Quote:
Originally Posted by Rickoshay75
Quote:
Originally Posted by SR71
Quote:
Originally Posted by Rickoshay75
Quote:
Originally Posted by SR71
I heard a really interesting idea on the news last night. It's a pretty simple new tax. The idea is to place a small tax on every financial transaction. From what they said a half penny would generate something like 350 billion annually. Stock, bond, derivative, buy, sell, what have you. Sounds like a winner to me.
|
Sounds like a flat tax to me. Good for the top one percent, bad for the other 99 percent.
|
Not flat! Who does most of the financial transactions? Financial institutions! You know high frequency trading? Automated, controlled by algorithms? Some trades have a total duration of less than a second. Computers trading back and forth on autopilot. Look Ma, no hands! Millions of trades a day! Most people make what, one or less financial transactions a day? I doubt it would even apply to consumer banking, but not for sure. Even if it did, I would think it would cost most people much less than $10 dollars a month. Much cheaper than a flat tax. Unless you're a bank.
|
Oh, you mean just stock and option sales, not all transactions.
|
Basically, that's the impression I got. I don't think it would make much diff to most people even if it did include consumer banking transactions. The hit would come in the Finance, Insurance, and Real Estate sector.