Progressive Tax Takes Aim at Wall Street Transactions, Financial Crashes

[guillaumeb]

From the article:

Democrats on Tuesday proposed a tax on Wall Street transactions which could stop another financial crash and bring in $777 billion over the next decade.
"The Wall Street Tax Act would tax the sale of stocks, bonds, and derivatives at 0.1 percent," said Sen. Brian Schatz (D-Hi.), who introduced the bill (pdf) with U.S. Senator Chris Van Hollen (D-Md.) as lead co-sponsor.
"A stock trade of $1,000 would incur a tax of just one dollar," Schatz added.
The bill was also cosponsored in the Senate by Sen. Kirsten Gillibrand (D-N.Y.), who is seeking the Democratic nomination for president, and Sen. Jeff Merkeley (D-Ore.).

To read more:

https://www.commondreams.org/news/2019/03/05/progressive-tax-takes-aim-wall-street-transactions-financial-crashes?cd-origin=rss&utm_term=Progressive%20Tax%20Takes%20Aim%20at%20Wall%20Street%20Transactions%2C%20Financial%20Crashes&u

Another good step in the right direction. Yes, high frequency/high volume traders would be the most affected, but Wall Street was one of the main reasons for the crash.

[manor321]

1. This is a fantastic idea that has been pushed by the likes of Dean Baker for years.

It's about time we start getting close to something like this.

The wealthy in this country benefit greatly from having a stable country and economy that they can profit from. A small tax is the right thing to do, as well as being effective.

[Blue_true]

2. It is an excellent idea. nt

[guillaumeb]

3. And the GOP will spon this as a tax on small investors,

but the truth is that only the HV/HF investors will be impacted to any significant degree.

[Caliman73]

4. Well, to be honest, the wealthy benefit from ANYTHING.

A stable economy means smaller but more sustainable returns which ultimately leads to greater overall benefits, but we also know that they benefit from destabilizing the economy in the very short term with greater risk to a certain point. It seems that they gamble to win off of the success of the economy AND the failures as well to hedge.

I agree that in the long run, having a stable slower (but not too slow) growing economy that is sustainable over the long run benefits almost everyone. When income and wealth become so unequal that lawmakers can be purchased with the excess, then it is time for a major correction. That can be done in 2 ways. A controlled regulatory correction through taxation and redistribution OR A massive collapse and resetting of the system.

I prefer the first.

[smirkymonkey]

5. Why not higher?

[guillaumeb]

6. No matter what amount, the GOP will cry confiscation and class warfare.

And the US corporate media will support that analysis.

[smirkymonkey]

7. Let them cry.

It's their turn.

Fuck them.

[guillaumeb]

8. We must frame the narrative to show who would really be affected.

And demonstrate the benefits.