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The big benefits of a tiny
tax on financial trading

Washington Post, by Ralph Nader

Original Article

Posted By:grandpa, 12/3/2012 2:55:40 PM

Ralph Nader argues that fiscal cliff negotiators should bring back the old levy on Wall Street’s transactions. In the debate over the “fiscal cliff,” President Obama and congressional Republicans have returned to the proposals that they were sparring over before the election. They remain at odds over key elements of revenue and spending. Yet both sides are unwilling to consider a minuscule tax on financial transactions that could be a major source of income.
Headline split by staff.

Comments:
Ralph Nader recommends dealing with the Wall Street gambling chips of "derivitives" which have caused so much of today´s financial problems. He recommends taxing sales of those gambling chips which today are being untaxed to the benefit of the wealthy Wall Street gamblers.

  

Post Reply  

Reply 1 - Posted by: civilservant, 12/3/2012 2:59:45 PM     (No. 9046432)

Taxing something = less of said something.

All liberals are economically illiterate.


Reply 2 - Posted by: obviousity, 12/3/2012 3:03:52 PM     (No. 9046446)

From tiny taxes mighty TAXES grow.


   

 

  


 
Reply 3 - Posted by: curious1, 12/3/2012 3:10:12 PM     (No. 9046460)

The taxes are already too much on America. The solution is no spending not authorized by the constitution. That eliminates 90%+ of the federal ´budget´.


Reply 4 - Posted by: woofwoofwoof, 12/3/2012 3:10:22 PM     (No. 9046461)

Much more responsible people than Nader have suggested this is a good thing, and I believe it is. Don´t let Nader´s endorsement get in the way of it being a good idea.


Reply 5 - Posted by: civilservant, 12/3/2012 4:18:07 PM     (No. 9046590)

#4, again......increase tax on each ´financial transaction´ and there will be less teansactiins to tax.
Eventually; as #2 implies, every ATM transaction will be considered financial ´enough´ to qualify.
Want to see America boom? Halve the corporate rate.


Reply 6 - Posted by: Safari Man, 12/3/2012 4:30:17 PM     (No. 9046606)

I wasn´t able to see the article. But I got enough of the gist...

If you want to do something creative, get creative about reducing spending.

Why should any more money be transferred to the government? Let them figure out ways to save money. Its unhealthy to keep figuring out ways to grow the government, or even allow it to sustain its current diet.


Reply 7 - Posted by: mickturn, 12/3/2012 4:38:26 PM     (No. 9046628)

Why don´t you morons just tax the air...OH WAIT, YOU DO!


   

 

  


 
Reply 8 - Posted by: KTWO, 12/3/2012 4:57:37 PM     (No. 9046661)

I have no problem with the principle. Sales taxes are common in the US, even the exemption for internet sales is closing.

And there are less noted taxes on gasoline, on utilities, on my cable bill, etc.

So when banks or other investors make normal trades or devise some of a exotic or novel nature I can´t get outraged about some tax on it.

Our focus should be on spending. If we don´t control that then no level of taxation will suffice.


Reply 9 - Posted by: 901AtTheRiver, 12/3/2012 6:11:50 PM     (No. 9046762)

Sure. Social Security tax was only 1% with a promise that it would NEVER get any larger.
Do you see a pattern here?


Reply 10 - Posted by: Ida Lil, 12/3/2012 7:43:18 PM     (No. 9046868)

How about a real solution -- taxes be damned. Cut off all foreign aide -- borrowing to give away to non Americans.
End the 25% we give the UN and reclaim the rat infested buildings. i mean the real rodents.
Cut pensions for elected Congress critters and bring their aide´s pay even with private employees
Enact merit pay for presidents so they have to work and limit presidential use of our dollars for their private agendas.


Reply 11 - Posted by: NYbob, 12/3/2012 8:46:10 PM     (No. 9046964)

I´ll know they are serious when some of the Grace report is actually acted on. When people like former HUD Sec Cuomo have to account for 54 billion, things will be serious.

Meanwhile isn´t it true that if you somehow confiscated the entire GDP of the US, it still wouldn´t cover the ballooning debt? CUT the SPENDING, or at least a good chunk of it.



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