New Financial Transaction Tax Purposed | TigerDroppings.com

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Tiger n Miami AU83
Auburn Fan
Miami
Member since Oct 2007
35092 posts

New Financial Transaction Tax Purposed



LINK

Thoughts?

I say yea.



This post was edited on 3/25 at 8:55 am



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Wally Sparks
Georgia Tech Fan
Atlanta
Member since Feb 2013
7946 posts

re: New Financial Transaction Tax Purposed








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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
21793 posts

re: New Financial Transaction Tax Purposed


If they want to get rid of income taxes, sure.





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CITWTT
LSU Fan
baton rouge
Member since Sep 2005
31765 posts

re: New Financial Transaction Tax Purposed


Just another tax being proposed to tax money already taxed before. YOu and the other DIM bulbs love to tax shite to infinity. You have had three years to read the Health Care Abortion law, so how many taxes are new in that one law?





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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
82812 posts

re: New Financial Transaction Tax Purposed


quote:

Financial Transaction Tax Purposed
quote:

Thoughts?

I think you can't spell 'proposed.'






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Rex
LSU Fan
Here, there, and nowhere
Member since Sep 2004
55457 posts

re: New Financial Transaction Tax Purposed


I'm ALL FOR eliminating income taxes and imposing sales taxes on all transfers of value, including stocks, bonds, real estate, cash, inheritances...





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Taxing Authority
LSU Fan
Houston
Member since Feb 2010
22901 posts

re: New Financial Transaction Tax Purposed


quote:

Thoughts?
Poor argument. The only good argument for any particular tax method is demonstrating it maximizes revenue while simultaneously minimizing the rates to individuals.

This tax would do neither. It's yet another version of "hey, those guys have a lot of money, lets go take it."



This post was edited on 3/25 at 9:03 am


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Drew Orleans
LSU Fan
Member since Mar 2010
19116 posts

re: New Financial Transaction Tax Purposed


Explain it. Can't open link





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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
82812 posts

re: New Financial Transaction Tax Purposed


quote:

I'm ALL FOR eliminating income taxes and imposing sales taxes on all transfers of value,
That's so sweet.

And so irrelevant since nowhere in the proposition is the elimination of the income tax discussed.






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Tiger n Miami AU83
Auburn Fan
Miami
Member since Oct 2007
35092 posts

re: New Financial Transaction Tax Purposed


quote:


Explain it. Can't open link


In a nutshell, it is a .03% tax on stock trading/churning. It contains credits for 401ks, health savings accounts, capital raising, etc.

Essentially it is a small tax on speculation and frequent trading in the equities markets.

Personally, I say fine. Frequent trading of stocks is essentially gambling and adds no value to anyone or anything except it is like a win and loss to the person making the trades.

FTR, I spent almost a year as a essentially a day trader, and paid thousands in brokerage fees that year as well.






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BugAC
LSU Fan
Baton Rouge
Member since Oct 2007
18724 posts

re: New Financial Transaction Tax Purposed


quote:

Frequent trading of stocks is essentially gambling and adds no value to anyone or anything except it is like a win and loss to the person making the trades.


It's a risk on money already taxed. Double taxation on your income. Yay freedom!






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Poodlebrain
LSU Fan
Way Right of Rex
Member since Jan 2004
15459 posts

re: New Financial Transaction Tax Purposed


Hell no! We tax people for successful trading via the income tax. Taxing them for trading is a good way to discourage trades which impedes the efficient employment of capital necessary to maximize economic growth.

The introductory rate is meant to make the tax appear to be insignificant, but I can guarantee you that politicians will immediately begin to seek to increase the tax rate. First they will tell us the tax is regressive, and larger value trades should pay more because it is fair. Eventually we will have a second progessive tax system that politicians will use class warfare arguments to increase as they see fit.






