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7 of the 8 Democrats running for president support a tax on stock trades

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  • 7 of the 8 Democrats running for president support a tax on stock trades

    On Monday, Pete Buttigieg came out in for a financial transaction tax. The former South Bend, Ind., Mayor proposed a 0.1% tax on all securities trades to “curb inequality and Wall Street gambling that causes ‘flash crashes.’”

    Michael Bloomberg came out with a similar plan last week. If he has his way, you’ll also pay 0.1% every time you trade a stock, a bond or a derivative.

    The idea — which has very few fans on Wall Street — has now become the consensus among Democratic contenders for president. In fact, Yahoo Finance found that 7 of the 8 Democrats in the race directly support the idea of the tax.

    The eighth candidate, Sen. Amy Klobuchar (D-MN), does not appear to have commented on the issue over the years and her campaign and Senate office did not respond to repeated requests for comment.
    Of course, Sanders' plan is the most egregious

    Bernie Sanders has the most aggressive plan in the field and also has helped write a bill that’s currently languishing on Capitol Hill.

    “It is long past time for Congress to rein in the recklessness of Wall Street billionaires,” Sanders said last year when he announced his bill to institute a tax, calling it a tax on “Wall Street speculation.”

    Sanders would introduce a tax of 0.5% on stock trades, 0.1% on bonds, and 0.005% on derivatives. He estimates the tax would generate up to $2.4 trillion over the next decade to fund his plans like wiping away existing college debt and making public college free.
    https://finance.yahoo.com/news/7-of-...141743317.html

    What they don't understand is that the stock market is actually a great equalizer, in many ways. It's an incredible opportunity for average Americans to create real wealth. For those who understand what they're doing anyway. By making such avenues less viable, you actually make it more difficult for middle class Americans to move up in society, furthering inequality.
    "Those who would give up Essential Liberty to purchase a little Temporary Safety, deserve neither Liberty nor Safety."
    - Benjamin Franklin

    The new right wing: hate Muslims, preaches tolerance for Nazis.

  • #2
    In a Socialist society making money is seen as a bad thing. Having money is even worse.

    Comment


    • #3
      Declare the penny's on your eyes.
      Last edited by Urban hermit; 25 Feb 20, 11:50.
      Dispite our best intentions, the system is dysfunctional that intelligence failure is guaranteed.
      Russ Travers, CIA analyst, 2001

      Comment


      • #4
        Supporting it doesn't mean you get it.

        Comment


        • #5
          Originally posted by TactiKill J. View Post

          Of course, Sanders' plan is the most egregious
          Only to someone who supports corporate policy.

          What they don't understand is that the stock market is actually a great equalizer, in many ways. It's an incredible opportunity for average Americans to create real wealth. For those who understand what they're doing anyway. By making such avenues less viable, you actually make it more difficult for middle class Americans to move up in society, furthering inequality.
          I'll note your capitalist apology. The majority of Americans and the middle class do not own stocks. And it appears that this tax wouldn't affect them anyways.

          This is another example of a republican having the corporate talking points to state why the middle class should be the one who suffers.

          Comment


          • #6
            Originally posted by Urban hermit View Post
            Declare the pennies on your eyes.
            You have a misspelliing, and I keep my singular one in my pants....
            The trout who swims against the current gets the most oxygen..

            Comment


            • #7
              Originally posted by inevtiab1e View Post
              The majority of Americans and the middle class do not own stocks.
              Is that a fact?

              Gallup found 55% of Americans reporting they own stock in April 2019, similar to the average of 54% Gallup has measured since 2010. This is based on a question asking respondents about any individual stocks they may own, as well as stocks included in mutual funds or retirement savings accounts, like a 401(k) or IRA.

              "What Percentage of Americans Own Stock," by Lydia Saad, Gallup, 13 Sep 2019
              As it is, among 401(k)s alone, some 18% of Americans participate in just that one kind of financial product.

              How many Americans have 401(k)s?

              In 2016, about 55 million American workers were active 401(k) participants, and there were nearly 555,000 401(k) plans.

              "Frequently Asked Questions About 401(k) Plan Research," Investment Company Institute, Dec 2019
              Originally posted by inevtiab1e View Post
              And it appears that this tax wouldn't affect them anyways.
              Since your assumption that "[t]he majority of Americans and the middle class do not own stocks" has been proven patently false, it stands to reason that your next presumption is equally wrong.

              Originally posted by inevtiab1e View Post
              This is another example of a republican having the corporate talking points to state why the middle class should be the one who suffers.
              And just out of curiosity, upon what brand of propaganda is your Marxian critique of wealth based?

              That bit of nonsense aside, as a long-time financial services professional, I've always believed that the Geo W Bush administration's cessation of double taxation was poorly thought out policy, and I would like to see double taxation reinstated. Securities markets are just too hot. They're inflated by too much velocity. Like interest rates, they need to be cooled, to promote stability and long-term growth, not short-term profit-taking. That's just "rent-seeking," and as a rule public policy should not promote rent-seeking activities.
              I was married for two ******* years! Hell would be like Club Med! - Sam Kinison

              Comment


              • #8
                Originally posted by marktwain View Post

                You have a misspelliing, and I keep my singular one in my pants....
                I fixed it you grammar Nazi...
                Dispite our best intentions, the system is dysfunctional that intelligence failure is guaranteed.
                Russ Travers, CIA analyst, 2001

                Comment


                • #9
                  Originally posted by slick_miester View Post

                  Is that a fact?



