Wall Street Transaction Tax Would Raise $350 Billion

[highplainsdem]

Source: Huffington Post

WASHINGTON -- A minuscule tax on financial transactions proposed by congressional Democrats would raise more than $350 billion over the next nine years, according to an analysis by the Joint Tax Committee, a nonpartisan congressional scorekeeping panel.

The analysis was sent Monday to the offices of Sen. Tom Harkin (D-Iowa) and Rep. Peter DeFazio (D-Ore.), the lawmakers who proposed the tax, and provided to The Huffington Post.

The Wall Street Trading and Speculators Tax Act would impose a tax of 0.03 percent on financial transactions, meaning that longterm investors would barely notice it, but traders who move rapidly in and out of positions would feel its sting and, the authors hope, reduce the volume of their speculation in response.

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Some believe that the global nature of the Occupy Wall Street movement will boost the chances of the transaction tax being signed into law. While the movement has been criticized for lacking specific demands, protesters have voiced their support for a "meaningful" tax being placed on Wall Street trading.

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Read more: http://www.huffingtonpost.com/2011/11/07/wall-street-transaction-tax-revenue_n_1080493.html

[dkf]

1. Wouldn't that tax non taxable accounts? Or would they be exempt?

Could this be a back door to taxing iras and Roth iras and muni bonds? Who is to say it will always be .03%?

[Enrique]

3. no. yes

no. No one.

[dkf]

4. I don't see a mention of an exemption.

[mopinko]

2. they should be taxing options and derivatives

instead of stock transfers, but....
this has to go world wide, tho. it will be easy enough for the rich and greedy to do their trading in london or tokyo instead of new york. i never thought i would see the day that that would seem doable, but maybe now is the moment.

[dkf]

5. Gee another industry moving to China.

[Turbineguy]

8. Maybe

but in China they execute people for doing what we pay millions for.

[davidwparker]

12. Lets have a mass exodus to China of any industry or

person who wants to go. Then, we can see the patriots who remain and we can start rebuilding the country.

[dipsydoodle]

9. That's what Obama wouldn't agree to at the G20 meeting last week.

.

[valerief]

13. Yep!!!! nt

[PoliticAverse]

6. Taxes such as these never generate estimated revenue because the people targeted change behavior.

Also the idea that the problem was the volume of transactions and not the nature of the transactions themselves
is just wrong.

[nineteen50]

7. Increase that tax to 1% until the budget balances then

lower it to .03. Create some incentive. Raise it back to 1%
when the budget is not balanced. Create some incentive.

[Nuclear Unicorn]

16. What's the incentive for congress to balance the budget if they keep it imbalanced

to gain more revenue.

Suppose your boss told you he would give you a raise each and every year you incurred new credit card debt.

[TomClash]

10. No it wouldn't

They would just move the trades. It is a very easy tax to evade.

[Celefin]

11. Limit it to derivatives, make it higher and call it 'Gambling other people's money tax act' -nt-

[valerief]

14. OR--and this is crazy, I know--restore Glass-Steagall! nt

[Celefin]

15. That's way too uncomplicated. Asides, you have to look forward I've been told. -nt-