perfect proof that pandering to the LCD isn't limited to either party.
    Last edited by RightinNYC; 11-24-09 at 03:09 PM.
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    Re: Democrats push $150B stock tax on Wall Street

    And whose pocket would that money REALLY go to?

    Yeah, tax Wall Street and raise the capital gains tax on investors. I'm sure we can get unempoyment to 50 percent if we keep trying.

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    Re: Democrats push $150B stock tax on Wall Street

    I'm not aganist putting the whole thing into deficit reduction.
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    Re: Democrats push $150B stock tax on Wall Street

    Quote Originally Posted by Erod View Post
    And whose pocket would that money REALLY go to?

    Yeah, tax Wall Street and raise the capital gains tax on investors. I'm sure we can get unempoyment to 50 percent if we keep trying.
    From a tax of a quarter of one percent? Exaggerate much?
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    Re: Democrats push $150B stock tax on Wall Street

    Quote Originally Posted by obvious Child View Post
    I'm not aganist putting the whole thing into deficit reduction.
    I am against a tax that will do nothing other than to make a market less liquid and increase volatility while simultaneously pushing traders to move their operations overseas.

    Quote Originally Posted by Redress View Post
    From a tax of a quarter of one percent? Exaggerate much?
    That's certainly an exaggeration, but the fact remains that 0.25% is actually a lot bigger than it sounds. Again, it would cost $150b/year. That's absolutely massive and will certainly have an impact on trading activity.
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    Re: Democrats push $150B stock tax on Wall Street

    Quote Originally Posted by RightinNYC View Post
    I am against a tax that will do nothing other than to make a market less liquid and increase volatility while simultaneously pushing traders to move their operations overseas.
    That's possible, but do remember that buying back debt at a premium is going to funnel money back into the market. Also remember that some of the biggest debt domestic holders are the biggest investors as well. There's a possibility this may increase velocity of money which should help liquidity.

    That's certainly an exaggeration, but the fact remains that 0.25% is actually a lot bigger than it sounds. Again, it would cost $150b/year. That's absolutely massive and will certainly have an impact on trading activity.
    I don't know about that. Massive? What are you comparing it to? Jumping 5% would be massive. What is the average daily dollar value of stock trades on the NASDAQ? I could see this as bad for futures/options, especially on certain commodities were margins are inherently low.
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    Re: Democrats push $150B stock tax on Wall Street

    Quote Originally Posted by RightinNYC View Post

    That's certainly an exaggeration, but the fact remains that 0.25% is actually a lot bigger than it sounds. Again, it would cost $150b/year. That's absolutely massive and will certainly have an impact on trading activity.
    On a 100,000 dollar stock sale, it would be 250 dollars. That is exactly as big as it seems to be.
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    Quote Originally Posted by Fiddytree View Post
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    Re: Democrats push $150B stock tax on Wall Street

    Quote Originally Posted by Redress View Post
    On a 100,000 dollar stock sale, it would be 250 dollars. That is exactly as big as it seems to be.
    Actually that's not inherently correct. We don't know if the tax is on the gross proceeds or net.
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    Re: Democrats push $150B stock tax on Wall Street

    Quote Originally Posted by obvious Child View Post
    That's possible, but do remember that buying back debt at a premium is going to funnel money back into the market. Also remember that some of the biggest debt domestic holders are the biggest investors as well. There's a possibility this may increase velocity of money which should help liquidity.
    I don't understand how this could do anything other than make the market more illiquid. It will reduce trading volume and increase transaction costs.

    I don't know about that. Massive? What are you comparing it to?
    It's $150b being taken out of the pockets of investors. That's massive however you look at it.

    Jumping 5% would be massive.
    And the tax on your investment adds up to 5% after just 10 round trip trades in a year.


    Quote Originally Posted by Redress View Post
    On a 100,000 dollar stock sale, it would be 250 dollars. That is exactly as big as it seems to be.
    What I'm getting at is that it's easy to say "oh, just 0.25%, that's no big deal." The fact is that it will cost $150b/year. That is a big deal however you look at it.

    To put it in perspective, that's about 1/6th as much money as is collected by the federal income tax.
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    Re: Democrats push $150B stock tax on Wall Street

    Quote Originally Posted by RightinNYC View Post
    This may well be the most embarrassing example of populist garbage that I've ever seen:



    ...



    Democrats push $150B stock tax on Wall Street - TheHill.com

    Some Democrats like to paint Republicans as slack-jawed yokels whose political philosophy can be summed up as "AMERICA **** YEA!," but this is perfect proof that pandering to the LCD isn't limited to either party.
    Yes, I know the idea of the right being forced to pay for what it has done is hard for Republicans to accept.

    The right did the crime and now they can pay for it.

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