Thursday, September 3, 2009

This Is Brilliant

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.


Miss T.C. Shore said...

This is an idea that may gain steam.

1. It taxes "the Rich" ... (at least it will be billed that way)
2. It has the potential to raise a lot of revenue
3. It amounts to wealth redistribution

A liberal trifecta.

Z said...

I'm trying to picture YOU "stupid".

I can't.

cube said...

Liberals are a one trick pony... whatever it is, tax it!

Gramma 2 Many said...

You know, they hav never met a tax they did not like!
Hang onto you wallet, you may be deemed among the rich tomorrow.

Brooke said...


But then, to hell with that. Tax anything that is or isn't nailed down!

Chuck said...

Miss TC, maybe with some, not me

Z, trust me, I can do stupid :)

Cube, Ronald Reagan:

"Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it."

We haven't learned anything in 30 years.

Gramma, we have jobs, we're rich

Brooke, agreed

Chuck said...

BTW, sorry I have not been around much today. Switched over to a new wireless set-up and have spent hours between working on it and calling "Peter" in India at tech support.

MK said...

"...and it's gained some support among Democrats."

Oh my, i'm so shocked at that, leftists supporting a tax. Show me a tax that leftists do not support and i'll be surprised.

"...but it could mean a lot of money for companies, like Goldman Sachs..."

And there you have more evidence of the link between big business and big government. Together, they are happy to screw over the little guy.

Z said...

Chuck, TRUST me, then, you do one heck of a great impression of REAL REAL BRIGHT :-)

Chuck said...

MK, yopu figure they own a lot of these companies now

Z, thanks

Randy said...

I heard of an approach that I think was suggested by Warren Buffett. The idea was to tax all short term captial gains at 100%. This would discourage (eliminate) all of the day trading and other trading where no real wealth was being generated.

While I don't like the idea of addtional taxes (and this truly wouldn't generate much revenue), this plan has some merit while the one you mentioned is just another way to tax.

Chuck said...

Randy, I can't disagree. I am actually not a fan of speculative trading. I do think it is a risky behavior and it is essentially nothing less than gambling with our economy. I just am not in favor of taxing the people that create jobs for us.

kevin said...

Tax the unions.

What better way to pay for the auto bailout than to collect the money from those who caused the problem in the first place?

Chuck said...

Kevin, maybe tap into their island, er, "retirement" fund?