The Economic Policy Institute has floated the idea of a national transaction tax that would raise $100 billion to $150 billion a year. The tax, at a rate of 0.1% to 0.25% of the value of the trade, would be levied on all financial transactions, including stock trades.
“We are in a difficult time right now, so people are looking at every opportunity to gain some revenue to fund new initiatives ... why don’t we use it for stimulus or especially health care?” said Representative Stephen Lynch (MA-D), a member of the House Financial Services Committee.
Unnoticed by many, the concept already has found its way into federal law. At the urging of House Democratic leaders, last year’s $700 billion financial-bailout bill contains a provision requiring the president to submit legislation to “recoup” from the financial-services industry any eventual shortfall in the Troubled Asset Relief Program, or TARP.
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I called my Senator about several issues. The guy answering the phone but he just repeated the standard lines. I finally asked him - when those of us that you continue to pile on the taxes decide to step out of the loop and stop running businesses and employing people. What are you going to do when you have even higher unemployment and tax collections go down even further?
ReplyDeleteHe paused and said "Well we don't want that". I asked again how he would adjust for less tax revenues. Dead silence. He said they assumed that would not happen. He said they figured that people would just continue to pay whatever was asked of them.
Put this new tax in line with Cap & Trade, Obama Care and who knows...And is the corporate/govt media covering this? Of course not; Magic Johnson, Isiah Thomas in feud, Dow reclaims 10,000 or Who will be number one after this week ends games?
ReplyDeleteThe sheeple apparently love to pay taxes, the more taxes the better, WAR IS PEACE, FREEDOM IS SLAVERY & IGNORANCE IS STRENGTH.
Enjoy your servitude.
second that emotion.The sheeple-seals are performing as expected.yep no new taxes said our smoke and mirror saviour of the multitudes.Got to love that Obama and his financial henchmen they sure know how to drive that knife in good.America is truely **cked now and for the foreseeable future.Armed insurrection is eventually in the cards.Celente said it best "when people lose everything they Lose it".How true.
ReplyDeleteSadly your tax dollars are being used up also on all sorts of weaponry, containment measures, disposal measures, to be used on you.
ReplyDeletesadly you did not say this when w bush was taking away all your rights and making it possible for obama to do these things, w loser started all of this, but you sheeple are too blind to see it
ReplyDelete