YES! It would increase revenue & responsible trading.
64%
YES! It's time for the banksters to finally pay up!
36%

Comments

William King's picture
William King 8 years 9 weeks ago

Interesting how this particular poll has a 50/50 split. I don't feel it will make Wall Street any more responsible, unless all those extra taxes are funneled to the SEC and an oversight commitee. Let me do some quick math here... First we have a monthly volume of around 3 billion shares at the NYSE. Then we have an average share price of 42 dollars. So we have around 125 billion dollars a month being transacted. If you put a 1% tax on the dollar amount you get 15 billion in tax revenue a year! However, since the gains on the NYSE were over 26% last year and averaged 17% for the past 5 years, I feel a 5% tax is reasonable. 75 billion dollars is a nice piece of change for our national revenue. I am sure there will be some day-traders kicking and screaming, but most of the smart investors go long term, so I don't see it as much of an issue on how it affects their income.Stocks are just like other assests, which you would pay sales tax on, such as a car or a home. The main difference is rich people buy a lot more of these than they do anything else, which means we would be getting the revenue from the people who can afford it, instead of from the people who used to consider themselves the middle class.

blazintommyd's picture
blazintommyd 8 years 9 weeks ago

I proposed a 1% tax on foreign currency transactions. I did pamphlets on it in the 1980s. It was to be part of trade adjustments. It would be better on foreign currency transactions I see no point in applying it to domestic equity transactions at all

fodge's picture
fodge 8 years 9 weeks ago

The legitimate role of Wall Street is to provide a market that facilitates buying and selling at minimal cost. That serves an important economic function. The unnecessary and negative role is providing a way to gamble where the house benefits from a zero sum game. That wrings money out of the market at the expense of less sophisticated participants. A small transaction tax would have a negligible effect one the legitimate role, but would increase the cost substantially for. It also helps pay for public services. I call that a win, win, win.

dianhow 8 years 9 weeks ago

Wall St Transaction Tax ?? ABSOLUTELY WHATS TAKING SO LONG ?

ottomation's picture
ottomation 8 years 9 weeks ago

It will enable the market have the light shine on them from different points of veiw. Now lets start The Progressive Party to get on the Ballot. Which is also long overdue . How about you Thom Running as a third Party canidate You would surly beat out the others

John C Otto Sr

Tony Palmeno's picture
Tony Palmeno 8 years 9 weeks ago

I really like you Thom, but the only answer is yes? I know that you have your own opinion and I agree with most of them but this seems no better then comfirmation bias. I think that maybe it would be good to give the option to say no and likely reasons why one would argue such a point. I am a little suprised to see only options in favor of one point of view on here. Then again this is my first post on this site and maybe this is the status quo here. In which I feel that your braodcasts on freespeech tv are different then your website. And by the way I do agree with you but on ethics I have to not vote based purely on a nondemocratic option pool. If one is truely just in there point of view then the masses will eventually join in. Look at flat earth theory. But to silence decent is the exact opposite of what you talk about on freespeech tv. I do not mean to start negative discourse and I am more then willing to stop commenting on this site if it is a site where people come to just ask questions as to why they where right all along. And if the only answer isn't yes then I think that maybe you should reformat your site so that the masses can see the other options. I guess that what I am saying is that preeching to the choir acheives nothing. If you want to see methods that change peoples minds then look to the early youtube athiest community. For referece look for early VenomFangX debates and the videos made during that period. Whether you agree with them or not, it is hard to argue that they didn't play a significant role in the change in religious demographic in this country and around the world. I guess my point is that the same methods to spread propagada is the same methods that could help spread the truth. In the end everyone is pushing an agenda whenever they speak and if you want to convince others of yours then you need to focus on presentation.

Tony Palmeno's picture
Tony Palmeno 8 years 9 weeks ago

I think that many people would benefit from looking at the economics of certain video games. I personally think that the economics of Diablo 2 would be enough for a PHD. essay in ecomonics. 3rd party websites and all. In fact in that economy that is the purest form of free market, You can easily exploit the rich to become rich yourself. It is truly hard to explain in terms that most can understand. What is really the root problem is that the rich have set up a system in which the poor are not educated enough to exploit the rich and have no real compass on the reason why it would help everyone.

JBPIERCE's picture
JBPIERCE 8 years 9 weeks ago

This concept is the only fair and equal way to stop corruption in our system People\Human Standards Sunday, November 24, 2013 People\Human Standards Starts with the concept of equality starting at the middle, and the middle being the poor and working class.This means that then we have to have A Standard to go by,The... Standards have to be by A Legislative branch. In the United States this would be The Congress because the Congress Makes the Laws for wages,So that being said, Then the wage should be set the same as Congress,This means that the person on the street who is without home and food and the essentials of life.This means the Disabled, This means the 18 year old person, man or woman.And any person to any age even if they are 115 years old. OK example $174,000.00 minus taxes minus health care minus education and any other fundamental right to humanity and evolution as A society.This means then we have to have A banking system,That would be in the United States the Treasury, Now the standard for this Bank would be People\Humans.Because People as A Value is unlimited,This means that the Bank is infinity.Always evolving as A society.Each person in this Country is of the standard put forth. That means the highest of the executive of Government the highest executive of business and all the way to the poorest, This meaning that it being the middle and the starting point.And having society Starting from there and going forward.OK everyone is now making from top executive's to poorest $174,000.00 same as Congress,minus Federal, state,Local taxes, minus Health care,minus Education tax, Any monies people have or people make over this $174,000.00 will be classified as business and taxed the same as People,Now how are the people going to be paid. Then we Have to have A source for accounting for each individual.And That Accounting source in America would be Internal Revenue Service.The Internal Revenue would be responsible for Cards made for each individual, Their children, Their spouse,Tying them together or individually if separated,These cards can only be used for Legitimate Business or products and or service. Now what this concept does is helps the Government to be more efficient it will pay all employees from top executives in the Government to the lowest paid contractor and all other people the same pay making it equal and efficient. This concept puts all people in an energy efficient home saving power, puts all people in an energy efficient vehicle saving on resources, It puts all people in the higher education to move the society into the future and putting people on the same level. it Puts all people in health care working towards eliminating any disease that would enter the society.It takes out Corruption in all issues because the people can't buy illegitimate products or service. This concept can be used for any Country and recommended to be used to make the whole world as one Society.

David J. Cyr's picture
David J. Cyr 8 years 9 weeks ago

stock transfer tax:

an ill logic means of making social welfare dependent upon profiting from growth in rampantly rapacious financial speculation
______________________________
The APT: American Political Terms
www.chenangogreens.org

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