Wall Street trading tax could raise $350B
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This is a discussion on Wall Street trading tax could raise $350B in US Politics ... WASHINGTON, Sept. 14 (UPI) -- A House bill introduced Friday can raise $350 billion a year for U.S....
by herring_RN Guide Sep 17, '12WASHINGTON, Sept. 14 (UPI) -- A House bill introduced Friday can raise $350 billion a year for U.S. jobs creation, Medicare and other programs by micro-taxing stock trades, its sponsor said. ...
... The prosperity act, which Ellison's office told United Press International wasn't intended to offset the possible cuts, would raise the projected $350 billion a year by imposing a 0.5 percent tax on stock trades -- amounting to 50 cents on the purchase or sale of $100 in stock -- and lesser fractions down to 0.005 percent on some securities trades, says the bill, HR-6411, available online in draft form at tinyurl.com/StockTradeTax.
The $350 billion would fund Medicare and Medicaid, support education and job training, provide housing assistance to low-income households and promote "environmentally responsible domestic manufacturing and construction industries," among other programs, the bill says.
It would also "help limit reckless short-term speculation that threatens financial stability," the bill says, adding, "A securities transfer tax would have a negligible impact on the average investor."
The proposed tax would be hard to evade because it is collected at the point of transaction. ...
http://www.upi.com/Top_News/US/2012/...1251347659861/
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- GuideSep 17, '12 by herring_RNRobin Hood Campaign Welcomes Introduction of Robin Hood Tax Bill
Published: September 17, 2012
Congressman Ellison is showing great leadership for our country," said Jean Ross, RN, co-president of National Nurses United. "HR-6411 is a critical step to generate the revenue for the healing and recovery our Main Street communities across the nation so desperately need. From coast to coast, nurses, health care, AIDS, environmental, labor, faith community and other community activists have come together calling for a Robin Hood tax so that Wall Street will help pay to reverse the damage its reckless behavior caused to our economy." ...
http://www.heraldonline.com/2012/09/...roduction.htmltewdles likes this. - GuideSep 17, '12 by herring_RNWhy a financial transaction tax is a good idea today
There is a simple and relatively painless way to confront two central economic problems facing the world today: the lack of money available for public investments necessary to create the conditions for human dignity; and increasing economic insecurity due to the growing size and influence of financial institutions. The following article was written by Dave Kane, who worked with the Maryknoll Office for Global Concerns for six years ...
http://maryknollogc.org/article/why-...ood-idea-todaytewdles likes this. - GuideSep 17, '12 by herring_RNSupported by Maryknoll
Text of the draft bill is attached.Please contact your member of Congress as soon as possible and ask him/her to sign on as an original cosponsor of the legislation. -- Alerts | Maryknoll Office for Global Concerns”tewdles likes this. -
Sep 17, '12 by JolieThere is a simple and relatively painless way to confront two central economic problems facing the world today: the lack of money available for public investments necessary to create the conditions for human dignity; and increasing economic insecurity due to the growing size and influence of financial institutions. (from post #2 above.)
To support this tax, one must "buy into" the idea that there is "a lack of money available for public investments" and that increasing economic insecurity is a result of the growth of financial institutions.
Neither premise is valid.
There is no shortage of tax money collected in this country to fund the legitimate functions of government, including the care of those in need. There is an overabundance of irresponsible and wasteful spending which drains these funds from their legitimate uses. No amount of increased tax revenue can or will correct this imbalance until spending is reigned in.
Increasing economic insecurity in this country is a result of years of abysmal government policies and practices which created lousy public schools, generations dependent upon government assistance for their daily survival, encouraged runaway costs in healthcare and secondary education, created and burst the housing bubble, supported expensive and utterly ineffective "stimulus" programs, including TARP, not-so-shovel-ready jobs, Solyndra, QE I, II and now III, etc.
Financial institutions have grown at the encouragement and behest of the government, and even so, can't hold a candle to the damage done to the economy by our own elected "leaders." - GuideSep 17, '12 by herring_RNI think the first Iraq war for oil and the second Iraq war based on the falsehood of WMD were costly. -- http://www.usnews.com/news/articles/...than-you-think
They should have been paid for.
Sorry it is not teachers, emergency first responders, and old people in wheelchairs who did this. The banks were bailed out.
When people buy shoes for kids there is a sales tax.
Why not a much smaller tax on buying stocks? - Sep 17, '12 by JolieQuote from herring_RNBecause there has never been, and probably will never be, a tax which once imposed, actually "cured" the financial ill it was propsed to fix. Handing more money to politicians is like feeding crack to a drug addict. Fix the spending problem first, then once Washington has proven to be good stewards of our money, we can talk about additional revenue.I think the first Iraq war for oil and the second Iraq war based on the falsehood of WMD were costly. -- What Did the Iraq War Cost? More Than You Think. - US News and World Report
They should have been paid for.
No argument there. Add them to the list.
Sorry it is not teachers, emergency first responders, and old people in wheelchairs who did this.
You're right. And they shouldn't have to pay a dime to fix our country's financial woes until those responsible have been held to account and changed their ways. this tax will not just effect "big money." It will hit every individual who invests. That includes most of us.
When people buy shoes for kids there is a sales tax.
Why not a much smaller tax on buying stocks?
When a patient is bleeding to death, it makes no sense to pump massive volumes of blood into his veins, only to watch the blood spurt out his gaping wound. You have to seal the hemorrhage before you can restore circulating volume.
Same with our nation's finances. - GuideSep 17, '12 by herring_RNEconomists estimated that without Social Security, the 2008 elderly poverty rate would have been 40% — rather than 9.4%.
Golden Years? Poverty Among Older Americans » Contextstewdles likes this. - GuideSep 17, '12 by herring_RNQuote from JolieI've been sent to the ER to assist with a major trauma.Because there has never been, and probably will never be, a tax which once imposed, actually "cured" the financial ill it was propsed to fix. Handing more money to politicians is like feeding crack to a drug addict. Fix the spending problem first, then once Washington has proven to be good stewards of our money, we can talk about additional revenue.
When a patient is bleeding to death, it makes no sense to pump massive volumes of blood into his veins, only to watch the blood spurt out his gaping wound. You have to seal the hemorrhage before you can restore circulating volume.
Same with our nation's finances.
I've had an anticoagulated patient in shock post cath from retroperitoneal bleed with a femoral arterial line in place.
Assisted in many other similar situations.
If we had waited to stop the bleeding before beginning transfusions our patient would have died.
I see one of them at the market.
Glad we did both simultaneously.aknottedyarn and tewdles like this. - Sep 18, '12 by JolieQuote from herring_RNClearly, the blood loss was being treated, or the patient would have died, regardless of how much fluid you infused.I've been sent to the ER to assist with a major trauma.
I've had an anticoagulated patient in shock post cath from retroperitoneal bleed with a femoral arterial line in place.
Assisted in many other similar situations.
If we had waited to stop the bleeding before beginning transfusions our patient would have died.
I see one of them at the market.
Glad we did both simultaneously.
Same with our financial system. Treat the waste.
