especially if they subscribe to the 95% of all futures traders lose theory. What are they going to say? "Well most of them are losers anyways, so we might as well get some tax from them to make up what we are losing on capital gains."
as much as I hate to admit it, the only fair tax is an income tax, and all income, whether it's ordinary, interest, dividend or cap gains or even inherited should be taxed at the same rate. It would be a rough way to go for those of us that count on the low cap gains and the 60/40 split. But once you start taxing tobacco, then you start taxing alcohol, in Oakland they now tax pot, and all over they tax gasoline and diesel, and then they offset it by giving breaks if you buy a house or contribute to a charity or insulate your home, and the whole thing gets to be nothing but taxation by bribery. Pay the bribe, get the break. Eliminate corporate taxes and eliminate their status as human. Keep the money in the corp and everything is fine, start paying 30 mil bonus and somebody is going to get taxed. And no corporate owned hut tubs and BBQ grills residing at employees homes. But then what would politicians do? What favors could they dole out in exchange for bribes? Eliminate taxes and you eliminate their power. Campaign finance reform? Why would I give you money if you can't even give me a tax break?
This guy is flame, but my response: One, there already is a small tax with the SEC fee when you sell. The money goes to the SEC "monitoring" the capital markets, so we already pay taxes for the necessary services from the government, on top of income taxes, etc. Two, without traders, the capital markets will dry up. Good luck investing after that; peoples lives, college funds, etc will go into the toilet. You might hate traders, but traders are instrumental for investment to even take place and to keep the capital markets liquid. Three, I can't tell you how many worthless ways people make money, but they do. I can name a healthy percentage in every state capital and DC. You obviously don't know much about trading, so it's interesting you'd even post here.
yeah, try buying some IBM or BAC for your pension fund when the only one left selling is Warren Buffet. It's going to be a long time and at a very dear price before you ever get filled. Then what will they do? Instead of taxing trading which will have dried up, they will start taxing holding. If you trade you get taxed, if you hold you get taxed, if you do anything someone can't understand you get taxed. We have to tax people just to get them to act like they did before we started taxing them. People weren't saving and investing enough so they taxed you if you didn't invest (in the form of a cap gains tax break.) No matter what the problem is, it can be solved in the tax code. We are 15 trillion in debt and it is all the problem of taxes. High unemployment? Fix it in the tax code. 70,000 pages and we still have problems. Another 20,000 pages and we should be back on track. They don't know how to make money, they just know how to take it from somebody that did.
Taxed Enough Already, That's what the TEA stands for in the tea party. But it is uncomfortable talking about money so they find some bozo holding a tea party sign and ask him what he thinks about gay marriage, and then they have something to talk about they understand. That's why there can never be a call in talk radio show run by a democrat. Because all you have to do is call in and say, "Sounds Great! How do we pay for it?" They can only answer, "Raise Taxes!" so many times before even they realize there is no more money left to tax." And the pathetic thing, Obama asks for a payroll tax cut to help poor people with an extra $40 a week. They all agree that is good. Where were they when $40 got taken out in the first place? Why is it good to give you back $40 but not bad to take $40 from you? Take all the money from the rich, every last penny of it, and see what kind of a dent that makes in a 15 trillion dollar debt. I don't know how much you're making, but I'm about tapped out. It's not as bad now as it was when I was raising kids, but for starters, I don't need social security or medicare. So you want to tax me every time I make a trade, then run it through the IRS, and then give it to Medicare and Social Security and let them have their cut, and then give it back to me? How many palms do I have to grease just to be left alone?
otherwise, I'm sure OP has moved on to the next site to spew forth his propaganda, but I don't think they fully understand how much rage they can foment among those of us that are normally peaceful. And for the most part I would rather argue with a right winger who has no compassion for the poor. He's just lucky he caught me on a good week, cause I can get really shitty during a drawdown. "Why aren't the trades on stocks taxed?" Where do they come up with this crap?
because communism and extreme liberalism was decided as not viable in the 40s and totally defunct in the 80s
I do not want to feed the evil monster in Washington, D.C. My taxes do not go toward "the general welfare", whatever the hell that is. They go towards $150,000 / year pensions to government employees. And to wars I never wanted us to get into in the first place. And for entitlements I never agreed to. If an asteroid wiped out Washington, D.C. the productive citizens of this country wouldn't miss it. Also the one certain thing is this: Once a "tiny, unnoticeable" tax is in place it will only be a matter of time before it is increased, and then increased again. Remember that when the income tax was first put into place only the richest people had to pay it.
yeah, I don't know what it was about this guy, but he sure go me riled up. I hope he goes posting his msg all across the country, because I was starting to forget how much I hate taxes. I mean, those really was "Fighting Words." If he is using reverse psychcology to stir up anti Washington sentiment, then he is a genious.
The economy will slow down and the poor and middle class will suffer even more. It's about risk taking. No risk, no progress. Your view punishes risk taking. The reason why USA is number one in the world is two words: Risk taking. Warren Buffett's secretary who pays a higher percentage of taxes takes almost 0 risk. Warren Buffett takes huge risks (at least in theory). Bets billions. Hence, he should pay lower percentage in taxes. Why? Promote risk taking to promote growth. You will also kill liquidity. So if a mom and pop wants to buy IBM at $195, he/she might end up paying $200 instead b/c you prohibited other sellers from entering the market with a transaction tax.