Report: AFL-CIO Pushes Tax on All Stock Transactions
The AFL-CIO reportedly is promoting a proposal to tax every single stock transaction, and it's gained some support among Democrats.
According to The Hill, the tiny tax would be about a tenth of a percent -- but it could mean a lot of money for companies, like Goldman Sachs, that are making billions and conducting a high volume of trades.
Union policy director Thea Lee told the newspaper that the tax could raise between $50 billion and $100 billion annually for the federal government, but also serve to discourage "speculative financial activity." In other words, the kind of lightning-fast trading conducted by mega-firms which critics say leads to volatility.
So, these geniuses think the best way to stimulate the economy and create more jobs (supposedly a goal for unions) is to take $100 billion away from people that invest in the economy?
Please tell me; is it me that is stupid here or them? I'm starting to have trouble deciding.