                  As it is, among 401(k)s alone, some 18% of Americans participate in just that one kind of financial product.
                  I'm not talking about 401k's and neither is Bernie.

                  Since your assumption that "[t]he majority of Americans and the middle class do not own stocks" has been proven patently false, it stands to reason that your next presumption is equally wrong.
                  They don't trade stocks or own any. The majority does not. The majority of Americans live paycheck to paycheck. That's why they don't own stocks.


                  And just out of curiosity, upon what brand of propaganda is your Marxian critique of wealth based?
                  I support middle class policies, republicans support corporate policies.



                  Comment


                  • #10
                    Originally posted by inevtiab1e View Post
                    I'm not talking about 401k's and neither is Bernie.


                    Then how does a 401K that invests heavily in stock---as many do--not get taxed if there's a tax on all stock trades.


                    They don't trade stocks or own any. The majority does not. The majority of Americans live paycheck to paycheck. That's why they don't own stocks.
                    I do. I know many other people who do. Most people I know are in employer 401K's or have IRA's that trade stock. What you state is a canard. Many younger people do live paycheck to paycheck, but over time rise in pay and accumulated wealth to where they can retire and enjoy themselves reasonably well.
                    In fact, I put nearly half of every month's Social Security check I get into stock trading right now because it's gravy and I might as well make some bank off the relative pittance the government is giving me back.



                    What you are arguing is making their ability to save and invest for retirement even more difficult and making them in turn more dependent on $h!++y programs like Social Security for retirement income. Only idiots have nothing but Social Security for a retirement plan.

                    I support middle class policies, republicans support corporate policies.
                    So, you're for lowering income taxes, reducing government regulation and welfare programs, getting government out of the way of small business ownership, and for easing up in general on people? Because those are what help the middle class and poor. The poor need a hand up, not a handout. The middle class need less regulation and taxation so they can keep more of what they earn and move up economically.
                    Last edited by T. A. Gardner; 25 Feb 20, 13:52.

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                    • #11
                      Taxing stock trades hurts the middle class more than anyone else. The billionaires of the world will still be able to trade and profit in high volume. The investors with much smaller portfolios and thus much smaller margins will be the ones hurt the most by this.

                      "Those who would give up Essential Liberty to purchase a little Temporary Safety, deserve neither Liberty nor Safety."
                      - Benjamin Franklin

                      The new right wing: hate Muslims, preaches tolerance for Nazis.

                      Comment


                      • #12
                        He doesn't know that people trade within IRAs and 401ks, but will lecture everyone on this tax.
                        "Those who would give up Essential Liberty to purchase a little Temporary Safety, deserve neither Liberty nor Safety."
                        - Benjamin Franklin

                        The new right wing: hate Muslims, preaches tolerance for Nazis.

                        Comment


                        • #13
                          Originally posted by inevtiab1e View Post
                          I'm not talking about 401k's and neither is Bernie.
                          Of what do you think that 401(k)s -- and while we're at it, pension funds, mutual funds, IRAs, et al -- are comprised, magic beans?


                          Originally posted by inevtiab1e View Post
                          They don't trade stocks or own any. The majority does not. The majority of Americans live paycheck to paycheck. That's why they don't own stocks.
                          If 55% of Americans own stock, either through a product like a 401(k) or their own portfolio, then that means that more than half of all Americans own stock. It's called math. You should try it.

                          Originally posted by inevtiab1e View Post
                          I support middle class policies, republicans support corporate policies.
                          So taxing IRAs and 401(k)s are examples of "middle class policies"? Sounds like the RSFSR's first criminal code, wherein if a farmer owned more than two milk cows or five hogs he was declared a kulak, and subsequently liquidated. Yeah, sounds like socialism to me.
                          I was married for two ******* years! Hell would be like Club Med! - Sam Kinison

                          Comment


                          • #14
                            Originally posted by Urban hermit View Post

                            I fixed it you grammar Nazi...
                            Ahhh- thee meant, perhaps, 'pennies?"
                            The trout who swims against the current gets the most oxygen..

                            Comment


                            • #15
                              Originally posted by TactiKill J. View Post

                              Of course, Sanders' plan is the most egregious



                              https://finance.yahoo.com/news/7-of-...141743317.html

                              What they don't understand is that the stock market is actually a great equalizer, in many ways. It's an incredible opportunity for average Americans to create real wealth. For those who understand what they're doing anyway. By making such avenues less viable, you actually make it more difficult for middle class Americans to move up in society, furthering inequality.
                              The OMX charges a securities investigation fee, IIRC.
                              It is one of the most trusted exchange in the world.If the transaction levey is used to stop stock fraud I'm all for it.
                              to Quote the 'socialist expert'
                              I never saw a prize fight without a referee.'
                              Teddy Roosevelt

                              Honest exchanges attract reputable listings which encourage capital formation and investment.

                              The trout who swims against the current gets the most oxygen..

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