Occupy and tax Wall Street — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

Occupy and tax Wall Street

by on
in Small Business Tax,Small Business Tax Deduction Strategies

A mass rally recently held in Chicago sparked debate over a transactional tax on the financial community. A coalition of nurses’ unions and other activists gathered together to protest the vast wealth accumulating in securities. They are calling for a tax of 50 cents on every $100 in financial transactions handled by brokers.

Similar legislation introduced in Congress earlier this year would impose a tax of 3 cents on every $100 on most financial trades. At least a dozen countries levy a tax on financial transactions, but the U.S. hasn’t done so since 1966.

Note: Due to the expected sell-off in stocks at year-end, such a tax could create a windfall for the IRS.

{ 2 comments… read them below or add one }

Leave a Comment