Nader recruting Corzine to push for implementation of Stock Transaction Tax

Discussion in 'Trading' started by seasideheights, Oct 16, 2008.

  1. He also called for Gov. Jon Corzine to use his connections from his days as chairman of Goldman Sachs to press for a securities transaction tax of one-tenth of 1 percent to fund the financial bailout plan. He said such a tax would produce $500 billion this year. "It would go a long way toward the fair principle that if Wall Street is going to be bailed out by Washington, Wall Street should pay ... not millions of innocent taxpayers," he said.
  2. ``There isn't even a tiny little transaction tax on trillions of dollars of stock transactions every week,'' Nader said. ``In some states, you buy food and you pay a sales tax . . . but you don't pay a sales tax when you buy 50,000 options or 200,000 shares,'' he said. ``And that is a huge revenue source that would help pay for universal health care and education.''

    Nader argued his policy would not significantly hurt the millions of small traders who have entered the stock market in recent years via online trading firms. ``It's a matter of pennies per share, a fraction of 1 percent,'' he said, adding that ``the top 5 percent of the richest people in this country own 77 percent of the stocks.''
  3. That just shows how stupid he is by having this idea of recruiting someone from Wall Street to impose taxes on his former colleagues.