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View Diary: DeFazio is trying to make the Gas Speculators pay (39 comments)

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  •  No tax in the US would have an effect (3+ / 0-)
    Recommended by:
    jamess, Eric Nelson, Iron Spider

    ... on global speculation in oil.

    This tax would increase the cost of trading these instruments by an amount similar to existing brokerage commissions.... buy-and hold ... would be essentially unaffected by this tax.
    But, in the end, the tax is on both the volume and velocity of US dollar trades. It's a way of sharing the wealth with the rest of the nation and should be enacted -- particularly since Americans effectively pay among lowest (personal and corporate) tax rates of any nation in the world.

    "Facts do not cease to exist because they are ignored." - Aldous Huxley

    by Pluto on Wed Mar 07, 2012 at 08:54:30 PM PST

    [ Parent ]

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