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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.

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{ 2 comments… read them below or add one }

Andy August 25, 2012 at 6:56 pm

Academics and experienced decision-makers across the world repeatedly rejected this tax for the nonsense it is. The IMF warned that if adopted it would be borne by average working people. Wise officials understand that it would be net revenue negative as was the case when it was Sweden’s folly, later to be discarded by that country as bad public policy.
No-one in their right mind would even contemplate a toxic, cascading tax such as this. It might seem “tiny” to the economically under informed. What is mind-numbing is how understandably gullible people like nurses are so easily led by those who either do not understand or deliberately do not explain to them how this particular toxic tax multiplies within its own realm.Countries that would benefit from this tax are the wide range of non-taxing competitors who would be the beneficiaries of the hundreds of thousands of jobs thrown away and businesses driven offshore.

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ftf August 25, 2012 at 11:18 am

Why do governments always punish investors and incentivize indebtedness that lead to financial crises? To create financial famine.

“A coalition of nurses’ unions and other activists gathered together to protest the vast wealth accumulating in securities” – Brilliant. That would be their own pensions, everyone’s retirement plan.

“the U.S. hasn’t done so since 1966″ – only the wealthy could afford to invest with that tax. The middle class had very low participation until that “tiny little tax” was removed. That’s what this tax is about. Taxing the investment infrastructure, indirectly and directly taxing middle class wealth, drastically reduce investment participation, create dependence on government subsistence, giving power and wealth to those that create these financial famines.

“Due to the expected sell-off in stocks at year-end” – The U.S. introduced the transaction tax just before the 1929 crash. The whole point is to crash the market like 1929 and cause another Great Depression, gain power and advance corruption.

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