What a bizarre ad hominem attack. Was it my use of the word compassionate that made you think I was armed and threatening you with violence? Listen, I happen to personally think that the FTT is probably a horrible idea and free college for everyone is probably a bad idea. However I'm happy to hear all sides and incorporate the good ideas into my worldview. I'm not going to assume that if someone points out that high school is free in that debate that they're an imbecile who actually thinks it doesn't cost anything to run a high school. And I'm not going to call them a "dumb ass" or a "stupid shit". If that makes me emotionally unbalanced and subject to violence in your book, then again that says a lot more about you than me.
I have a question. Who would pay for such a tax? US citizens? Everyone trading on a US exchange, even foreigners ?
A 10% a year wealth tax on anyone with assets of over $10m would make the rich sweat a bit. Some might have to go back to work too.
News update: Keytrade the market leader broker in Belgium made an evaluation of the speculation tax of 33% that was introduced 1/1/2016. Belgium government taxes each order with a 0.27% tax and a speculation tax of 33% on the profits. In 2015 the average monthly income for the government was 1.16 mio Euro. In 2016, because investors changed their behavior because of the speculation tax, the 0.27% tax generated 680,000 euro monthly, so a loss of 480,000 euro every month. The speculation tax generated 360,000 euro a month. So every month the government loses 125,000 euro. Adding the 33% speculation tax has a reverse effect on the generated taxes. Investors and traders move to other products and other markets.
The revelations just out on money laundering, tax dodging etc, are going to make some top hogs squirm a bit. I like trading and don't want it taxed or stopped but the super rich are hiding their billions in dodgy little countries to escape paying their fair share.