Republicans politicizing the National debt - Page 2

SR71 · #26 11-04-2011, 10:33 PM

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Originally Posted by Rickoshay75

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Originally Posted by SR71

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Originally Posted by Rickoshay75

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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.

Rickoshay75 · #27 11-07-2011, 10:05 PM

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Originally Posted by SR71

Quote:

Originally Posted by Rickoshay75

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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.

Who pays for all the changes, the banks or the government

SR71 · #28 11-08-2011, 02:21 AM

Shouldn't cost that much to implement. Pretty sure banks already have a handle on how many transactions they complete in a day. Seems like something they would want to know, yes no?

Rickoshay75 · #29 11-10-2011, 11:48 PM

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Originally Posted by SR71

Shouldn't cost that much to implement. Pretty sure banks already have a handle on how many transactions they complete in a day. Seems like something they would want to know, yes no?

Yes, but is a different way of doing things, and that takes an entirely new process, might even break disclosure laws.

SR71 · #30 11-11-2011, 03:09 AM

Shouldn't cost that much to implement? The business would report the number of transactions monthly or quarterly, and multiply by a penny or whatever amount per is set forth. That's generally how state sales taxes are done, so that seems like a self disclosure of sorts. Good enough for mom and pop, good enough for Merrill Lynch. Not up on law though, can't really say. Laws can be changed.