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Newbomb Turk
Navy Fan
perfectanschlagen
Member since May 2008
9961 posts

re: New Financial Transaction Tax Purposed


You want ANOTHER F*CKING TAX???

quote:

Interesting List of Taxes that exist today (stolen from ApexTiger)

TAXES:
Accounts Receivable Tax
Building Permit Tax
Capital Gains Tax
CDL license Tax
Cigarette Tax
Corporate Income Tax
Court Fines (indirect taxes)
Dog License Tax
Federal Income Tax
Federal Unemployment Tax (FUTA)
Fishing License Tax
Food License Tax
Fuel permit tax
Gasoline Tax (42 cents per gallon)
Hunting License Tax
Inheritance Tax (state and Federal Estate Tax)
Interest expense (tax on the money)
Inventory tax
IRS Interest Charges (tax on top of tax)
IRS Penalties (tax on top of tax)
Liquor Tax
Local Income Tax
Luxury Taxes
Marriage License Tax
Medicare Tax
Property Tax
Real Estate Tax
Septic Permit Tax
Service Charge Taxes
Social Security Tax
Road Usage Taxes (Truckers)
Sales Taxes
Recreational Vehicle Tax
Road Toll Booth Taxes
School Tax
State Income Tax
State Unemployment Tax (SUTA)
Telephone federal excise tax
Telephone federal universal service fee tax
Telephone federal, state and local surcharge taxes
Telephone minimum usage surcharge tax
Telephone recurring and non-recurring charges tax
Telephone state and local tax
Telephone usage charge tax
Toll Bridge Taxes
Toll Tunnel Taxes
Traffic Fines (indirect taxation)
Trailer Registration Tax
Utility Taxes
Vehicle License Registration Tax
Vehicle Sales Tax
Watercraft Registration Tax
Well Permit Tax
Workers Compensation

Tax COMMENTS: "Not one of these taxes existed 100 years ago and our nation was the most prosperous in the world, had absolutely no national debt, had the largest middle class in the world and only one parent had to work to support the family."


When are you liberals going to learn -- we don't have a f*cking revenue problem -- we have a f*cking liberal spending problem.

You could raise $6 TRILLION in new taxes and you no-good slime-ball pieces of f*cking filthy Democrats would spend three times that. You're like little children who don't know understand that they can't buy a f*cking Mercedes with their $1/week allowance.



This post was edited on 3/25 at 9:20 am


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Tiger n Miami AU83
Auburn Fan
Miami
Member since Oct 2007
35092 posts

re: New Financial Transaction Tax Purposed


quote:

Taxing them for trading is a good way to discourage trades which impedes the efficient employment of capital necessary to maximize economic growth.


I think you are incorrect in the assumption the frequent trading being targeted adds any value whatsoever. I do not believe it does and believe it is just gambling for the most part.






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
82812 posts

re: New Financial Transaction Tax Purposed


quote:

it is a small tax on speculation and frequent trading in the equities markets.

WRONG!!!

quote:

Frequent trading of stocks is essentially gambling and adds no value
Liquidity is an added value.

And it's not gambling.

Have you ever bought a stock in your life?






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Tiger n Miami AU83
Auburn Fan
Miami
Member since Oct 2007
35092 posts

re: New Financial Transaction Tax Purposed


quote:

WRONG!!!


Then explain it to us instead of being an ass.

quote:

Have you ever bought a stock in your life?








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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
82812 posts

re: New Financial Transaction Tax Purposed


quote:

Then explain it to us instead of being an ass.

I can explain it to you but it's apparent I can't understand it for you.......






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polizei11
LSU Fan
Lafayette
Member since May 2009
970 posts

re: New Financial Transaction Tax Purposed


quote:

In a nutshell, it is a .03% tax on stock trading/churning. It contains credits for 401ks, health savings accounts, capital raising, etc.


I'm fairly certain that the Brokerages we put our money in at for our 401ks, HSAs, etc. will pass on this tax into our management fees, expense ratios, etc to some degree so we will be taxed no matter what.






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Tiger n Miami AU83
Auburn Fan
Miami
Member since Oct 2007
35092 posts

re: New Financial Transaction Tax Purposed


quote:

I'm fairly certain that the Brokerages we put our money in at for our 401ks, HSAs, etc. will pass on this tax into our management fees, expense ratios, etc to some degree so we will be taxed no matter what.



I don't see how or why since a credit is supposed to offset the tax 100% for those types of accounts. It is a dollar for dollar offset.






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
82812 posts

re: New Financial Transaction Tax Purposed


quote:

it is a .03% tax on stock trading/churning.

This translates into a $15 tax on any stock, mutual fund or bond buy or sell transaction of $50,000 by an individual.

I currently pay $6.95 brokerage fee to Schwab for those trades. So the tax will be more than double the brokerage commission.

And that's okay with you?






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