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Thread: New Robin Hood Tax Introduced In Congress

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    Re: New Robin Hood Tax Introduced In Congress

    I support a financial transaction tax; it would reduce some of the volatility in our markets and make another financial crisis less likely. However, if its supporters are advertising it as a "Robin Hood Tax" I can already tell you it's politically doomed.
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    Re: New Robin Hood Tax Introduced In Congress

    Quote Originally Posted by MaggieD View Post
    Sorry I didn't bother to list exemptions. I looked it up, and there are only five states who don't have a sales tax. Hardly a good reason to scrap a good idea. Of course many of the things you listed would be exempt. A 1% tax on goods sold would be a slam dunk to administer. To try to make it complicated by all of your presumptions just shows you have a built-in bias to the idea.

    You buy a diamond ring? You pay (an additional) 1% tax that goes to the Federal government. Buy food? Medicine? Services? You don't. It's not rocket science. And we're going to see it in the not-too-distant future. 1% hurts no one. Raises hundreds of billions of dollars.
    My bias is that the way you presented your position would suggest that services that are not currently being taxed that are not already set up to pay taxes, would be bogged down with new tax issues that could be avoided by just increasing the income tax as we are increasingly a service based economy. There are some pretty stiff penalties for being even late with reporting/paying in taxes at the state and federal level already and it would be easier IMO to just raise rates or close loopholes on businesses than to add a whole new layer of IRS headaches for business.

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    Re: New Robin Hood Tax Introduced In Congress

    Quote Originally Posted by Fisher View Post
    My bias is that the way you presented your position would suggest that services that are not currently being taxed that are not already set up to pay taxes, would be bogged down with new tax issues that could be avoided by just increasing the income tax as we are increasingly a service based economy. There are some pretty stiff penalties for being even late with reporting/paying in taxes at the state and federal level already and it would be easier IMO to just raise rates or close loopholes on businesses than to add a whole new layer of IRS headaches for business.
    I see and understand. But we probably need to do both. One isn't going to be enough to solve the mess we're in.
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    Re: New Robin Hood Tax Introduced In Congress

    Quote Originally Posted by Kandahar View Post
    I support a financial transaction tax; it would reduce some of the volatility in our markets and make another financial crisis less likely. However, if its supporters are advertising it as a "Robin Hood Tax" I can already tell you it's politically doomed.
    "Reduce some of the volatility in our markets"

    There is no evidence of that. All it would do is make the market dramatically smaller, but that doesn't reduce the risks that are taken.

    If anything creates a financial crisis, this tax would be it.
    "I have never understood why it is "greed" to want to keep the money you have earned but not greed to want to take somebody else's money." -Thomas Sowell

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    Re: New Robin Hood Tax Introduced In Congress

    Quote Originally Posted by TheDemSocialist View Post
    [/FONT][/COLOR]http://therealnews.com/t2/index.php?...4&jumival=9009

    Seems like common sense to me. Im not gonna expect it to get very far in this country however.
    An idea long overdue that should have been put in practice decades ago.
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    Re: New Robin Hood Tax Introduced In Congress

    a robin hood tax is pretty stupid.... if you are trying to help the middle class, anyways.

    those whom understand how corporation are not taxpayers( taxes flow through them to end users) realize who.. in the end, will be paying this tax.
    the most notable end user who will be on the hook for this tax is .. pension holders.

    you will not punish wall street by this sort of tax... it's easy as hell for them to pass along the burden to the person who has no choice but to pay it.
    I would not doubt, for a second, that wall street would actually profit from this sort of tax.

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    Re: New Robin Hood Tax Introduced In Congress

    Quote Originally Posted by Bigfoot 88 View Post
    A tax on financial transactions is so destructive even our government hasn't imposed it yet.

    And Robin Hood did not steel from the rich to give to the poor. He reclaimed what was forcefully taken from them by the royalty via taxes.
    I don't know if a financial transaction tax is destructive but I do believe that many people seem forget that Robin Hood was taking what was already taken and giving it back to the rightful owners.
    "A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murder is less to fear"

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    Re: New Robin Hood Tax Introduced In Congress

    Quote Originally Posted by MaggieD View Post
    I see and understand. But we probably need to do both. One isn't going to be enough to solve the mess we're in.
    I have no problem with the per transaction tax on the stock market because it is easy to collect and, just as importantly, it could level out the volatility caused by computer trading when the computers could potentially already know what individual investors are planning to do because of the day delay on a lot of individuals buy-sell orders. As up and down as the market is due to those automated trades, it scares individuals off the market IMO. I would probably rather see sales taxes on goods collected at the wholesale level instead of the retail level though--that could help out those places that have no sales tax system in place by saving a great many retailers there the need to collect (say collect the tax when the goods are sold to Walmart as opposed to when Walmart sells the goods to the buyers).

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    Re: New Robin Hood Tax Introduced In Congress

    Quote Originally Posted by jamesrage View Post
    I don't know if a financial transaction tax is destructive but I do believe that many people seem forget that Robin Hood was taking what was already taken and giving it back to the rightful owners.
    Think of how important stock markets are. If you want less of something, you tax it. What this accomplishes is hurting business and discouraging investment in the U.S.
    "I have never understood why it is "greed" to want to keep the money you have earned but not greed to want to take somebody else's money." -Thomas Sowell

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    Re: New Robin Hood Tax Introduced In Congress

    Not to mention small investors are going to want to make stock moves the least if they incur more penalties on top of broker fees. So its going to hurt the small guy more than the larger ones. Just changing capital gains would accomplish this much easier and my feeling is this is just another tax for politicians to tap for revenue and move it up or down as a political football. Its a bad idea.

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